We now know when the Right to Buy discount cut-off date will be.
We wanted to bring your attention to some significant updates regarding the Right to Buy process following a government announcement in this week’s budget.
You can get a Right to Buy discount on the market value of your home when you buy it if you qualify for Right to Buy.
The maximum discount is £102,400 across England, except in London boroughs where it is £136,400.
From 21 November 2024 the maximum discount will be reduced. The discount you’ll get depends on where you live.
The Right to Buy discount is based on:
how long you’ve been a tenant with a public sector landlord
the type of property you’re buying – a flat or house
the value of your home
If you’re buying with someone else, you count the years of whoever’s been a public sector tenant the longest.
You’ll usually have to repay some or all your discount if you sell your home within 5 years.
You might get a smaller discount if you’ve used Right to Buy in the past.
Working out the discount
There are different discount levels for houses and flats.
Right to Buy discount on Houses
You get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years.
After 5 years, the discount goes up 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £102,400 across England and £136,400 in London boroughs (whichever is lower).
Right to Buy discount Flats
You get a 50% discount if you’ve been a public sector tenant for between 3 and 5 years.
After 5 years, the discount goes up 2% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £102,400 across England and £136,400 in London boroughs (whichever is lower).
If you are currently living in a council home and are considering purchasing it we now know Right to Buy discount date will be on the 21 November, we urge you to get in touch with us as soon as possible. Our team is here to help guide you through these changes and ensure you make informed decisions.
Source of information https://www.gov.uk/right-to-buy-buying-your-council-home/discounts
