BLOG: It’s the right time to consider Right To Buy
Regardless of your age, hopping onto the property ladder for today’s average individual is, to say the least, a challenge, writes GW's Head of Sales Emma Coffey.
With fewer houses being built, house prices sky-rocketing and government support now harder to come by following the end of one strand of the popular Help To Buy scheme, it has never been more accurate to say – purchasing a home can be a big hurdle.
Despite the turbulent times though, all hope is not lost.
The Government’s Right to Buy (RTB) scheme is a prime example here.
Under the scheme, individuals who live in council housing (or, in some cases, housing now owned by housing associations, for instance) may be eligible for a large discount if they decide to buy the property themselves.
Eligible tenants may receive a discount of up to £103,900 or £77,900 outside London – a pretty meaningful chunk off your overall bill, I think most would agree.
Even better, in recent times, the number of years needed for eligibility (living in the residence for three years, as opposed to the former five) has been reduced.
It’s a win-win situation for those hoping to make their rental property their own, yes?
Well, let’s back up for a second.
Like any government policy, the RTB scheme is tangled with a long list of T&Cs, exemptions and jargon not always understood by most.
Dealing with councils can be time-consuming and stressful…and as if the prospect of buying a property isn’t daunting enough!
There are so many variables to consider that may complicate the process of purchasing your property – uncooperative landlords; the number of years you have lived in your home and the correlating discount you are entitled to; joint applications with partners or family members; previous issues with debt, outstanding possession orders or legal issues; and so forth.
In simple terms, this is not a straight-forward property purchase.
Enlisting the assistance of a good lawyer, who understands the complexities of the process could literally be the key (no pun intended) to opening your first home of your own.
Content correct at time of publication.