Right to buy in the UK.
What is a “Right to buy” mortgage?
This scheme is offered to council tenants the live within the United Kingdom and falls under local council law.
The “Right to Buy” scheme gives you the right to buy your property from the council after a set amount of occupation. The time that you have been living there will also affect the discount on the purchase price for the property.
Generally a rule of thumb is that if you have been a tenant for over five years in that property then you are considered eligible to apply for the scheme.
This can be waived if you were in tenancy before the 18th January 2005, in which case you only have to have been living there for a minimum of two years.
Is it worth it?
With a five year tenancy, you are entitled up to a 35% discount on the property price. This does depend on your local county council, so check the particular figures for your area.
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If you have been in residence for 20 years then you can snatch your house for up to half of its value with up to 50% discount offered in some councils.
These figures do make the investment favourable and will also give you the chance to own your own property, effectively putting you on the property ladder. Some lenders and mortgage advisors now offer a specific product that focuses on the “Right to Buy” scheme, and it is worth checking a few of the specialists out before approaching the banks.
Once you have entered in to a right to buy application on your property it is ultimately up to the landlord (the council) whether you are successful or not.
How to apply:
Contact your local council tenancy office, or your direct link to your landlord and state that you would like to take part in the right to buy scheme. This only applies to residents in the UK who are council house tenants.
Section 125
Once you have contacted your local county council, they will direct you to fill out forms for their administration. This may vary from council to council so find more specifics on your local council website.
If you are successful in your request, a letter entitled “Section 125″ will be sent to you, this states amongst other things the price the landlord wants to sell the property for, terms of sale and the discount you are entitled to as a tenant.
From the date of receiving the Section 125 you have 12 weeks to make your response. It is also advisable to get surveys and financial advice within this time.
Impartial mortgage and UK based property advice from the wide variety of mortgage types out there is offered at http://www.total-mortgage-finder.co.uk
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