Frequently Asked QuestionsRight To Buy

How is the price worked out?

By October 26, 2017 No Comments

We will arrange for an independent open market valuation of your home. There are set discounts, which are calculated to fix the purchase price. You may [within three months] appeal to the District Valuer if you do not agree with our assessment of the market value.

If you have received previous discount in respect of an earlier purchase, then that discount is set against [reduces] the discount for the current application.

Please note that if we have paid out money to build, acquire, repair, or renovate your home over the past ten years, we cannot sell it for less than we have spent. In rare cases, the discount is reduced to allow for this.

The discount rules

If you currently have the preserved RTB then the following would apply: (we have no terms and conditions in respect of the RTB extension scheme currently being piloted)

righttobuy.communities.gov.uk/what-discount-could-you-get/

House:

You get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years. After 5 years, the discount goes up by 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £78,600 across England and £104,900 in London boroughs (whichever is lower).Flat:

You get a 50% discount if you’ve been a public sector tenant for between 3 and 5 years.

After 5 years, the discount goes up by 2% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £78,600 across England and £104,900 in London boroughs (whichever is lower).