The right to buy scheme started back in 1979 under Margaret Thatcher’s administration in a bid to help all UK residents own their own home, buy buying their current home from the council at a discount. The discount you receive depends on how long you have been a council tenant, the value of your home and the type of home you live in e.g. a flat or house. The maximum discount available for council tenants currently is £84,600. 
As with all government schemes there are rules and criteria. They are: 
• The property must be your main residence 
• You are a tenant of your local council 
• You must have been a tenant of the local council for at least 3 years 
• Multiple people can apply to own the property as long as they are registered residents of the property and named on the tenancy with the local council 
• You must remain in the home 5 years after buying from the council or you will be liable to pay back the discount to the council upon sale. 
The discounts available: 
You qualify for an immediate 35% discount once you have been a council tenant for 3 years or more. After 5 years the discount you will receive increases by 1% each year up to a maximum discount of 70% of the property value of £84,600 whichever is lowest. 
To apply you will need to complete the ‘Right to buy application form’ on the government website: 
Your local council must reply within 4 weeks to confirm if you qualify and if you do, what discount you will receive. Once agreed your local council will send you an ‘offer to buy’ letter which will state the property value and the discounted price that you can purchase this for. 
After this point you have 12 weeks in which to respond to your local council of your intention to proceed with their offered purchase price. Once you have agreed to purchase your home at the stated price speak to an independent mortgage adviser to find the perfect mortgage product to allow you to buy your home. 
Did you know? – The discount you receive on your home acts as the deposit, meaning you don’t need a deposit to buy your home. 
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