Can I Buy My Home From the Council or From a Housing Association?
Council tenants who have occupied their council home for at least three years have the legal right to buy the property from the owner (normally a local authority, housing association or NHS Trust) at a discounted price under the Right to Buy scheme. While the process is relatively straightforward once a tenant’s application to exercise their Right to Buy has been accepted, the services of a conveyancing solicitor will be required to handle the legal side of things.
Bartletts Solicitors specialises in Right to Buy conveyancing in Chester and Liverpool. Our decades of experience and local knowledge will help ensure that you complete the purchase of your council or housing association property as quickly and economically as possible – and with the minimum of fuss.
New: In June 2022, the UK government announced that the Right to Buy scheme will be extended to cover approximately 2.5 million housing association tenants, enabling them to buy their home at a discount of up to 70% off the market value. While the details of the extension still have to be agreed with the housing association sector, the move could help millions of younger tenants, in particular, get their feet on the housing ladder. Find out more in our Right to Buy Extension blog.
I’m Eligible to Buy My Home From the Council What Should I Do?
Tenants who are eligible for the Right to Buy can submit an application for approval via Bartletts Liverpool and Chester conveyancing solicitors, after which they will receive details of the terms of the transaction, including the value of the property (following a survey) and the discount that they are entitled to. Assuming that the tenant agrees to the terms of the offer and wishes to proceed, their conveyancing solicitor will then liaise with the landlord and mortgage provider (if applicable) to complete the purchase.
A conveyancing solicitor will examine the title documents to the property, and will also need to carry out a number of property searches to establish any issues affecting the transaction, including rights of access, drainage and water, and any future maintenance work planned by the local authority (which can leave the homeowner liable for substantial financial contributions).
Various documents will need to checked and signed during the conveyancing process before the sale is finalised and the tenant becomes the legal owner of the property. On the date of completion, any deposit and additional charges such as Stamp Duty Land Tax (SDLT) and Land Registry fees will need to be paid by the conveyancing solicitor on their client’s behalf. The solicitor will also request and receive mortgage funds from the lender, and send the money to the seller’s solicitors on the completion date.
How Long to Buy a House or Flat From A Council or a Housing Association?
The entire Right to Buy conveyancing process will take 8-12 weeks in normal circumstances. Using a local based conveyancing solicitor can help speed matters up due to the latter’s knowledge of the local area and experience with similar Right to Buy transactions. Get in touch with Bartletts Solicitors friendly team in Chester and Liverpool for a free no obligation quotation today.
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