Right to Buy
Right to Buy is a Government scheme which allows council tenants the right to buy their home at a discounted price.
You can make an application alone, or you can make a joint application to buy a property under the Right to Buy scheme, but you must have been a tenant of the Property for a minimum period of 3 years.
What discount am I entitled to?
If you have been in a house for 3 – 5 years, your discount will be 35%, and if you have been in a flat/apartment for 3 – 5 years, your discount will be 50%. For each further year as a tenant of the Property, you will get a 1% increase on your discount if you are in a house and a 2% increase if you are in a flat/apartment.
Right to Buy discounts increase yearly, in line with the movement in the Consumer Price Index (CPI). We would advise you check with the council/housing association as the rules can change from time to time.
Do I need searches if I already live at the property?
If you are purchasing with a mortgage then your lender will usually insist that we obtain searches to ensure the property is good security for the loan. In some cases we may be able to obtain a search indemnity policy. Please speak to your case handler for more information.
If you would like more information in relation to the right to buy, please do not hesitate to contact our team on 01302 341243 or conveyancing@chris-stevenson.co.uk.
Selling a house?
If you have accepted an offer on your property you should notify the Estate Agent of our involvement. The estate agent will then contact us to confirm your sale.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the buyer’s Solicitors that you have instructed us so that we can get your house sold.
We will send you a Property Information Form to complete which provides the purchaser with information about the property.
We will send you a Fittings and Contents Form for you to complete so that you can decide what stays and what goes.
We shall prepare the Contract and deal with any enquiries raised by the Buyers.
Each transaction is of course different and depends on whether you are part of a chain.
A usual transaction involving a mortgage will take approximately 8-12 weeks. We will do all that we can to complete a transaction as quickly as possible so we can get your house sold.
We shall agree a completion date with the Seller’s Solicitors.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts.
Once your sale completes any outstanding mortgage should be paid off.
Upon receipt of monies from the Buyers Solicitor the completion is effective and you have sold your house.
We will notify the Estate Agents of the completion and confirm the release of keys to the Buyers.
We shall arrange for your mortgage to be redeemed (paid off)
Any oustanding monies will then be paid to you by your preferred method.
Buying a house?
If your offer on a property has been accepted you should give the Estate Agent our contact details. They will then contact us confirming your purchase. If your purchase is a private purchase (no estate agent) then contact us directly so we can get you moving.
We shall request that you provide us with Identity documents, including a photographic ID (Passport/Driving Licence) and a utility bill confirming your address.
We shall immediately inform the Seller’s Solicitors that you have instructed us so that we can get you moving.
Each transaction is of course different and depends on whether you are part of a chain.
A simple transaction involving a mortgage will take approximately 6-10 weeks. We will do all that we can to get you moving as quickly as possible.
Searches give us details about issues that may affect your new home or the local area.
Where you are purchasing with a mortgage we are required to carry our pre-contract searches. The minimum searches we would recommend are Local Authority, Mining and Water/Draining searches.
The deposit amount that is agreed is payable on exchange of contracts.
Prior to exchange we shall report to you on our findings and request deposit monies. We shall also agree a completion date for you to move into your new home.
An Exchange occurs when the Solicitors for each party agree to date the Contract documentation. The transaction shall become legally binding upon exchange of contracts so you can set your moving date.
We shall prepare your financial statement (completion statement) and advise if any additional monies are required from you in readiness for completion.
We shall request monies from the mortgage lender.