Housing Bill - Changes in the Right To Buy Scheme

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Housing Bill - Changes in the Right To Buy Scheme
(presented by www.refinance-refinance.net - mortgage lenders)

By Nicola Bullimore

Presently council tenants are able to purchase their rented property after 2 years of tenancy. However, this is about to change. As of the 18th January 2005, the new Housing Bill becomes law and the current 2 years will change to a period of 5 years. This means, that once the proposals come into force, any new council tenant will have to wait 5 years before having the option of buying their property.

There is also a proposal to extend the period during which landlords can require owners to repay some or all, of the discount given on a property in the case of an early resale.

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Currently, purchasers of a property that has been bought on the right to buy scheme, can sell after 3 years with no requirement to make any repayments of the discount. The proposal suggests this should be extended to 5 years. Therefore, anyone who sells a property bought under the right to buy scheme within 5 years of the purchase, will be requested to repay a percentage of the given discount. Repayment figures are as follows: -

Currently

Sale within the 1st year

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