Selling a Right to Buy Property

Right to buy properties are houses or flats previously owned by local authorities and there are a few important points to learn if you’re trying to find a buyer for this type of home.

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Your top questions when selling a Right to Buy property

✅ What type of property is deemed to be a right to buy home?

The UK government in the 1980s enacted a law that created the ability for tenants in council flats and houses to purchase their properties at a significantly discounted rate, designed as a way to try and get more people to become homeowners. The program is still in effect but has been revamped over the years, with more than two million properties sold through it.

✅ What are the reasons why a buyer might want a right to buy property?

Perhaps the main reason explaining why someone could be interested in purchasing your right to buy flat or house is if it situated in an area that has very high demand from prospective buyers, for example if it is in a busy city centre, has great amenities and other benefits. There is ongoing high demand for right to buy homes, so you will be able to find a buyer for yours.

✅ Why might a buyer be wary about owning a right to buy flat or house?

There are a handful of reasons that explain why it might be somewhat harder to sell your right to buy property, and one of these reasons could be if your home has some type of large-scale structural damage that is unresolved. Another potential drawback of this type of property is that some buyers might view former council homes as having a stigma and lose interest as a result.

✅ Will I have to pay the council anything when I sell my right to buy property?

If you bought your house or flat through a local authority’s right to buy scheme then you might have to repay all or part of the discount that you received from the property’s sale price, depending on when you bought it and when you attempt to sell it. Note that the longer you have owned the home, the less discount you may have to pay back – and possibly nothing at all.

✅ What are the options available to find a buyer for a right to buy home?

Generally, you should be able to choose among selling to a no-fee quick home buying company such as LDN Properties, trying your luck with a property auction, selling using the services of an estate agent or selling without any help from a third-party. You will find that all four of these choices have their own pros and cons that will vary based on your unique selling needs.

✅ What is the typical timeline for selling a right to buy house or flat?

Expect the selling process to take just a few short weeks if you use a quick buyer like LDN Properties, and this covers the time taken for the final important steps of exchanging contracts and paying you the sale proceeds. By contrast, it can take at least several months if not longer to find a buyer when selling via an estate agent, an auctioneer or without any assistance.

✅ How much commission will I be charged when selling my right to buy property?

If you sell your home using the services of an auctioneer then they will typically charge you commission at 2.5 percent of your property’s sale price, whereas estate agents charge the fee within a usual range between 1.15 percent and 1.40 percent of the home’s sale price. But selling to a no-fee quick buyer or on your own means you will avoid having to pay commission.

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