Finding Right to buy mortgage in London

Yes, you can apply even if you have rent arrears. However, your landlord is not obligated to complete the sale if you haven’t paid all the rent or any other payment within four weeks from the date you were asked to pay it. Additionally, you may lose your secure tenancy and no longer have the Right to Buy if your landlord has obtained a suspended possession order against your property due to rent arrears, which you subsequently breach.

Landlords are required to handle Right to Buy applications within specific time limits. If there’s a delay because your landlord hasn’t sent you the correct form or notice when they’re supposed to, you may be able to get the purchase price reduced. While there are no set time limits for a landlord to complete the sale, you can use the delay procedure if you believe that delays by the landlord are holding up your purchase.

You can re-mortgage your home at any time. However, before doing so, you should talk to your mortgage provider and obtain professional advice, as this may incur a penalty charge, especially if you’re considering borrowing extra money.

If you buy the freehold of your home, you will be responsible for all the costs of maintaining your home, including routine repairs, major structural repairs, and improvements.

Yes, you can apply for Right to Buy with someone who shares your tenancy or with up to three family members who have lived with you for at least the past 12 months, even if they’re not on your tenancy agreement.

If you sell your home within five years of purchasing it through Right to Buy, you’ll need to repay some or all of the discount. The amount you pay back decreases the longer you keep the home within those five years.

Yes, there have been recent changes to the Right to Buy scheme in England aimed at preserving social housing stock and addressing the housing crisis. As of 21 November 2024, the government has reduced the maximum discounts available to tenants purchasing their council homes. Previously, discounts could reach up to £102,400 across England and £136,400 in London. Under the new rules, these discounts have been significantly lowered, with maximums now ranging between £16,000 and £38,000, depending on the property’s location.

Additionally, the government has launched a consultation to explore further reforms to the Right to Buy scheme. Proposals under consideration include extending the qualifying period tenants must reside in their council homes before becoming eligible to purchase them, potentially increasing this period from the current three years to up to ten years. Other measures being discussed involve exempting newly built social homes from the scheme and ensuring that for every home sold under Right to Buy, a new social home is constructed to maintain housing stock levels.

These changes reflect the government’s efforts to balance the aspiration of homeownership with the need to maintain an adequate supply of affordable housing for those in need.