IMB Blog

What Do i Do If The Council Offer Me The Right To Buy My Council Property?

You have been given an opportunity to purchase your home from your landlord (the council). This usually occurs because you are a long-standing tenant and the council would like to reward you, by granting you the right to buy your council property. The council will provide a valuation which can be used to determine the selling price, this is a value based on the true market value of the property. The council would usually provide you with a discounted purchase price. The maximum discount the council can offer is £84,200 as prescribed by the Secretary of State for the environment pursuant to section 131 (2) of the housing act 1985. The level of discount any tenant may receive would be set out in the Housing act of 1985 Section 125 landlords notice of purchase price document.

What next?

So you have done the easy bit, you have now been granted the right to buy your council property. So how do you go about this from here? Chances are you’re going to need a mortgage to help fund your purchase of your council home. There are many places to start looking. The first place to look for the mortgage is likely to be your own bank or building society. You are likely to have a long standing relationship with your bank and when you think about it why wouldn’t your bank give you a mortgage. First of all, your bank may not offer mortgages for council tenants, or right to buy mortgages. These types of mortgages are quite specialised and if your bank doesn’t offer these where do you go then? You may ask around your friends, family, colleagues or neighbours, they may be able to offer a bit of advice as to where they think you should go to get your mortgage. It may also be the case that you are unable to obtain a mortgage because of current or historical bad credit. This will undoubtedly be a problem for your high street bank or building society. Having bad credit is perceived as you not being able to manage your finances adequately. So why would your bank lend to someone with bad credit, you are much higher risk and this type of business may not be as attractive to your high street lender. You may need to seek out advice from a mortgage professional such as an Independent Mortgage Brokers. This would be a great place to look as they would rather than looking at just one bank or building society, they would look at multiple if not all lenders to secure your route to the mortgage market.

Don’t be afraid of using Independent Mortgage Brokers

The title of this paragraph is absolutely correct, don’t be afraid to use a broker. Their primary goal is to secure the Right Mortgage deal for your needs and circumstances. After assessing your needs, looking at what you require independent mortgages brokers should be able to guide you through the buying process. Not all advice is offered free, there may be a charge for retaining the services of your independent mortgage broker. The terms of how much and when payments are due will be provided in their terms and conditions or sometimes called a disclosure document. Make sure you fully understand exactly what you are signing up to prior to entering into any agreement with your broker.

Buying your council property is a good thing

Buying your home from the council is almost like someone walking up to you in the street and saying here you go here’s a bundle of cash. It really is one of the best ways to get yourself on to the property ladder. The journey is not going to be easy, it will be frustrating at times, and sometimes you may feel like giving up. However, if you stick with it, at the end of it you will own your own home, and you will have the added advantage of not really having to put as much in money terms into the deal in comparison if you were to just buy a normal property in a normal street in the normal way. Buying your council home using the right to buy scheme helps thousands of people every year realise their dreams of home ownership. When we spoke to Independent Mortgage Brokers based in Halifax, they told us that they do right to buy mortgage all over the country, but they do lots of mortgages in the Yorkshire & Lancashire area including places like Wakefield, Bradford, Leeds, Manchester, Bolton, Blackburn amongst other places of course. The levels of discount vary from local authority to local authority but they advise if you have been given the right to buy your home and you’re looking for a mortgage then give them a call to discuss your options. They have a team of dedicated mortgage brokers just waiting to help and assist you realise your dreams of home ownership. Having Independent Mortgage Brokers on your side when choosing the right mortgage is as easy as picking up the phone.

For more info visit site: Independent Mortgage Brokers


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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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