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This is your quick go-to guide for everything you need to know about the Right to Buy application process.
Yes you can. When applying for a Right to Buy mortgage (with a poor credit history) the rule of thumb is - nothing within the last 3 months. Anything outside of that and you have options.
County Court Judgements (CCJ)
Pay Day Loans
IVA (Individual Voluntary Arrangement)
DMP (Debt Management Plan)
If you have had any or all of the above and have the opportunity to buy your council house under the Governments Right to Buy scheme, give us a call to help you arrange your mortgage.
Under the Governments Right to Buy scheme, you can buy your local authority council house at a price lower than the full market value. The discount available to you depends on the length of time you have been a council tenant.
The maximum discount is £82,800 across England, except London, where it’s £110,500.
The discount is based on:
How long you have been a tenant with a public sector landlord
The type of property you are buying i.e. a council flat or a house
The value of your council home
You are required to keep your property for a minimum period of 5 years. If you sell within this time you may have to repay some or all of the Right to Buy discount.
If you live in a local authority property and are a tenant of a Right to Buy landlord, you probably have the Right to Buy. A Right to Buy landlord is one of the following:
A district council
A county council or county borough council
A London borough council
If your answer is ‘yes’ to all of the following, you should be eligible for the Right to Buy:
Is the property your only or main home?
Have you been a tenant for more than 3 years?
You can confirm that you do not live in sheltered or other housing suitable for the elderly or disabled?
You can confirm you don’t have any legal problems with debt?
You cannot buy your house if you are an un-discharged bankrupt, have a bankruptcy petition pending against you, entered into an Individual Voluntary Arrangement (when you would have made arrangements with people that you owe money to and still owe them money) or have obtained a debt relief order.
You can confirm you do not have any outstanding possession orders against you?
Complete the Right to Buy application form (RTB1 notice).
Send it to your landlord.
Your landlord must get back to you within 4 weeks of getting your application (8 weeks if they have been your landlord for less than 3 years).
If your landlord agrees to sell, they’ll send you an offer. They must do this within 8 weeks of saying yes (12 weeks if you are buying a leasehold property).
You have 12 weeks, from receipt of your landlords offer, to accept the Right to Buy.
You’ll have to pay back all of the discount you got if you sell within the first year. After that, the total amount you pay back reduces to:
80% - Year 2
60% - Year 3
40% - Year 4
20% - Year 5
If you sell your home within 10 years of buying it through the Right to Buy, you must first offer it to either:
Your old landlord.
Another social landlord in the area.
The property must be sold at full market price. You can sell your home to anyone if the landlord does not agree to buy it within 8 weeks.
Important: The amount you pay back is as a percentage of your home’s value when you sell it, not when you bought it.
You may not have to pay back the discount if you transfer ownership of your home to a member of your family.
Up to 3 family members, who’ve lived with you for the past 12-months (even if they do not share your tenancy), can apply for Right to Buy.
You request an independent valuation if you think the landlords is too high.
You can get a further reduction in the purchase price of your council home if your landlord does not respond within the set time limits detailed above.
Right to Buy Application Form - https://www.gov.uk/right-to-buy-buying-your-council-home/applying
Right to Buy Eligibility Checker - https://righttobuy.gov.uk/am-i-eligible/eligibility-quiz/
Right to Buy Discount Calculator - https://righttobuy.gov.uk/can-i-afford-it/
Dealing with Delays - https://righttobuy.gov.uk/apply/delays/
Right to Buy: Summary Booklet - https://www.gov.uk/government/publications/your-right-to-buy-your-home-summary--2/right-to-buy-summary-booklet
Right to Buy: A Guide - https://www.gov.uk/government/publications/your-right-to-buy-your-home-a-guide--2
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