Right to Buy Information

 

There are two further limits.  The first is a special rule called the cost floor.  In this case, the discount will be reduced to reflect what your landlord has spent on building, buying, repairing, or improving your home during the last 10-11 years before you apply to buy.

 

The second applies when you have previously bought another council property, any discount that you got then will usually be deducted from the discount that you get when you buy again.

 

 

This occurs when you are a secure tenant of a local authority, and your home is transferred to a Registered Social Landlord, such as a Housing Association, and you become an assured tenant, you may still have the Right to Buy, although on slightly different terms.

 

 

 

If you own a former council property there may be restrictive covenants which are included in the transfer/sale of an ex-Council property to safeguard the interests of surrounding Council properties.  You will need to apply in writing to the Housing Department prior to carrying out alterations and need written consent of the Council.

 

You may need to obtain the necessary Planning Permission/Building Regulations approval before the application can be considered.  If the alteration is not covered by covenants, you do not require management permission.

 

 

 

You can sell your home whenever you like, but please be aware that if you applied for the Right to Buy before 18/01/2005 and sell within three years of buying it, you will have to repay some or all of the discount that you received, depending on when the property is sold.

If you sell during the first year, 100% of the discount will have to be repaid; during the second year, two thirds of the discount will have to be repaid, and during the third year, one third must be paid.

After 3 years, you can sell without repaying discount.  

 

If you apply for the Right to Buy on or after 18/01/2005 and sell within five years of buying, you will have to repay some or all of the discount that you received.

If you sell in the first year, all of the discount will have to be repaid; the second, four fifths must be repaid, and so on, until during the fifth year, one fifth must be repaid.  The repayment of the discount will be a percentage of the market value of the property when it is resold within the first five years of purchase.

After 5 years the property can be sold without a discount being repayable.  Please be aware that if you applied for the Right to buy on, or after 18/01/2005, and purchased your home, that if you wish to sell within 10 years of buying, you must first offer it back to your landlord, who would have to pay the full value of the property.