Right to Buy
Right to buy is an option available to local authority tenants as a route into home ownership. Right to buy conveyancing can be more complex than usual and bpl have extensive experience in dealing with Right to Buy transactions.
The “right to buy” has been available to local authority tenants since 1980 but can be complicated by restrictions upon sale and repayable discounts.
Some council tenants are eligable to buy their council property at a discounted price. There is a criteria you must fit to be eligable and if you do it can be an option to enable you into home ownership.
Many former Local Authority homes were built using nontraditional materials or building techniques. Although many such buildings are perfectly acceptable to a lender as security some types are not.
Some buildings or building types have been declared to be defective by the government or by individual Local Authorities.
Examples of nontraditional building types include:
- Cornish Unit
- Schindler and Hawksley
- Reema Hollow Panel
Such defective buildings can be repaired and improved to a standard where they become acceptable as mortgage security to a wide group of lenders, however the initial funding of the purchase and improvement of these buildings is a specialist area. Again bpl has extensive experience in this unusual area.