The Right to Buy Scheme
Getting on the property ladder isn’t easy. For some it seems like an impossible task. That is why the government often introduces schemes designed to help people do just this. One that has been around since the 1980s is the Right to Buy offer. This is where council tenants who have been living in their property for more than three years may be eligible to make an offer on their home.
Working with the right solicitor
A mortgage solicitor in London, like Saracens Solicitors, may be able to offer lots of experience when it comes to Right to Buy house sales. A council tenant is usually a buyer with no chain, whether they have owned property before or not. This means they can enjoy a fairly straightforward process.
They may also need a mortgage solicitor in London further down the road, if they want help with selling their property. If they decided to do it within a set period of time, dictated by their local authority, they may need to offer to sell it back to their previous landlord before they can offer it on the market.
Who is eligible for Right to Buy?
It is important that each individual checks the guidelines in their local area as these will vary from place to place. Some conditions apply to the dwelling itself whereas others might apply to the applicant. For example, anyone who wants to purchase through Right to Buy needs to be free from any debt issues that have already been subject to legal processes.
The standard process
Right to Buy normally begins with an application to the local authority. They have a set time period to respond to this. They must give an explanation if the application has been refused. This means the tenant may be able to rectify any issues and make a further attempt in the future.
If the local authority are happy for the tenant to make the purchase, they will suggest a purchase price. This will be below market rate in accordance with the current guidelines for the scheme. If they decide to accept the offer, they can then contact a mortgage solicitor in London for assistance.