The longer you have been a tenant, the bigger the discount you will get off the market value of your home, up to a maximum discount of £80,900 (outside of London) or £108,000 (London).
The discount you receive may be reduced if the amount of money we have spent on your home in the last 10 years, (15 years for a new build property) is more than the purchase price of your home. This is called the cost floor. We cannot sell your home for less than the cost floor amount.
If you have previously bought a property under Right to Buy scheme then the discount you received for that property will be taken off the discount on your current Right to Buy purchase.
The table below gives an example of the discount you could receive should your house be valued at £90,000 and a flat at £50,000. Depending on the outcome of the valuation you may not get the full amount of discount shown maximum discount limit.
Discount range from 35% to 70% for houses and 50% to 70% for flats and Maisonettes.
Property Value – The value of your home will be determined by the valuation which will be carried out by a qualified an independent Property Adviser.
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Freehold or Leasehold
If you are buying a house you will be sold the freehold. This means you will be the outright owner of the property and land it sits on.
If you are buying a flat you will be sold a 125 year lease. This means that the Council will still own the freehold of the land and you will have to pay an annual service charge for repairs and maintenance. This will be billed to you annually.