Buy Your Council House Under the Right to Buy Scheme
You may have the right to purchase your property from the council at a discounted price if you are living in a council house and named on the tenancy agreement. Usually, due to the purchase price being discounted, no deposit will be required.
What is a Right to Buy in Leicester?
The Right to Buy Scheme is a government ran a scheme that allows eligible tenants in England to purchase their property from the council for a partially discounted price. If you have spent at least 3 years (not always continuous) renting from a local housing association and are secure tenants of council property, you may be eligible for the government’s Right to Buy Scheme. When purchasing a property via the Right to Buy, the property will be valued at the full market price with the government discount applied prior to purchase.
How is the discount is worked out?
The percentage of this discount depends on varying factors, such as location and the length of time you’ve been a council tenant. One of the big advantages of the Right to Buy is that due to the discount, there is often equity in the house already. How much equity, like the discount, also depends on varying factors. These include how much your discount is and the value of the property.
Generally speaking, we find that those who utilize the Right to Buy Scheme are First Time Buyers in Leicester. We love working alongside our customers and are here throughout every step of the mortgage process, starting with your initial inquiry, all the way through to your completion. Capital raising options for home improvements, such as a new conservatory, windows, or extension are also available with some of our mortgage lenders.
How does it work? Get a quote nowMeet your advisor