Right to Buy – Tendring Area
The Right to Buy scheme will give council house tenants who are financially secure, the opportunity to buy the home that they are living in, at a discount. So how do you know if you are eligible? You could be eligible if you are a council tenant, or if the property is your main home. You will also be eligible if you have been a public sector tenant for at least 3 years.
Other Eligibility Criteria:
· You do not live in sheltered housing
· You don’t have any legal issues regarding debt
· You do not have any possession orders outstanding
The important thing to remember is that you will get a discount on the value of your home if you go through the Right to Buy scheme. This will depend on how long you have been a tenant and the type of property you are buying. The value of your home will also come into the equation. Usually, you will have to repay some of your discount, if you happen to sell within 5 years.
What Do You Need to Think About?
If you buy your home, you have to remember that there will be a huge number of expenses to think about. You should think about how you are going to make payments if your income is lost. Buying a home is still a big decision, even if it is through Right to Buy.
How to Apply If you want to apply then you need to complete: Right to Buy Form and: Financial Information Form. If you do want to pursue a Right Buy property, then it is wise to talk with a mortgage broker so that you can assess your options. By doing this, you can then make sure that you are making the right decisions for your finances as well as for the property that you hope to buy.
Source-
Tendring District Council
