Right to Buy & Right to Acquire
Turning your council home into your forever home
“Right to buy” is is the process of buying your council home that you have lived in for a while at a price lower than the full market value. You essentially earn the right to buy the property you live in. The council will give you a reduction in price, or a so-called “discount,” based on the time you have lived in the property, with a higher discount given to those who have resided longer. This discount can be used as a deposit towards your purchase.
You must speak to your local council to initiate the process. This involves contacting the relevant council department to express interest, submitting an application, and providing necessary documentation to prove your eligibility. The council will then assess the application, confirm eligibility, and provide details about the discount available under the Right to Buy scheme. If everything is satisfactory, they usually issue an offer document with all the details such as purchase price and the amount of discount given.
The maximum discount a tenant can receive is either 70% of the value of the property or the maximum discount for the region, whichever is lower. This will depend on the location of the property. The discount will form your deposit, which you can add to if you wish, but you don’t have to.
If you have been a tenant for 3 or more years (it does not have to be 3 years in a row) you could qualify to buy the home, you currently live in. It must be your only or main home and must be self-contained.
Right to acquire is a very similar scheme to this – it is the process of buying the house you live in, but from a housing association, not the council. Similarly to right to buy, you can get a discount on the price of your property depending on where you live in the UK. Again, the discount given will be used as “deposit” towards your purchase.
And where does a mortgage adviser come into the picture? Easy – from the moment you decide you would like to buy! If this is something you would like to know more about, look no further. We are here to help, book a free consultation today!
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The information provided on this website is for general informational purposes only and should not be considered as financial advice. While we strive to keep the information accurate and up to date, we make no guarantees regarding the completeness, accuracy, reliability, or suitability of the information contained herein. Any reliance you place on such information is strictly at your own risk. We recommend consulting with a qualified financial adviser or mortgage adviser before making any financial decisions. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Danube Financial Solutions LLP is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Danube Financial Solutions LLP is registered in England and Wales with company number OC454931. Registered address: 6 Peacock Way, Worksop, S81 7SU
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