What is a Right to Buy in Leeds
The Right to Buy Scheme can help you if you are an eligible tenant in England looking to purchase your property from the council for a discounted price.
To be eligible for the scheme, you must have spent at least 3 years (not always continuous) renting from a local housing association as well as being secure tenants of council property.
Contacting a Mortgage Advisor in Leeds can be best in order to check your eligibility. Another option to check if you can qualify is looking at the government Own Your Home website that keeps you informed with the latest rules and regulations when it comes to the scheme.
When you purchase the property via the Right to Buy Scheme, the property will be valued at the full market price and the government discount is applied before the purchase.
Purchase Your Council House Under the Right to Buy Scheme
Our mortgage advisors in Leeds strive to provide Right to Buy Mortgage Advice in Leeds through their extensive knowledge and experience in order to help customers start their Right to Buy journey.
In some cases, the lender will treat the discount as a deposit, but you may be required to put forward some of your own money as well.
The homebuyers discount depends on a number of factors like how long you’ve been a tenant within the public sector, what type of property you’re looking to buy as well as the value of the home.
In the circumstance where you have used the Right to Buy Scheme before, the number may have increased a little. Several mortgages do have the option for you to borrow extra funds in order to carry out home improvements like new windows, doors, conservatories if needed.
Right to Buy Mortgage Process
To start with you need to know if you are eligible for the scheme which can be done by obtaining an application form from the council. Next, you will get an offer notice which shows you the property value and your discount. You only get a certain amount of time to accept this offer.
At Leedsmoneyman, we can provide assistance with your mortgage solicitors and survey when you need it. Your free mortgage appointment can provide you with the information of the cost of your mortgage and if you are in line with the criteria.
How does it work? Get a quote nowMeet your advisor