If you decide to exercise your right to buy and your claim is admitted by the authority, the authority will arrange for the property that you live in to be individually valued. In normal circumstances, the purchase price that you will have to pay will be the amount the individual place you are residing was evaluated at, less the discount offered by law of the authority in question however the purchase price should not be lower than the building cost. In which case, the Building cost would be the minimum purchase price. Note that you can challenge your Right to Buy Valuation
The discount calculated is based on the number of years you have being a tenant but note that whatever percentage you are eligible for; your discount cannot be greater than maximum discount of £75,000 set by Office of Deputy Prime Minister.
If you decide to sell within five years of your Right to Buy purchase, you must pay back a percentage of the discount that you received. The amount to be repaid is calculated using a formula based on the price at which the property is resold.
Please call us on 0207 183 0084 or email us on property@olaleslie.com for a fixed fee conveyancing quotation and to ask us any questions that you have; we are always happy to assist.
We are Right to Buy, Residential & Commercial Conveyancing Specialists !
Ola Kupoluyi, Partner
Ola Leslie Solicitors
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