17 Apr Selling Your Right to Buy Property
Some advice from our recommended solicitors, Ola Leslie, about your obligations after the purchase of your right to buy property:
After the tenant has become a home owner through exercising his Right to Buy, he has the right to sell the property purchased by him but to exercise this right he is subject to a number of conditions that will be better explained to you by a solicitor. Two conditions are particularly important, and they are:-
Council’s Right of “First Refusal”:If you decide to sell within ten years of your Right to Buy purchase, you must offer your property back to the authority before putting it on the open market. If the authority decides that it wishes to repurchase your property, it buys back at a price agreed between yourself and the authority and If they do not wish to exercise its right to buy the property back, you are free to sell it on the open market.
Requirement to Repay Discount:If you decide to sell within five years of your Right to Buy purchase, you must pay back a percentage of the discount that you received. The amount to be repaid is calculated using a formula based on the price at which the property is resold.
If you would like a quote from a friendly solicitor, please call 0207 183 0084 or email firstname.lastname@example.org for a fixed fee conveyancing quotation and to ask any questions that you have; they are always happy to assist. Visit www.olaleslie.com to find out more.
If you would like a no obligation valuation of your right to buy property do please call us on 01494 873663.