the right to buy?

Question

someone told me that you can only buy now after you have lived in council prop for 5 years?true or false? and you have to live in prop for 2 years b4 u can sell true or false? and they give you 38,000 off value but are soon changing it to 16,000. so is it still worth it?

Answer 1

I am currently going through the Right To Buy at the moment. You have to have lived in the property for more than 2 years before you apply. Also, most boroughs now only offer a maximum of £16,000 discount. I think the only boroughs still doing the £38,000 max (not for long though) is Havering and Barking & Dagenham. Once you have purchased the property you cannot sell for five years otherwise the Council will want their discount back. Hope this helps.

Answer 2

Actually the amount of reduction you get depends on ythe right to buy or the right to aquire both are similar depending on certain dates and the amount of discount, you have to live in the bought property for a certain amount of time or else you must pay a percentage of money back to your local council allthough time scale changes from council to council.

Answer 3

I don't know the timing but I would have though sixteen grand off a property in a rising market was real value for money

Answer 4

In my area the most u can get knocked off your house is 16 000 .....and if u want to sell it within 3 years you are legally obliged to sell it back to your local authority .. but every area has different rules ... u should ask your local authority ...

Answer 5

YOU HAVE TO LIVE IN THE PROPERTY FOR 5 YEARS. BUT YOU CAN SELL IT WHENEVER YOU LIKE AFTER THIS. THE AMOUNT YOU GET DISCOUNTED ON THE PROPERTY DEPENDS ON THE LOCATION, HOW LONG YOU'VE LIVED THERE AND VARIOUS OTHER FACTORS.

Answer 6

not really, it's a fantasy

Answer 7

save your money!!!