Buy your council house under the Right to Buy Scheme
If you are currently living in a council house and named on the tenancy agreement, you may qualify for the right to purchase your current rental property from the local authority (typically council or housing association) at a discounted price. Usually you’ll find that due to the purchase price being discounted, no deposit will be required (though this isn’t a guaranteed perk).
What is a Right to Buy in Sunderland?
The Right to Buy Scheme is a government ran scheme that will allow any tenants who are eligible and residing within England, to purchase the property that they are currently renting, from the council for a partially discounted price.
Providing that you have spent at least 3 years (not always continuous) renting from a local authority and are secure tenants of a council or housing association owned property, you may find yourself qualifying for the government Right to Buy Scheme. When purchasing a property via Right to Buy, the property will be valued at the full market price with the government discount applied before the purchase is made.
How is the discount is worked out?
The percentage of the property price that will be used as a discount would entirely depend on varying factors, such as where it is you live and are looking to buy, as well as the length of time you’ve been a council tenant.
One of the things that is seen as a major advantage of Right to Buy is that because you are utilising an applied discount, there is often existing equity in the house already. How much equity, like the discount, will also be dependant on various factors. These include how much your discount is and how much the property you’re looking to buy is actually worth.
Generally speaking, we find that those who are looking to use the Right to Buy Scheme are first time buyers in Sunderland. As a mortgage broker in Sunderland, love working alongside our customers. We will be here throughout every step of the mortgage process, starting with your initial enquiry, all the way through to your completion.
Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of the mortgage lenders we have on panel.
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