The Right to Buy scheme was introduced in 1980 to enable social housing tenants to buy their rented properties at attractive discounts, and indeed 1.9 million have done just that (13,000 since 2012).
In April 2012 the government raised the cap on maximum discounts from £16,000 to up to £75,000.
The Government announced on 3 January 2014 that it is considering raising the current 60% to 70%, and that the £75,000 cap will be increased to keep in line with current rates of inflation.
The Government stated £100 million will be used to improve access to mortgage finance, and that capital raised from these buy-to-let purchases will be invested in new housing construction.
If you are interested in Right to Buy, it is vital that you instruct fully qualified, specialist ‘Right to Buy’ property solicitors with the experience to guide you through the potential difficulties of such a purchase e.g. the leasehold and services charges etc (see our earlier blog on buying Local Authority properties: I’m Thinking of Buying an Ex-Local Authority/Housing Association Property: What are the (Dis)Advantages? – 18 October 2013). Contact us on 0207 387 2032 or complete our online enquiry form here.
