Am I Eligible For Right To Buy?
If you are interested in purchasing your council property through the government’s Right to Buy scheme, it’s first important to assess your eligibility.
The government takes into account various criteria when considering eligibility, and qualification under the Right to Buy usually means satisfying the following:
- The property is your main home or only home
- You have been a council tenant for three or more years
- You do not live in sheltered housing
- You do not have any outstanding possession orders against you
- The property you live in is not scheduled to be demolished
In most instances, satisfying the above requirements is sufficient to qualify for the government’s Right to Buy scheme. However, your eligibility will need to be confirmed by your council and additional checks may be carried out. If you have any questions or concerns regarding your eligibility, contact a member of the team at UK Property Finance to discuss your case in more detail.
Important Note: there are many unscrupulous service providers whose aim is to mislead Right to Buy clients with overpriced services they do not need. Seeking independent professional support is advisable, but it’s also important to establish fee structures and understand your obligations, before involving third-party service providers.
For more information on how to maximise the value and simplicity of your Right to Buy property purchase, contact UK Property Finance today.
Changes to Eligibility
In 2015, the government relaxed Right to Buy eligibility criteria from five years’ public sector tenancy to just three years. As a result, qualifying tenants must now live in a council property or qualifying housing association property for just three years, before being able to buy their home at a heavily discounted rate.
Right to Buy Joint Applications
It’s often preferable for eligible Right to Buy tenants to apply alongside a second qualifying applicant. If you’re eligible for the scheme, you have the option of purchasing your property alongside:
- An individual who shares your tenancy
- Your spouse or civil partner
- A maximum of three family members residing with you for a minimum of 12 consecutive months at the time of the application
If you qualify under the Right to Buy scheme, there are no specific rules regarding how to obtain a mortgage for the purchase. Instead, it is the same process of obtaining a mortgage (or the funds needed to cover the cost of the property) as with any other residential property purchase.
At UK Property Finance, we provide independent advice and support on all aspects of mortgage applications. Whatever your financial status and credit history, we’ll set you up with an unbeatable deal to suit your requirements and your budget.
Housing Association Tenants
The rules are slightly different for housing association tenants, though the government has announced plans to extend Right to Buy eligibility to more occupants of housing association properties. Nevertheless, you may need specialist support to determine your eligibility.
Contact UK Property Finance anytime for more information.