Right to Buy
- Mortgage
This scheme, introduced in 1980,
gives people who have been secure tenants of council or othe r public sector
landlords for at least two years the right to buy the ir homes at a discount.
the discount varies on the type of property, its location, its value and the
length of tenancy.
Tenants considering Right to
Buy should ask the ir landlord for a copy of the booklet "Your
Right to Buy Your Home" which takes the m through all steps of the
process. the y do not need to appoint a third party to apply for a mortgage
or to apply for and complete the Right to Buy application form. Tenants
can do both the mselves.
Impartial advice and practical
help on Right to Buy and making an application is available free of charge
from local council housing departments, housing advice centres and Citizens
Advice Bureaux.
Right to Buy
Can you tell me how much my property is worth?
No. In order to give you a fair and accurate valuation, you must have an inspection performed by the Council's valuation contractor. If you want to get an idea of what the valuation might be, look in the local property paper for similar properties.
How long will it be, once the application has been received, before the valuer does the ir inspection?
You will be advised by the Right to Buy team within 2 weeks if your application has been accepted. At the same time, we instruct the Councils valuation contractor to contact you and arrange an inspection.
Do I have to pay for the valuation?
No, the valuation is paid for by the Council.
How soon will I receive my valuation?
the statutory time we are given to send your offer to you is 8 weeks for a house and 12 weeks for a flat. This is from the date that we accepted your right to buy. However, we aim to send your offer letter within 6 weeks and 10 weeks respectively.
Can I include previous tenancies even if the y were with a Housing Association?
Yes, you can include all previous tenancies that were held with a public sector landlord (i.e. not a private rental).
Can my son/daughter join in the purchase, even if the y do not live with me?
the Council may be prepared to let you share the right to buy with family members who do not live with you. However, this would be a voluntary sale where the terms and conditions are slightly different to the right to buy. Each case is reviewed on an individual basis.
Why don't I get 70% discount?
Although your discount is calculated as a percentage, based on the number of year's tenancy you have accrued, it is limited to a maximum monetary value of £16,000 for anyone living in London or the South-East.
Can I sell my property before the end of three years.
Yes, but you will incur a penalty for doing so. You will have to repay all, or some, of your discount (calculated on a sliding scale), depending on how soon you sell.
Shared Ownership Nomination Scheme (SONS)
How long will it take for me to be nominated for a property?
It depends on your household income. the housing associations have variable income thresholds for each property, as long as you meet the minimum amount the y have specified, your name will be put forward.
What percentage of the property do I have to buy?
Once again the housing associations have variable shares available on each property. the most common percentage offered for sale is 50%. However, sometimes shares of 25% or 75% are available.
How does priority on SONS work?
Council and Housing Association tenants take priority as the y are vacating a property for the council's benefit. Next, in line with current Government directives, are key workers (Wandsworth Primary Care Trust nurses, teachers and police).
Why is the Council running this scheme now rathe r than the Housing Associations?
the Council has always had nomination rights to this scheme, however, due to the significant increase in the number of properties being offered for sale on a shared ownership basis, the Council is now taking a more active role in the management of the scheme. Previously the housing associations had more autonomy in choosing who the y offered properties to; the aim now is to bring SONS in line with the othe r voluntary sales schemes run by the Council.
House Purchase Grant (HPG)
I have a one bedroom property, am I eligible for this scheme?
Tenants in one bedroom properties are only eligible if the y have been accepted on the Council's transfer register as requiring larger accommodation.
