What is right to buy?
You may have heard of right to buy in Norwich, it is a scheme is a government initiative that was introduced in 1980, which allows tenants of council houses to buy their homes at a discounted price. The scheme has been hugely popular over the years and has helped many people to get on the property ladder. In this blog, we will explore right to buy in Norwich and Norfolk and how it can help you to achieve your dream of owning your own home.
Right to buy in Norwich eligibility criteria
To be eligible for right to buy in Norwich and Norfolk, you must have been living in your council house for at least three years. Contact your local council to find out if you qualify for the scheme.
How is the right to buy discount calculated?
The amount of discount you are entitled to depends on the value of the property, the length of time you have been a tenant and the type of property you are buying. The maximum discount in England is £84,200, while in London boroughs it is £112,300. However, if you sell the property within 5 years of buying the property a proportion of the discount received will have to be repaid. The exact details of how much would need to be repaid can be found on online on the gov website.
Benefits of the Right to Buy Scheme
The right to buy scheme has several benefits, including the ability to own your own home, greater control over your living space, and the opportunity to get on the housing ladder with a large discount towards a property. The scheme can also help to boost the local economy by encouraging people to invest in their community.
To apply for right to buy in Norwich and Norfolk, you need to fill out an application form and provide evidence of your eligibility, such as proof of your tenancy and income. Once approved, you will need to arrange a mortgage and pay the required fees and charges. A survey of the property will also be carried out to ensure it is in good condition.
Lenders will have varying views of how they will approach a mortgage application under right to buy, and you may want to consider using a mortgage broker in Norwich to assist you with the required advice,
The right to buy scheme in Norwich and Norfolk is an excellent opportunity for council tenants to become homeowners and invest in their local community. Contact your local council today to find out more about the scheme and take the first step towards owning your own home in this beautiful part of the UK.