Right to Buy Mortgages
Right to Buy is the term used for laws which allow council tenants or other public tenants to buy their home at a discount.
The size of the discount depends on how long you've lived at your home, as the rent you've paid over the years is treated like a 'deposit' on your purchase. The total size of the discount is limited depending on the area you live in.
Right to Buy restrictions
To prevent short term property dealing with public stock, there are several restrictions on Right to Buy.
To use your Right to Buy, you need to have lived in your home for at least two years (five if your tenancy started later than 18th January 2005).
If you sell your home within three years of buying it (five years for homes bought after 18.01.05) you will have to pay back a proportion of the discount you received.
Also, if you want to sell your home within ten years of using your right to buy, you must first offer it to the original owner who has first refusal on buying it back at full market value.
Related Directory Categories: |
| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 0-9 |
