The discount is worked out following an assessment by a valuer. The council then offers you the chance to buy your home at whatever they decide to set the reduced price at. Check out Gov. Firstly, TTV recommends any tenant contemplating buying their home from the council to think very carefully about whether they are ready for home-ownership and whether they can afford to buy the property, as well as paying all the on-going costs that automatically come after that — maintenance, repairs, insurance, the utility bills etc.
Click here to access the Right to Buy Calculator to work out whether you can afford to buy your council house. It is also important to know that if you decide to sell your council home bought under the right to buy scheme within the first 10 years, you will have to repay some of the discount or maybe even all of it.
Image Source. This article is provided as a guide. You can apply to buy your council home if:. If your home used to be owned by the council, but they sold it to another landlord like a housing association while you were living in it, you may have the Right to Buy.
If you were not living in your home when it was sold by the council you may still be able to buy it through the Voluntary Right to Buy pilot. To help us improve GOV. It will take only 2 minutes to fill in. Cookies on GOV. UK We use some essential cookies to make this website work. Accept additional cookies Reject additional cookies View cookies. Hide this message. If you sell the house within this specified period, you will have to pay the outstanding incremental charge on the house to the local authority.
There is information about the scheme on gov. The management company immediately leases all the apartments back to the authority for continued letting to tenants, who will then have the option of buying them from the authority. Sales follow the incremental purchase model. There is also a local authority charge, which reduces by a set proportion each year. Housing authorities have to undertake a considerable amount of preparatory work before they can sell individual apartments to tenants.
This work includes:. An Incremental Purchase Scheme for newly built houses was launched in June This scheme allows people who qualify for social housing including existing social housing tenants to buy designated newly built houses from a local authority or approved housing body at a discount.
The incremental purchase scheme for existing local authority houses, described above, is modelled on this scheme. The scheme is closed for new applicants.
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