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BUYING YOUR COUNCIL FLAT ?The government of Mrs. Thatcher introduced the legislation that gave council tenants the right to buy their houses or flats. It was a controversial move; some believed it enabled people to decorate their dwellings as they wished and to sell them on later. Others said that it reduced the public housing stock and the opportunity for younger and less well-off people to obtain affordable accommodation. In any case, it proved extremely popular. David Greaney is a solicitor and lives in Stoke Newington. He explains some of the details: Many Council tenants have the right to acquire the property they are renting from the Council at a discounted purchase price. This scheme is perceived as a good opportunity to own your home This comes under the Government’s Right to Buy Scheme. Whether you qualify depends on several factors. The main factor is the length of time you have been a Council tenant at your present property. It’s a case of building up points over the years as a council tenant and eventually reaching a stage where you are a qualifying tenant.
Qualifying tenants will receive a discount of anything up to £38,000. The amount of the discount is set in terms of a percentage of the market value of the property. The extent of the discount will depend on various factors, the main one being, again, the length of time you have been a council tenant at your current address. Once you get the go-ahead under the scheme you should appoint a solicitor to handle the conveyancing and you will also have to consider your finances and in particular whether you will require a mortgage. Please note that your local authority will insist that after you complete your Right to Buy purchase you retain ownership for 3-5 years on pain of having to refund the discount to the Council. If you are interested and the London Borough of Hackney is your landlord you can find out more by contacting the following department: Right to Buy Section Remember, many first-time buyers on the open market would give their right arm for an opportunity to buy a property at a substantial discount from the market value, even if they had to hang on to that property for some 3-5 years. Don’t forget enquiries are free and if you are interested you really do have nothing to lose by finding out more about your potential Right To Buy if you are a Council tenant. An investment opportunity may await you. However, buying a property may be one of the most important decisions you will ever have to make.
For advice on your rights after you buy, contact: For free housing booklets, or a list of free DETR housing publications, contact: For a copy of the Guide to the Right to Acquire contact: David Greaney is a partner at Adams Solicitors, 187 Hoe Street, London E173AP Tel: 02085207191, email adamssol@aol.com |
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