Before you decide to exercise your Right-to-Buy, consider carefully the implications of your decision. You will become responsible for all the costs of maintaining your home, including routine repairs, major structural repairs, and improvements to it.
If you become a leaseholder by buying your flat, you will have 
to pay service charges each year, and also meet the costs of major repairs and refurbishment.
The Government is totally committed to the principle of Right to Buy, however it is concerned that sales are affecting the availability of affordable housing in some areas. They are also worried that the rules are being exploited by certain companies.
Therefore in March 2003 it reduced the maximum discount available to tenants in 41 local authority areas.
The Housing Act 2004 made some important changes to the Right to Buy rules. On 18 January 2005:
1. The initial qualification period was extended from 2 years to 5 years for new tenants;
2. The discount repayment period was extended from 3 years to 5 years;
3. The amount of discount to be repaid if a property is resold within 5 years is now a percentage of the market value of the property when it is resold;
4. Tenants who agree to sell their home to a third party during the discount repayment period must repay some or all of their discount as if they had actually sold their home at the time of the agreement;
5 Owners who wish to resell their home within 10 years of it having been sold under the Right to Buy must first offer it at market value to their former landlord or to another body prescribed by the Secretary of State;
There are one or two other new changes but if you are merely buying the property for your own benefit they will not affect you.
The Government does not rule out further changes to the rules in the future, but any such changes would first have to be approved by Parliament.
Be suspicious if anyone tries to tell you that the Right to Buy is going to be ended.
They may be trying to persuade you to do something that benefits them rather than you. Tenants do not always receive good advice from private companies and individuals offering to help them buy their homes. We would recommend that you speak to an independent financial adviser or solicitor if you are in anyway suspicious.
Remember the golden rule if someone approaches you with an idea that sounds to good to be true, then it probably is.
Sometimes, tenants are asked to pay a lot of money for things that landlords will do for nothing - for example, Right to Buy application forms are available free from landlords. Some companies offer tenants money up front in a deal under which the company ends up owning the property - this is known as a deferred resale agreement.
This is good for the company, which can charge a higher rent than the local authority could when it let the property. But it is not always good for tenants, because the money they get may not be enough to buy another home.
Some tenants have found themselves homeless after agreeing to such deals. Also, since 18 January 2005, entering into a deferred resale agreement triggers the repayment of discount at the time that the agreement is entered into, not the time at which the ownership of the property is transferred.
Nevertheless, if you are looking to buy your council property we have expert mortgage advisers at hand, who will be willing and able to help you. Please complete the mortgage enquiry form below, and we will arrange for an adviser to call you to arrange an appointment.
Mortgage Enquiry Form
Mortgage Calculator
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