What is the 'Right to Buy'?
The 'Right to Buy' (RTB) scheme gives secure council tenants (and some Housing Association tenants) the right to buy their home at a discount. The longer you have been a council tenant, the larger the discount.
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
- If you have been served a notice saying that the Council intends to demolish your home
Click on the links below for more information:
- Right To Buy summary booklet (July 2014)
- Right to Buy guidance (July 2014)
- To work out your discount, see Right to Buy Discounts (July 2014)
What is the process to buy my council home?
There are strict timescales for tenants who wish to buy their home, so if you do not respond within the timescales, you will need to re-apply. More information is available by clicking the link below:
The price of your home will be based on the current market value less the discount which is based on how long you have been a council tenant. In Charnwood, the maximum discount a tenant can receive is £77,000 whatever the valuation of the property. More information on discounts is provided by clicking on the link below:
How to apply
Complete the Right to Buy Application Form and return to:
Charnwood Borough Council
Loughborough LE11 2TT
Or contact Sheetal Shah on 01509 634621 or at firstname.lastname@example.org to request a copy of the form.
Additional costs of home ownership
If you 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. There will also be ongoing costs of owning a home.
Costs of buying a house
- Legal fees
- Survey fee
- Mortgage arrangement fee
- Stamp duty - if your home is worth more than £125,000
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 rise (and decrease if interest rates fall)
- Buildings and contents insurance
- Life assurance
- Mortgage payment protection insurance
- Council Tax
- Utilities, for example, water rates, gas and electricity
- 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
Risks of buying your 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 income. If you fail to keep up your mortgage payments, you may lose your home.
Where to find out more
More information is available from Gov.uk.
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.
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.
The consumer group Which? has produced a useful, interactive First Time Buyer's Guide. The guide covers everything you need to know about buying your first home, from deposits and different types of mortgages to making an offer and the legal steps that are involved.
Charnwood Borough Council makes every reasonable effort to ensure that the information on its website is accurate and complete. It is not responsible or liable for any claim, loss or damage arising from the accuracy or use of that information.
Charnwood Borough Council accepts no liability nor gives any representations, assurances, undertakings or warranties about the accuracy, correctness or fitness for purpose of any third party website referred to. Nor does it approve or endorse any information contained on any third party site and accepts no responsibility for this information or its content.
Last updated: Fri 30th January, 2015 @ 13:16