Understanding the "Right to Buy" Program: Path to Homeownership

If any of the following describes you, you could be qualified for a Right to Buy:

●       It is for your primary residence.

●       The land is self-sufficient.

●       You are considered a secure renter.

●       You've had a landlord in the public sector for three years or longer. (It is not required that these be three consecutive years.)

●       The property is not scheduled to be destroyed.

●       There are no unpaid court debts or pending possession orders against you.

What Is Preserved Right to Buy?

Your house could be eligible for acquisition under the Preserved Right to Buy. This applies to properties that were once owned by the council but were later transferred to a different landlord. The ownership transfer must have occurred while you were residing in the property.

Does Purchasing My Council Property Require a Deposit?

Your discount will often be applied towards your deposit by lenders, which means you won't always require a personal deposit. However, not all lenders operate in this manner. Some may still require your finances, which is common when using a specialised lender due to poor credit.

How to Apply for the Right to Buy

Submit an Application: Fill out an online Right to Buy application or get a printed copy from your landlord. Send it by registered delivery.

Receive an Offer: If the property is freehold, you’ll get an offer within eight weeks; for leasehold, this increases to 12 weeks. The offer will outline your discount, how it was calculated, and the price they propose.

Review Property Details: You'll receive information on structural issues and an estimate of the first five years of service fees.

Respond to the Proposal: You have twelve weeks to respond. During this time, you can arrange an independent appraisal. If your application is rejected, they must explain why.

If everything proceeds according to your plan, you should soon be on the path to completion.

Seeking Mortgage Brokers' Right to Buy Expertise

Seeking Right to Buy mortgage advice in Manchester is important when considering any financial products, but mortgages in particular. IdentityFS understands that some consumers may be turned off by the strict policies of most conventional Right to Buy mortgage lenders. However, we recognise how the program's discount can significantly increase accessibility.

At IdentityFS, our Right to Buy mortgage advice in Manchester offers expertise in arranging mortgages for homeowners looking to take advantage of the program.