Originally introduced back in 1980, the Right to Buy scheme is designed to help tenants of Social Landlords buy their own homes at a substantially reduced price.
Hundreds of thousands of tenants have taken advantage of this scheme over the years, although restrictions bought in 1999 capped the discount based upon where in the UK you lived. New laws which came into affect in 2012 have scrapped these regional caps in England and replaced them with a national maximum of £80,900, (or £108,000 if resident in London).
The amount of discount depends on what type of property you have and how long you have been a tenant.
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Some Council Homes were built of steel or concrete and these are often referred to as “Prefabs”. There were also numerous High Rise concrete blocks built in City estates across the country. Whilst it has been difficult to buy these homes in the past as many mortgage providers will not lend on them, it is now possible to purchase such properties with the help of some specialist lenders. One of our advisors can tell you if your home is eligible.
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