WHAT DO WE DO?
We pass on your no-obligation enquiry to a right-to-buy broker.
WHAT WILL THE BROKER DO FIRST?
Your personal broker will help in your search for the right-to-buy mortgage to suit you. They will search a range of providers including the high street banks and building societies.
THEN WHAT?
Their aim will be to help you decide on the most appropriate mortgage available for your circumstances.
WHAT IF I HAVE MONEY OR CREDIT PROBLEMS?
Many people have less than perfect credit. Your personal broker will have access to specialist mortgage lenders who accept applications from people with CCJs, defaults, IVAs, mortgage or rent arrears.
DO YOU COVER MY LOCAL AREA?
Yes, we cover the whole of England, Scotland, Wales and Northern Ireland.
WHAT DO I DO NOW?
Easy. Enquire about a right to buy mortgage now. All you need to do is to complete the quick no-obligation form to your right and your personal broker will contact you to discuss your requirements and help you through the process.
Introduction – the Right to Buy Warning – things to consider before deciding to buy your home
Who has the Right to Buy
Preserved Right to Buy
Rent to Mortgage
The discount rules Qualifying period
Reduction of discount (cost floor) Repayment of discount
What if I have purchased before?
Right of first refusal Buying a flat or maisonetteService charges
Other points on service charges
The costs of buyingHow much would I need to borrow?
Other costs of home ownership
Repair and maintenance
One off costs of buying your home
How do I apply?
Step 1 –Applying to buy
Step 2 –landlord’s response Notice
Step 3 –landlord’s Section 125Step 4 –Appealing to the Valuer
Step 5 –Resolving S125 questions
Step 6 –Getting a Survey Step 7 –Getting legal advice
Step 8 –What you want to do next Step 9 –Enquiring about mortgage Step 10 – Completing purchase
Delays or problems with saleExceptions to the Right to Buy
Other exceptions to Right to Buy
Rural restrictions Defective dwellings Right to Buy landlords
Other public bodies
Other booklets you may need
Useful addresses Chart to help you decide
Frequently asked RTB questions
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COUNCIL RIGHT TO BUY: Your Right to Buy your homeRight to Buy: One off costs of buying your homeYou should employ a solicitor or a licensed conveyancer to look after the legal side of buying your home. Your landlord or a Citizens Advice Bureau can advise on local firms, and your local public library should have a list of the solicitors in your area and the type of work they do. Before employing anyone, always ask how much their advice will cost. You should have a survey of your home done. These can cost between £250 and £600, or more if your home has any special problems. You should consider one of these: • An RICS Home Buyers’ Survey and Valuation. This is a report and valuation in a standardised format, to tell the buyer of all significant defects, but not minor ones. It is likely to be adequate for most properties and provides a guide to value. It is likely to cost around £250-£500. • A Building Survey. This involves a detailed examination of all the visible parts of the property. It is a good idea to have such a survey done if the property is old, or obviously in need of repair, or if you are considering making alterations. It may cost £600 or more, and may not be available if your home is a flat. You can get more information about both of these from the RICS (Royal Institution of Chartered Surveyors). Your lender may be able to arrange for its valuer to carry out the survey, which could save you paying for a separate valuation. You should get a survey done after you receive your section 125 notice (the notice that has to be sent to you by your landlord if you apply to buy your home, which is described later in this booklet). You should ask how much it will cost before you ask anyone to go ahead with the survey. Some types of house have been officially designated as ‘defective’ under Part 16 of the Housing Act 1985. Your landlord is legally obliged to tell you if this applies to you. If you take out a mortgage loan, you may have to pay for the cost of arranging it. You will also have to pay a valuation fee (average cost £200-£300). When a sale is completed, you must pay the Land Registry to register you as the new owner. You may have to pay Stamp Duty, which is a tax that people pay when they become homeowners. Stamp Duty is worked out as a percentage of the price you pay for a property that is worth more than £60,000. Click here for the next page ... © Crown Copyright (Correct at time of writing January 2005. Please check with your financial services provider for any changes.)
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