The government back ‘Right to Buy’ scheme (RTB) allows eligible council and social housing tenants to purchase their homes at a discounted rate. As the rules and laws differ slightly across jurisdictions the service benefits from the inclusion of a residential conveyancing solicitor to ensure all legal formalities are fulfilled, and the transactions proceeds as planned.
Considerations can include;
- whether the property is the only, or main home
- whether the property is self contained
- whether the tenancy is secure
- whether the tenant has a public or private sector landlord
Shared Ownership Right To Buy
Launched in 2014 Social Homebuy is a scheme which allows you to purchase a share of your home from the local council or housing association, and pay rent on the rest. Benefits include a reduction on the buying price of your home (up to £16,000), and the ability to calculate a reasonable repayment sum. Considerations include;
- You must buy at least 25% of your home (additional percentages can be purchased later).
- Your rent fee corresponds with your ownership percentage, decreasing as you purchase more.
- Shared ownership schemes are not available to assured shorthold tenants, those who have been made bankrupt, or a court has ordered you to leave your home.