What is a Right to Buy in Essex?
The Right to Buy Scheme is a government ran scheme that provides eligible home renters in the UK the opportunity to buy the home they have already been living in, from their local authority (typically the council or a housing association) for a discounted price. The discount you receive, depends entirely on your property and your circumstances.
In order to be eligible, you have to be renting your local authority home for at least 3 years, though this doesn’t always need to be consecutive years. If you can meet this criteria, you’re certainly in with a chance of obtaining a Right to Buy in Essex.
When you are looking to purchase your rental home by taking out a Right to Buy in Essex, your home will be valued at full market price, with the government discount being applied to the overall purchase price before you commit to buying the property.
Purchase Your Council House Under a Right to Buy in Essex
Here at Essexmoneyman, we are a trusted team of mortgage advisors in Essex and surrounding areas, always working hard to make sure we help our customers as best as we can.
We are able to use our many collective years of real world experience and knowledge of providing expert mortgage advice to customers, especially those who need Right to Buy Mortgage Advice in Essex.
Generally speaking, we find that because of the size of the discount that is to be applied to the property purchase price, the home renter will not always need to put down a deposit on the property. That being said, though uncommon, it can happen.
The homebuyers discount is decided based on a wide spectrum of different factors, including how long you have been renting your property from within the public sector, the type of property you’re looking to purchase by using the Right to Buy Scheme, and how much the property is actually worth.
If you have made a purchase using a Right to Buy in Essex previously, you may potentially be offered a lower discount amount. You may also have more options available for you outside of this, in order for you to borrow the necessary funds for potential home improvements.
How does the process of a Right to Buy in Essex work?
The first thing you’ll need in order to make use of a Right to Buy in Essex, is to confirm your eligibility with the local authority and request an application form from them. Once they have received your form back from you, they will let you know how much the property is worth and what the discount will be.
There is a limited amount of time for you to accept their offer.
We will make sure we are present and available throughout the duration of your mortgage and beyond, advising on solicitors and property surveys when you need us to. As part of your free mortgage appointment, we’ll take the time to run through what the potential costs may be, as well as finding you suitable mortgage deals.
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