The maximum discount in London Boroughs is currently £104’900 and £78’600 in the rest of England.
There is no discount available for new applications in Scotland, £16’000 of discount available in Wales and £26’000 in Northern Ireland.
Qualification is now three years.
Your Right to Buy discount depends on the type of property you are buying and how long you have been a council tenant.
If you live in a house and have been a council tenant for at least three years, you can benefit from a 35% Right to Buy discount. After five years, this discount increases by 1% each year, up to a maximum discount of 70% of the purchase price.
Buyers who live in a flat get an initial discount of 50% after three years, which increases by 2% each year after five years. As with houses, the maximum discount for people buying their council flat is 70% of the purchase price.
Maximum percentage discount is achieved after 15 years of secured tenancy if you currently live in a flat and 40 years if you currently live in a house.
‘Pay to Stay’ legislation is imminent where tenants who earn over £40’000 jointly in London Boroughs and £30’000 elsewhere will have to pay a market to retain their secured tenancy.
Housing Association tenants will soon qualify for the Right to Buy scheme.
Speak to one of our Expert Advisors today!