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Can I sell or let a right to buy home right away?

Right to buy Bristol to help clarify your rights

Your Space Mortgages don’t just focus on the mortgaging process itself. Instead, we offer assistance for a myriad of different areas. As the best company for advice regarding right to buy Bristol has, you can count on us to meet your needs.

The Right to Buy is the something that the majority of council tenants have to acquire a house for a reduced price tag. People who are new to this scheme usually have questions about it. To shed some light on the situation, we’re going to identify and answer one of the most common queries here.

Letting

The question asks whether a person can let or sell their home straight away. You’re free to rent the structure out once you finalise the purchase. However, you must notify the housing provider and supply them with a second address. In addition, you’ll have to alert the council’s legal service team.

Selling within five years

If you sell the property within five years, you will need to repay some of or the entire discount in most instances. You will have to figure out the amount you must repay. To do this, calculate your original discount as a percentage of your flat or house’s market value at the time of purchase. Afterwards, work out the total this percentage shall be of the price you’ll sell the building for.

Let’s say that the initial market value was £200,000, and your discount was £100,000. Your discount would be 50%. As such, you’d need to pay back 50% of the money you sold the property for. Anyone who sells it within a year has to repay this figure in full.

At Your Space Mortgages, we offer clients over the phone and face-to-face services. Which one we use depends on your personal preferences. Our appointments are flexible, since we make them work around your schedules. As a result you always have access to the best advice for right to buy Bristol has to offer.

If you’d like to see us about right to buy or something else, please get in touch.