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:
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