The Right to Buy Process
|Step 1||The first stage is to find out whether you qualify to buy your council property. You will need to have been a tenant of a Council, Housing Association or the Armed Forces for a least five years (it doesn’t have to be five years in a row).
If you are in a Housing Association property, you will probably not have the right to buy it unless you were previously a tenant of the council and the Housing Association has taken over ownership of the property (although you may have the right to acquire instead).
|Step 2||Apply to your Council or Housing Association for the right to buy. You do this by completing the RTB1 Form which can be obtained by clicking here alternatively you can obtain a form from your local council or we can post you one out.
After this form is completed, it needs to be sent to the Right to Buy Department at your local council. If you need any assistance in completing this form, just give us a call on FREEPHONE 0800 158 3220 and we will be happy to help.
It is important to remember that applying for a price does not commit you to purchasing the house – you can withdraw your application at any time at no cost.
|Step 3||Once your council have received this form they will write to you and confirm whether or not you qualify to buy your property. If you do, you will then be contacted by the council’s valuer who will make a convenient appointment to carry out a valuation of your property. Following this visit, the council will write to you and send you a form called the Landlords Offer Notice. This will give you the price they have valued your property at, the discount that you are entitled to including a breakdown as to how it has been arrived at, and the discounted purchase price at which you can buy the property.
|Step 4||Having received the discounted price at which you can purchase your property, now is the time to arrange your mortgage. If you contact us on FREEPHONE 0800 158 3220, we can discuss with you how much you wish to borrow (you will not normally need a deposit), whether you would like to borrow any additional funds and how many years you would like to take the mortgage over. We can then provide you with personalised illustrations for you to consider and if you wish to proceed, we can help you with all paperwork connected to both the lender, solicitors and the council.
All of this can be done over the phone and by post.
|Step 5||Once your mortgage application has been submitted, your chosen lender will be processing your mortgage application and arranging their own independent survey of the property, whilst at the same time your solicitor will be dealing with the council’s solicitors to ensure all paperwork is completed to transfer the property into your ownership.
You will carry on paying rent up until the day that your purchase completes and following this, you will then start paying a mortgage instead of rent.
|We can help you with each and every stage of this process, as well as arranging any associated insurances that you need such as buildings and contents cover and life assurance. If you have any queries, simply call us on FREEPHONE 0800 158 3220 and we will be happy to help.|
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Your home or property may be repossessed if you do not keep up repayments on your mortgage.