Right to Buy Scheme

The number of Council Tenants buying their home from their Local Authority under the Right to Buy Scheme went up 90% this financial year compared with the previous year.

Earlier this year the Government released plans to overhaul Right to Buy following a consultation. The spike in purchases is thought to have been caused by ending of the high discounts.

The Government intends to support Local Authorities to better protect and rebuild depleted housing stock whilst maintaining a route into homeownership for tenants.  

The intended reforms are to include:

• increasing the minimum eligibility period from three to ten years before tenants can apply to buy their home
• new discount rules so that discounts start at 5% of the property value and increase by 1% each year up to the maximum discount of 15% of the property value  

The plans also include a 35-year new-build exemption period so new social homes cannot be sold under Right to Buy for 35 years after they are built.

If you are purchasing your home under the Right to Buy Scheme and would like a quote for our legal costs, please call our helpful and friendly team at Mosshaselhurst Solicitors on 01606 74301.