Right to Buy
How To Apply For Your Right To Buy
The governments "Right To Buy Scheme" means that more than 1.5 million former tenants now own their homes, and have been able to stay in the areas where they were renting. One of the reasons why so many people have been able to buy their council homes is that they receive a large discount using the right to buy scheme.Am I Eligible For Right To Buy
The only way to find out for sure is to ask your landlord, by filling in a free claim form. However, most local authority tenants, housing action trust tenants, and non charitable housing association tenants who have rented their property for between two and five years have the right to buy their rented property. There are exceptions, of course. For example, if your council property comes with your job, then you don't have the right to buy it. And if your rented property is specially fitted out for the elderly or disabled, then you won't have the right to buy it. If you visit the Communities and Local Government website, then you will be able to get more information about your right to buy.Apply For The Right To Buy
Once you have filled in the claim form, you should find out within a month whether you have the right to buy. Within eight weeks after that, you will find out about the condition of the property, the terms of sale and the asking price in a right to buy section 125 notice. The information you get will tell you what discount you will receive on a right to buy mortgage. The maximum discount varies depending on where you live, but could range from £16,000 to £38,000.To Buy or Not To Buy
Once you have all the information, then it's time to decide whether you will remain a tenant or become a homeowner. You have 12 weeks from receipt of the Section 125 notice to let the landlord know your decision. Once you've done that, you will need a mortgage. Most mainstream lenders don't lend to right to buy cases, but many specialist lenders do. You also have the advantage of buying a property that's more valuable than the price asked by the landlord. That means that you may not need a deposit, or can get a better loan to value ratio.Right To Buy Mortgage Brokers
One of the easiest ways to find a right to buy mortgage is to go to a mortgage broker. That's because the broker will be able to pick from all the deals, not just those available to the public. The wider the choice of right to buy mortgage deals, the more likely it is that you will get the perfect deal for you. Once you own the property, you will need to keep it for between three and five years, depending on the date on which your tenancy started, to avoid having to repay the discount you received.Click
here to get a quote for a "right to buy" mortgage…
For
help and advice with right to buy click here...
If you have bad credit and would like to excersise your right to buy click here...
