Tenant handbook - Right to Buy

There will be initial costs for taking up your Right to Buy.

These may include:

• stamp duty which is calculated on the actual purchase price of the home, so market value minus Right to Buy discount
• legal fees – a fee will be payable if you use a solicitor or other legal representative to help you
• land registry fees
• mortgage fees

As a homeowner you will also have regular ongoing costs.

These can include payments for:

• a mortgage or loan on your property
• building insurance
• contents insurance
• life insurance
• mortgage payment protection insurance
• Council Tax
• water, gas, electricity, broadband and other services
• repairing and maintaining your property
• service charge

(This list is not exhaustive)

Remember:

• you will not be eligible for housing benefit if you become a homeowner
• the value of your home can go down as well as up
• if you do not keep up with your mortgage payments, your lender may take possession of your home

For more information about the scheme go to ownyourhome.gov.uk or call a Right to Buy Agent on 0300 123 0913.

The Home Ownership Team can be contacted on 01707 357 004 or homeownershipaccounts@ welhat.gov.uk.