Right to Buy
What you will pay (discounts and costs)
You will pay the market value of your property:
- minus any value you have added by making improvements such as kitchen, bathroom or central heating upgrades.
- minus the discount you are entitled to.
If you disagree with our valuation of your home you can appeal to the independent District Valuer.
If you are eligible for right to buy and have been a council tenant for 3, 4 or 5 years, you can get a discount of:
- up to 35% off for houses and bungalows
- up to 50% off for flats and maisonettes
but only if this is not more than £84,600.
Your discount may be reduced if:
- you have already bought a public sector property with a discount
- the Cost Floor Rule applies
The Cost Floor Rule is that:
- properties built (or acquired) before 2 April 2012 cannot be sold for less than we have spent on building, buying, maintaining, repairing or improving it in last 10 to 11 years
- properties built (or acquired) on or after 2 April 2012 cannot be sold for less than we have spent on building, buying, maintaining, repairing or improving it in last 15 to 16 years.
We will not charge you for:
- processing your application
- or providing a valuation.
You will have to pay for:
- the fees of any agents, brokers or solicitors acting on your behalf
- any private surveys or valuations
- Land Registry fee
- Stamp Duty (if applicable)
Costs after buying your home
Like any homeowner you will have to pay for council tax, water, sewerage, gas, electricity or other utility services.
You will need to pay your mortgage, if you have one.
You will also need to consider:
Buildings insurance - this covers the cost of rebuilding your home if it was destroyed. If you have a flat or maisonette some of this may be covered by the leasehold service charges, but you may need additional insurance.
Life assurance - this pays off your mortgage if you die early, so that your family is not left with the mortgage debt.
Mortgage protection insurance - this covers your mortgage repayments if you lose your income through unemployment or ill health.
Maintenance and repair costs - including window frames, wiring, plumbing, heating equipment, gutters and rainwater pipes, roofing repairs, and external decoration which can be very expensive.
Leaseholders charges (if you have a flat or maisonette) - regular service charges and there may be bigger charges for any major works.