Axess Financial Services

Right to Buy

Both status and self certification
Council discount can be used part of deposit
Higher the deposit lower the rate
Up to 5x income multiples
Adverse Credit accepted
Help with solicitor and legal process

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Introduced in the 1980 to allow more of those who are council tenants to become homeowners. The scheme allows council tenants of two years or more to buy the property they are living in at a discount. You don’t need to have lived in the current property for two years, but as long as you have been in any form of council property.

Originally the discount was up to 60% for a house and 70% for a flat, however, through the years an upper limit of £38,000 for south east and £16,000 for London has been introduced. The discount is based on the number of years you have been a council tenant. If the property is sold within three years a proportion of the discount needs to be returned.

Process of applying to buy your council property

Buy to Let

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Calculators

Additional infor
Mortgage Handbook
Income
Employment history
Costs
Conveyancy
Credit score
Guarantors
Lease or Freehold
Professional
Staircasing
Taxation
Tenancy - in common or joint

	At present many councils have transferred management and partial ownership of council properties to Housing Associations. So you may be dealing with your managing housing association rather than the local council when purchasing your council property. Technically housing associations are not-for-profit organisations and deemed to be part of the voluntary housing sector and may access government grants and loans. Their role is to potentially increase access to low cost housing to the public mainly through building managing and selling shared ownership housing. See shared ownership. Councils however, need compliance from the tenants before transferring to a housing association. Prior to July 17th 2005 there was a partial Right to buy purchase scheme termed the Rent to Mortgage. Where a only part of the property can be bought while paying partial rent (for part still owned by council). This scheme is no longer available. Application process 1. You may want to first establish that you can get a mortgage before applying for the right to buy. Call us and we can assess you free of charge the ability to obtain a mortgage. Mortgage handbook for additional infor on qualifying for a mortgage 2. Apply for the council/ housing association to buy the property – they will send you a form to complete and may also ask if you are able to get a mortgage and details of the solicitor that will act for you. 3. Council property assessment – once they decide that you qualify to purchase the property a valuer from council will to come assess the value of the property. 4. Council will provide formal confirmation of the purchase price and details of the property. 5. Full application for a mortgage. Lender will then do valuation for themselves and subject all being well will offer to provide the loan. Restrictions when it comes to right to buy 1. Not all lenders provide right to buy mortgages whilst other only lend on right to buy houses only and not on flats. 2. There are also restrictions on the type of property. Flats over 4 floors are not acceptable to most lenders. 3. High rise flats with certain types of concrete are also unacceptable for most lenders. 4. Any rent owed to the coucil must be repaid at time of completion.