Buying your home
If you are thinking of buying your home, you should get as much advice and information as you can, so you can be sure you make the right decision. We can provide you with guidance and advice.
Your questions answered
Who has the right to buy?
Most tenants of the Council can buy their home provided they have been a tenant for a certain number of years. See Right to buy. However, if you have an introductory or demoted tenancy, you cannot apply to buy your home. Any period as a demoted tenant will not count towards any discount you might receive.
Up to 3 other people can buy the property with you. They can be a joint tenant, or another member of your family if it is their only or principal home and they have lived with you for the last 12 months.
If you breach the terms of your Tenancy Agreement you risk losing your right to buy. See You can lose your right to buy.
Once you have applied to buy your home we will only carry out essential repairs that we have to do by law.
How much will I have to pay?
The property will be valued at open market value. Any improvements you have carried out will not be included in the valuation. You may get a discount depending on the length of time you have been a tenant. See Right to buy. You will have to pay certain fees. See The costs involved in buying. You should also remember that you will have extra expenses once you own your home. See When you have bought.
Can I sell my home at a later date?
Once you become the owner of the property you can sell it on. However, you cannot do this for several years and depending on how soon after that you decide to sell, you may have to pay back all or part of any discount you received when you bought.
Right to buy
You can buy your home if:
- you have a Secure tenancy for the property you are wanting to buy, and
- you have spent at least five years as a tenant of a council or other public landlord, or any other registered social sector landlord who offers the Right to Buy, and
- it is your only or main home and is not a sheltered or specialist home.
The price you pay depends on the market value of the property. You may get a discount. The amount will depend on the number of years you have had a tenancy with a council and any other registered social landlord with the Right to Buy.
You can lose your right to buy. You will not be able to buy your home if you do not keep to the terms of your Tenancy Agreement (for example for not paying rent) and this results in a Possession Order or a demoted tenancy made by a Court.
The costs involved in buying
You will have to pay an initial lump sum towards the purchase even if you get a mortgage. You will also have to pay certain other fees and taxes:
- fees for your solicitor, mortgage provider and for your own survey
- a mortgage guarantee premium, usually for loans above 75% of the purchase price
- Land Registry fees and Stamp Duty.
When you have bought
If you buy a house you will be responsible for building insurance and all repairs and maintenance. You may also have to pay annual service charges for common areas and facilities.
If you buy a flat or maisonette, you will be responsible for paying service charges for your share of the building insurance, the upkeep of the building, common areas and facilities, and any major repairs to the building.
