1. What is the Right to Buy scheme?
In most cases you will have the right to buy your property if you have spent three years as a public sector tenant.
- The right to buy scheme gives tenants a discount on the market value of their homes. The longer you have been a tenant the more discount you get – up to a maximum limit of £82,800.
- The discount is calculated from the beginning of your tenancy:
- 35 per cent for houses and bungalows plus one per cent for each additional year up to a maximum limit of 70 per cent
- 50 per cent for flats and maisonettes plus two per cent for each additional year up to a maximum limit of 70 per cent
- The market value of the property is assessed by an independent valuer disregarding any improvements you have carried out.
There is a lot of detailed information about the right to buy on the gov.uk website.