The Right to Buy scheme gives council tenants the option of owning their own home at a greatly reduced rate, helping thousands of people to get on the property ladder. Nonetheless, like any major decision, there are potential complications that you should be prepared for with Right to Buy.
We at Enact have put together a list of some of the potential hurdles that you may face with the scheme. Fortunately, we are on hand to offer expert, specialist advice on all aspects of the Right to Buy scheme. Get in touch to find out more information.
Cold calling
In the past, many tenants informed the council that they have been cold called at home by people pretending to be from the council. This has often turned out to be a scam. To avoid being conned into parting with your money by people calling at your home, there are a few things you can do. Firstly, you should always ask to see a person’s council identity badge if they call on you claiming to be from the council. Secondly, you should never sign anything until you have read it and completely understood it.
The costs of buying
While the Right to Buy scheme helps you to buy your home for a discounted price, it is still a huge financial commitment. There are various types of mortgage payments, including many flexible options; that being said, if you are unable to keep up with your mortgage repayments, you may face having your home repossessed. There are also one-off costs to consider such as Stamp Duty, conveyancing/solicitor fees and a survey of the property.
Ongoing costs
In addition to the costs of buying the property, there are several ongoing costs that you as a homeowner will continue to pay, including monthly mortgage payments, Council Tax and building and contents insurance. Before applying for the Right to Buy scheme, you should ensure you are able to afford the ongoing costs.
