Are you a council tenant, or were you living in your home when the council transferred it to another landlord?
If yes, now might be the ideal time to think about buying your home.
That’s because the top discount under the Right to Buy in England has been increased. From 6 April 2015 you could get a maximum discount of up to £77,900, or £103,900 if you live in London. This amount increases every year in April in line with inflation.
Your home could be a valuable asset for you and your family and an investment for the future. Home ownership could give you more freedom to make the changes you want to your home. This could be your first step on the property ladder.
Remember, buying your home is a big decision and a commitment that shouldn’t be taken lightly. The responsibilities, costs and financial commitments that ownership brings need to be thought about carefully, so you should always get impartial financial and legal advice before buying.
But with a bigger discount of up to £77,900 (£103,900 in London) now available, this could be the perfect time to decide if it’s the right choice for you. From May 2015, the eligibility criteria has also changed reducing the requirement of 5 years public sector tenancy to 3, making thousands more tenants eligible for Right to Buy.
The money raised through extra sales since April 2012 goes towards building new affordable homes for rent.
This website provides you with some of the main information to get you started – things to consider, what discount you could get, how to apply, and useful contacts for free, unbiased advice and information.
The Government’s Right to Buy Agent service also offers free and impartial advice on Right to Buy and, if you decide home ownership is the right choice for you, our advisers can help you through the process of buying your home.
Click here to find out about eligibility and complete our quiz.
The Right to Buy scheme was introduced in 1980 and is designed to help council and housing association tenants in England buy their home at a discount.
Since April 2012, major changes have been made to Right to Buy. Maximum discounts were increased from as little as £16,000 in some areas to a maximum of up to £77,900 across England (£103,900 in London).
More than 33,000 households have taken up their Right to Buy since discounts were increased. Money raised through extra sales is now going towards building new affordable homes for rent.