Changes Coming to the Right to Buy Scheme
The government has confirmed significant reforms to the Right to Buy. Once the changes become law, the minimum qualifying period is set to rise from three years to ten years, and discounts will be substantially reduced, starting at 5 per cent of the property value and rising to a maximum of 15 per cent. Newly built social homes will also be exempt from the scheme for 35 years.
These changes have not yet come into force, and applications made under the current rules are assessed under the current rules. If you are eligible now and thinking about buying your home, it may cost you considerably more to buy after the reforms take effect. We can help you understand your position and, if you decide to proceed, act quickly on your behalf.
How Our Right to Buy Solicitors Can Help
Your Right to Buy journey starts with an application to your landlord on form RTB1. Your landlord must respond within set time limits and, if your application is accepted, will send you a formal offer notice, known as a Section 125 notice, setting out the price, your discount and the terms of the sale.
From that point, our team will:
– Review the Section 125 offer notice in detail, including the price, discount calculation and any conditions attached
– Advise you on the strict deadlines, including the 12 weeks you have to tell the landlord you wish to proceed
– Advise on the valuation and your right to challenge it if you believe the price is too high
– Check the title and raise enquiries, just as with any other purchase
– Review your mortgage offer and deal with your lender’s requirements
– Handle exchange, completion, Stamp Duty Land Tax and registration at HM Land Registry
You will have a named conveyancer throughout, with updates by phone, email or through the Gorvins Residential mobile app.
Buying a Council Flat Through Right to Buy
If your home is a flat, you will buy a long lease rather than the freehold, and you will pay service charges to the council or management company after completion. Your Section 125 notice must include an estimate of the service charges and improvement costs for the first five years, and reviewing this carefully is one of the most important parts of our job. Unexpected major works bills are the most common regret among flat buyers under the scheme, and we make sure you understand the commitment before you exchange.
Right to Buy Conveyancing Quotes
We provide clear, itemised quotes for Right to Buy purchases covering our legal fees and all third-party costs such as searches, Land Registry fees and any Stamp Duty Land Tax. Call 0161 930 5350 or complete our online form for your quote today.
Why Choose Gorvins Residential?
– CQS accredited, meeting the Law Society’s quality standard for residential conveyancing
– Regulated by the Solicitors Regulation Authority, SRA number 801191
– Experienced in Right to Buy purchases from councils across Greater Manchester and the North West
– Clear advice on deadlines, discounts and the long-term conditions attached to your purchase
– A named conveyancer and proactive updates throughout, including via our mobile app
