On the 2nd April 2012 the Government brought in some new proposals on the Right to Buy, a summary of these proposals are below.
There is a new window of opportunity - now might be your best opportunity to own a home. For the first time, you may be able to get a discount of up to £75,000 on the purchase price under the Right to Buy scheme. Your home would be an asset and investment for your family in the years to come and give you the security that home ownership brings. This could be your first important step on the property ladder.
The changes to the Right to Buy scheme are that the highest discount you can get is now £75,000. The longer that you have been a tenant the more discount you get. If you live in a house and have been a council tenant for five years, then you should get a discount of 35 per cent on the market value of your house. For each extra year that you have lived there, over five years, you get another one per cent discount, up to a limit of 60 per cent or £75,000 (whichever is the lower).
If you live in a flat, and have been a council tenant for five years, then you should get a discount of 50 per cent on the market value of your flat. For each extra year you have lived there over five years, you get another two per cent discount, up to a limit of 70 per cent or £75,000 (whichever is the lower).
There are no changes to how you apply, you will need to contact either Customer Services or Housing for an application form and leaflets. Once your application is received and if you qualify for the Right to Buy scheme then we will arrange for a valuation of your property and send you confirmation of the market value and any discounts that you are entitled to.
Last updated: Wednesday, 27 May 2015 5:20 pm