The right to buy program is a mortgage plan that is available in the United Kingdom. If you have live in your home, you may be able to buy it at a discounted price. In order to qualify, your place of residence needs to be a part of a council, or you need to rent your home from a registered landlord.
Buying your home is a big decision, with big financial responsibilities. If you buy your home, you will be responsible for repairs, general maintenance, and structural improvements. When you buy your home, you are no longer eligible to receive help with your rent through government housing benefit and assistance programs.
In recent years the laws regarding the amount of time you need to live in your secure tenancy have changed. If you lived in your home prior to January 18, 2005, you may only need to have lived in your home for two years to qualify for the right to buy program. Those people who moved into their homes after this date need to live in their homes at least five years before they can exercise their right to buy options.
If you exercise your right to buy a house, you will own it outright. If you buy a flat or masionette, the terms of your ownership are limited. In most cases, you or your family will own the property for at least 125 years. During this time, the landlord is responsible for upkeep on the building. You are required to pay the landlord a nominal fee for providing building maintenance and service. You can find out more information about this program by reviewing the information in “Your Right to Buy Your Home” published by the Office of the Deputy Prime Minister.
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