Right to buy or Right to Acquire are schemes that allows council and housing association tenants to buy the house they have been living in usually at a significant discount. Depending on your eligibility, the discount can be several thousands of pounds and can reach up to 70% of the value of the property. There are limits on the discount which is increased each year in April in line with the consumer price index.
There will usually be a period after buying the property where, if you sell the property, you will have to pay back all or part of the discount. Ask your council for more information if you are likely to sell the property within a short period of buying it.
Many tenants have seen that this is a good way to buy their first home either to live in permanently with the security that they will never be required to leave the property or to have as a long-term investment as the first step on the property ladder.
FAQs
Can I inherit a council tenancy?
Inheriting a council tenancy now has limits – the tenancy can be passed on only once. If for example Mr and Mrs Smith were joint tenants but Mr Smith passes away, the tenancy can be passed to Mrs Smith but then when Mrs Smith passes away, the tenancy cannot be passed on again. This has caused many families to lose a home that they regarded as theirs because of the previous ability to pass on a tenancy multiple times. Buying the property guards against this.
How do I begin to proceed with inheriting a council tenancy?
Local Authorities have information on how to apply to buy your home. Details for our nearest councils can be found below:
How can Light Legal help you with purchase your council property?
When the council accepts your offer to buy the property, Waldrons can guide you through the process including checking the legal documents and ensuring that you legally own the property at the end.
How much will it cost to inherit a council tenancy?
As you will likely be a first time buyer, you will qualify for any discounts that we offer for first time buyers. Contact us today for a personalised estimate.
Why choose Light Legal?
Costs
We are clear on costs 100% of the time.
Dedicated
You will have direct access to a Legal Advisor throughout your matter.
Established
We have over 150 years’ experience in providing specialist legal advice representing individuals.
Flexibility
We are available for appointments at your home, at hospital or another location that’s convenient for you.
Hassle Free
Our Property Team can help you move quickly and without the hassle.
