Custom Search
|
|
A Guide To The Uk Right To Buy Scheme
The original Right to Buy scheme was introduced in 1980 and gave many tenants the right to buy the properties they were renting. Since then the Right To Buy scheme has helped over 1.6 million people own their own homes. It is aimed at long term public tenants, and provides them the opportunity to buy with a generous discount which increases the longer they have lived there. Under the Government's Right To Buy scheme, you may be entitled to buy your council house at a price much lower than its market value and could benefit from the discounts available. If you are eligible to buy your council house you can get a maximum discount ranging from £16,000 to £38,000, depending on where you live and how long you have lived there. Some people can save up to 70% off the cost of their home. The Right to Buy scheme is available to secure tenants of local authorities or Registered Social Landlords. To have the Right To Buy your council house or flat you must have lived there as a tenant for over 5 years, unless you moved in before 18th January 2005. You may also be able to purchase your home jointly with family members living with you or with someone who is a joint tenant with you. There are exceptions and you may not be eligible to buy if you have a possession order, eviction order or bankruptcy petition against you. Neither can you buy your home if you have arrears of rent, council tax or water charges, or other amounts owing as a result of your current or previous tenancy. Other exceptions include if you live in shared housing or if your home is specially designed or adapted for the needs of the elderly or disabled houses. Ask for a Right to Buy form (RTB1) from your local housing authority. Complete the form in full and be sure to include any improvements you have made to the property. At this point there are no costs or fees involved. You will then be informed within 28 days whether you have the Right to Buy. A form called RTB2 will be sent within 8-12 weeks. If you do have the Right to Buy your local housing authority will start the process of getting your house valued and assessing any service charges. You will then be sent a 'Section 125 Notice'. This tells you the house value and the discount you are entitled to as well as an estimate of service charges or house improvement costs you may incur within the first 5 years of buying your house. It will also inform you of any structural defects along with the terms and conditions of the sale. From receiving the 'Section 125 Notice' you will have 12 weeks to declare if you wish to go ahead with the purchase. The right to buy scheme was introduced to reward long-term council tenants and encourage them to stay in the area. The idea being that more affluent council tenants would stay in the area they have lived in for some time, diversifying the residential mix. This has resulted in more stable and varied communities which has had a positive effect on the area. It is a reason for most people to remain in their property, allowing the area and residents to benefit. The right to buy scheme lets you buy your council house and enjoy the growth in house prices along with other homeowners. Article Directory: http://www.articledashboard.com The author has written extensively on the Right to Buy scheme, and has answered the question "How can I buy my council house?" on many occasions. Visit the council mortgage website at www.buyyourcouncilhome.co.uk/rtb/buy-my-council-house |
|