Under The Housing Act 1980, Council tenants are given the option to purchase the property that they rent from the Council at a discounted price, provided the tenant has lived in the property for a period of two years. The longer the tenant has lived in the property, the greater the discount the tenant is eligible to receive.
Tenants living in property that was subsequently transferred to a Housing Association may still have the preserved right to buy (PRTB) provided the tenant resided in the property before and after the transfer from the Council to the Housing Association.
There are requirements set out by each Local Authority, for example that there must be no rent arrears, and these will be confirmed by the Council when the tenant submits their application to purchase under the Right to buy scheme.
Not all lenders are prepared to provide finance to purchase a property under the right to buy scheme. We will be happy to provide you with a specialist mortgage advisor who will be able to best advise you in this respect.
The same legal requirements need to be fulfilled when purchasing a property under the Right to Buy scheme from the Council. Your legal advisor will still be required to obtain the necessary searches and undertake the same legal enquiries, and deal with any specific requirements stipulated by the lender.
RIGHT TO BUY MILESTONES
Following completion, we are required to submit the Stamp Duty Land Transaction return form and payment to the Inland Revenue and to register the transfer of ownership in to your name at HM Land Registry.