Following the recent budget announcement we have received a high volume of Right to Buy applications which we are currently processing. We will contact all applicants, in order of receipt, as quickly as possible.
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Right to Buy
The Right to Buy scheme gives council tenants a chance to buy the home they rent from us at a discounted price. Find out how.
Contents
Selling or renting your home out
Selling
If you sell your Right to Buy home within 5 years, you'll have to pay some or all of your discount back.
The percentage you repay will depend on both:
-
the amount of discount you received when you bought your home
-
how soon you sell it
After 5 years you can sell your home without having to pay back any money.
Example
Your Right to Buy home was valued at £350,000 when you first bought it.
You received a discount of £136,400 which is 39% of the value.
When you sell, if your home is valued at £450,000, then 39% of this is £175,500.
If you sell your home within 5 years you would have to pay us back a percentage of £175,500.
The table shows the amount you would pay depending on the year (or part year) you sell.
|
Year |
Discount you must repay |
Amount you must repay |
|---|---|---|
|
1 |
100% |
£175,500 |
|
2 |
80% |
£140,400 |
|
3 |
60% |
£105,300 |
|
4 |
40% |
£70,200 |
|
5 |
20% |
£35,100 |
| 6 | 0% | £0 |
Renting
If you plan to rent your home out once you've bought it, you must:
- check if your mortgage provider allows this
- check the terms of your lease, or transfer of freehold
- not use it as a business, for example letting it out using Airbnb
- be a responsible landlord, if allowed