Do you have a Right to Buy your home and obtain a discount of up to £75,000?
The Government’s Right to Buy Scheme provides certain tenants with a right to purchase their Council (or in some circumstances ex-Council) home. Furthermore, the length of time you have spent as a tenant could make you eligible for a discount of up to £75,000.00.
Who has the Right to Buy?
Whilst there are some exceptions, you will usually qualify under the Scheme where:
A Right To Buy Landlord is generally a District, County, Borough or London Borough Council or a non-charitable Housing Association who purchased the property from the Council at the time you were a tenant.
Calculating the discount
The amount of discount for which you are eligible depends on the time you have spent as a tenant. If you live in a house the discount is 35% after 5 years tenancy and goes up by 1% for each additional year you have been a tenant up to a maximum percentage of 60% and a maximum value of £75,000. If you live in a flat, the discount is 50% after 5 years tenancy with an additional 2% for each extra year up to a maximum of 70% and a value of £75,000.