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Right to buy
Ollieandbella
Posts: 5 Forumite
Hi ! So I have been a council tenant for over 30 years ! I have just received my right to buy offer £84800 ! It states in the letter I can sell after 5 years ? People have told me you can only sell after 10 years ! ? So I don’t know if I am in the old contract
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Comments
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Why believe "people" when you have it in writing from the seller? Make sure it's in the contract though.
I am not a cat (But my friend is)2 -
https://www.gov.uk/right-to-buy-buying-your-council-home/selling-your-homeOllieandbella said:Hi ! So I have been a council tenant for over 30 years ! I have just received my right to buy offer £84800 ! It states in the letter I can sell after 5 years ? People have told me you can only sell after 10 years ! ? So I don’t know if I am in the old contract
Have a read of this. Tells you how it all works.
Please make sure you go into a right to buy with the facts (and money for repairs) and not just what some people have told you4 -
I am a RTB administrator so can answer this with confidence.
If you want to sell within 10 years of purchase, you must offer the property back to council as it comes under Rights of First Refusal. The council may or may not want your property. They will offer market value.
If sold within 5 years, you must repay your discount on a sliding scale. So, within 1 year, 100% of deposit to be repaid, then it goes down by 20% for each full year. After 5 years have cleared, no discount is repayable.3 -
Please note I meant discount and not deposit.1
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Ollieandbella said:Hi ! So I have been a council tenant for over 30 years ! I have just received my right to buy offer £84800 ! It states in the letter I can sell after 5 years ? People have told me you can only sell after 10 years ! ? So I don’t know if I am in the old contractDo you want to sell as soon as possible? Is that what you have in mind? If so, can I ask whether this is a high rise block? Or non standard construction? Where will you live after selling?
RTB if you can sell on at a profit sounds like a licence to print money, but there are pitfalls and it needs thinking about carefully.No reliance should be placed on the above! Absolutely none, do you hear?0
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