Right to buy

Frequently asked questions

Who values the property?

Your Landlord will value your property and if you think the valuation is too high, you can appeal it. You have a right to an independent valuation by the District Valuer. But you have to accept the valuation even if it is higher than the landlord's valuation.

Is there a time limit to complete the right to buy purchase?

There is no time limit for completing your right to buy. You can take all the time you reasonably need to obtain a mortgage or legal advice. However, if your landlord does not hear from you for a very long time (usually a year), you may get a notice to complete. If you don't respond to this you will receive a second notice to complete and if you don't complete by the deadline your application will be withdrawn.

How long does the transaction from instructions to completion?

Unlike a normal purchase transaction which involves a two stage procedure (exchange of contracts and completion), you can proceed straight to completion as soon as your solicitor has dealt with the legal matters and you are happy to proceed.

Can I buy the property with my partner?

You can only buy jointly with someone who is stated on your Notice Offer but we can arrange a trust

Do I need to arrange buildings insurance

There is no need to arrange buildings insurance if the property is a flat or maisonette as the insurance will be arranged for the whole block by the landlord and you will be responsible for reimbursing the council for your share of the premium.

Who will be responsible for the maintenance cost?

If you exercise the right to buy you will be responsible for all the costs of maintaining your home, including major structural repairs, routine repairs and improvements.If you are buying a flat or maisonette you will have to pay a share of the repair and maintenance costs for the building through the service charge which could be substantial. The Section 125 Notice will give estimates of the service charges and major repairs anticipated in the next 5 years.

Can I resell the property after purchasing it under the Right to Buy Scheme?

Yes: however, if you sell it within three years of buying it, you will have to repay some or all of the discount that you received.

Is it true that the Right to Buy scheme is about to be abolished?

No. From March 2003, the maximum discount available has been reduced in some local authority areas.

I am interested in buying my home but I feel that I cannot afford the full purchase price under the Right to Buy. Can you still help?

You may buy your home by making a minimum initial payment which would be calculated by looking at what you can afford for a mortgage based on the rent that you currently pay. This is known as the "Rent to Mortgage Scheme".