Tuesday, 24 October 2017

5 Questions Answered About Right to Buy Eligibility

Written by Posted On Friday, 13 October 2017 08:21

Right to Buy is a scheme that was first introduced in 1980. It allows eligible tenants on social housing the ability to purchase the home they live in at a discounted price. This means that they can more easily afford to purchase a property, especially if they do not have a deposit. The levels of discount and the eligibility criteria have changed over the years and there have been particular changes since 2012. And from 2017, the maximum discount that can be applied to a property is £78,600 in England plus £104,900 in the capital, London.

1. Am I Eligible?

In most cases you will be eligible for a right to buy mortgage if you are a secure council tenant who has been a tenant in the public sector for at least three years. But it doesn’t mean that you need to have three continuous years as a tenant. You also need to be free from debt legal problems and possession orders. Not every property will be eligible for right to buy. In the process of applying for the right to buy scheme this eligibility will be checked and confirmed.

2. What Happens If I Part-Own a Council Property?

It is not possible to buy under the right to buy scheme if you own your home alongside the council. You may be able to buy a further share of the property but this will need to be discussed with the landlord.

3. Are Housing Association Tenants Eligible for Right to Buy?

In some circumstances, yes. In most cases it is not possible to be a housing association tenant and get a right to buy mortgage but if you used to be a secure council tenant and your home was transferred to a housing association landlord you could end up with a “preserved” right to buy eligibility.

4. What About Armed Forces Accommodation?

If you spent time living in Armed Forces Accommodation then this time period will count towards the qualifying three years, although if you are living in Armed Forces Accommodation at the moment you will not be eligible to take part in the right to buy scheme.

5. Are Joint Applications Allowed?

It is possible to make a joint application for a right to buy property but only if you buy with someone who is named on the tenancy agreement alongside yourself, or is your spouse or civil partner, or you could also buy with up to three members of your family who have been living in the house in the preceding 12 months.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

Listing Additional Info

  • State: California
  • Address: Avlon Park
  • City: Avlon
  • Zipcode: 80242
  • SOLD: no
  • MLS #: 4459632719
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