Right to Buy

What Is the Right to Buy?

Council tenants have a Right to Buy their home at a discount.  The longer you have been a tenant, the larger the discount.  Click on Discounts to work out your discount.  More information is provided in the RTB Brochure. 

For more information about the Right to Buy, please contact Sheetal Shah on 01509 63 4621 or sheetal.shah@charnwood.gov.uk.  Alternatively, you can write to her at the address below:

Sheetal Shah,
Property Services,
Charnwood Borough Council,
Southfield Road,
Loughborough
LE11 2TT

There are other schemes to help you buy your home.  For more information please contact Paul Robertson, Development and Enabling Officer, on 01509 63 4505 or paul.robertson@charnwood.gov.uk.

Can I buy my council home?

• The Right to Buy applies to secure tenants only.  Your Housing Officer will be able to advise whether you are a secure tenant
• Some secure tenants are not entitled to buy their homes, for example:
  • Tenants of fully sheltered housing schemes for the elderly with a resident warden
  • Tenants of some properties that have been specially adapted for people with disabilities
  • In situations where a court makes a possession order that says you must leave your home or if you have been served a notice saying that the council intends to demolish your home
• If you think one of the reasons above may apply to you, you should seek further advice

Can I buy my council home if I am an Introductory Tenant?

The Right to Buy does not apply to introductory tenants.  However, the majority of introductory tenants will eventually become secure tenants after 12 months and should be able to apply to buy their home in the future.

How much will my home cost?

The price you pay for your home will be based on the current market value but discounted to take into account the amount of time you have spent as a council tenant.

In 2012, the government introduced a cap on the maximum discounts that tenants may receive.  In Charnwood, the maximum discount is currently £75,000 whatever the valuation of the property.

How Much Discount Will I Get?

Please click on Discounts for more information. 

How can I apply for the Right to Buy? 

Click on RTB1 to download the application form - you will need to complete the form and return it to:

Sheetal Shah,
Property Services,
Charnwood Borough Council,
Southfield Road,
Loughborough
LE11 2TT

Alternatively, you can request a copy of the form from Sheetal Shah on 01509 63 4621 or sheetal.shah@charnwood.gov.uk. 

What is the process for buying my home? 

Please click on Timeline for more information.

There are strict timescales for tenants who wish to buy their home.  If you do not respond within the timescales, you will need to re-apply, and if the value of your home has gone up, then the amount that you have to pay may also have gone up.  Once you have received an offer letter, you have 3 months to decide if you wish to continue:

• If you do not reply within 3 months, you will be served a 'Prior Notice to Complete' giving you 56 days to complete your purchase
• If you do not reply to the 'Prior Notice to Complete', you will be served a 'Final Notice to Complete' giving you a further 56 days to respond
• If you do not reply to the 'Final Notice to Complete', your application will be cancelled and you will have to apply again

What are the additional costs of home ownership? 

If you do buy your home, it is important to remember that there will be a number of expenses to consider as part of the house-buying process and there will also be the ongoing costs of owning a home.

Costs of buying a house

• Legal fees
• Survey fee
• Mortgage arrangement fee
• If you home is worth more than £125,000 you will also have to pay Stamp Duty

Ongoing costs of owning your own home

• Your mortgage - this will probably be more than your current rent if you are borrowing most of the money to buy your house.  Mortgage payments can increase if interest rates (and decrease if interest rates fall)
• Buildings and contents insurance
• Life assurance
• Mortgage payment protection insurance
• Council Tax
• Water rates, gas, electricity and other utility services
• Responsibilities include the ongoing maintenance of the property and this may result in significant expenditure

Ongoing costs for owning your own flat

In addition to the ongoing costs of owning your own home listed above, owners of flats will also need to pay:

• Ground rent
• Service charge - this may include payments for major works to the whole block of flats

What are the risks of buying my home? 

Home ownership is not for everyone.  The cost of mortgage repayments can go up if interest rates rise (and they can drop if interest rates fall). 

You should think about how you would make payments if you or anyone you are buying with lost some, or all, of their earnings.  Government support for mortgage costs is limited and you may lose your home if you fail to keep up your mortgage payments.  

Where can I find out more?  

DirectGov

More information is available from DirectGov or you can . 

Free advice

We recommend you get independent, professional advice when thinking about buying your home.  The Money Advice Service has been set up by government to give free impartial advice about money.  Contact them on 0300 500 5000 or www.moneyadvice.service.org.uk.

The Leasehold Advisory Service (LEASE) 

Another body set up by government that provides free advice on buying a flat and on service charges.  Contact them on 0207 383 9800 or go to www.lease-advice.org.uk. 

Facebook

There is a government Facebook page at www.facebook.com/righttobuy where you can find out what other tenants are saying and share information on any Right to Buy issues. 

• RTB1 application form
• Additional information