How can I find out the value of my property?
You can get a quick idea of the value of your property using home calculator tool on property listing website like Rightmove or Zoopla.
What discount will I be entitled to?
Click here to read about discounts for Right to Buy.
What are the timescales?
Click here to read about timescales for each stage of the Right to Buy process.
What are the costs involved when buying my home?
Surveyors survey - This survey investigates the structural condition of your home. The cost will very depending on the grade of the survey you have requested. There are two types of property survey recommended by the Royal Institution of Chartered Surveyors:
The homebuyer survey and valuation report is suitable for most modern homes that are conventional in type and construction. It focuses on any significant defects or problems that are in need of expert attention. The surveyor will also give a professional opinion on particular features of the property and its value on the open housing market.
Structural or building survey is suitable for all types of properties. It is especially recommended for properties of unusual construction. It involves a detailed examination of all accessible parts of the property. A building survey does not include a valuation but your surveyor can provide this separately, if you need one.
Stamp duty land tax (SDLT) - The cost will depend on the value of your home. Here's a guide:
You will not pay SDLT if the purchase price of your home is up to £125,000. Click here for more information on stamp duty from HMRC.
You will pay SDLT on increasing portions of the property above £125,000.
Please be aware these figures may be subject to change.
Are service charges payable?
If your home is a flat or in some cases a house that benefits from communal facilities, you will also pay service charges. You will pay a general service charge as a contribution towards day-to-day expenses (lighting, cleaning, upkeep of communal areas). You may also be required to contribute to substantial major works and improvement costs (lift repairs, roofing repairs, window glazing) that will add to the value of your home.
If your home is a house and you buy it, you will be responsible for the costs of all repairs and maintenance, regardless of the condition of the property when you bought it. This includes the maintenance of gardens and any tree work that may be required. If you are buying a flat, you will have to pay service charges to LiveWest. You will also be responsible for the costs incurred towards the upkeep of the interior of the flat and any other areas for which you are responsible
Would mutual exchange be a better option for me?
A mutual exchange is where a tenant of one property exchanges their home for that of another tenant. It can be with the same landlord or a different one, and can happen in council tenancies, housing association tenancies or between the two.
If you have had a mutual exchange, your current tenancy is treated as a new tenancy and you retain your own tenancy history (not the other tenant’s).
It is important to be aware that, if you move into a housing association property, you will not have any preserved Right to Buy that the previous tenant might have had, and, if you move to a property with a different landlord, you will lose any preserved Right to Buy that you may have had in your old property.
It is worth checking the terms of a mutual exchange with your old and new landlord before agreeing to it.
Who is responsible for repairs to the property after I have purchased my home?
If you buy the freehold of your home, you will be responsible for all the costs of maintaining your home, including routine repairs, major structural repairs, and improvements.
If you buy the leasehold (usually the case with flats and maisonettes in larger blocks) you will be responsible for internal improvements and routine repairs. External repairs and improvements and major structural repairs to the whole block will be the responsibility of the landlord. You will have to pay service charges each year, and are likely to have to meet the costs of major repairs and refurbishment, which can be substantial.
What are the conditions of purchase?
Once you have confirmed with your landlord that you are happy with your offer letter they will prepare the legal documents and send them to your solicitor.
Your solicitor will check the reports (the contract, land registry etc). When all matters of the conveyance or lease are confirmed and agreed, and the mortgage offer is confirmed, the sale can proceed.
You’re not committed to buying at this stage, you can still change your mind, but be aware that once you’ve started this stage of the process you will start incurring costs such as solicitor’s fees and mortgage valuation for example.
What if I decide to sell? Will I need to repay the discount?
You can sell your home at any time. If you wish to sell within the relevant discount repayment period, which is generally five years, you will need to repay part of the discount you received.
The amount of discount to be repaid will be a percentage of the sale value of the property (which is the same percentage as your original discount), not taking into account any improvements you have made.
| Repayment period | Discount |
| Year one | 100% |
| Year two | 80% |
| Year three | 60% |
| Year four | 40% |
| Year five | 20% |
| After year five | 0% |
Can I buy my home with a family member?
When you apply, you can include up to three family members who are not themselves tenants, for example your son or daughter. They must have lived at the property for 12 months or more and live there as their only or principal home. You must provide evidence that they have lived with you for the qualifying period.
How do I repay the discount?
You will have to pay back some or all of the discount you got if you sell your Right to Buy home within five years of buying it.
You will have to pay back all of the discount if you sell within the first year. After that, the total amount you pay back reduces to:
- 80% of the discount in the second year
- 60% of the discount in the third year
- 40% of the discount in the fourth year
- 20% of the discount in the fifth year
The amount you pay back depends on the value of your home when you sell it.
Example
You bought your home worth £100,000 and got a 40% discount (£40,000). You then sold your home after 18 months for £120,000.
40% of £120,000 is £48,000. As you’re in the second year, you would repay 80% of £48,000 (£38,400).
You may not have to pay back the discount if you transfer ownership of your home to a member of your family. You’ll need to agree this first with your landlord and then get a solicitor to do this for you.