The process for purchasing a property under the RTB scheme is very straight forward.
You instruct Avery Walters to write to the Housing Authority for the appropriate documents required for your purchase.
If you require a mortgage for your purchase, you will need searches completing. Mortgage lenders always require local and drainage searches, For instance, in Nottingham or Selby (and other former mining areas) mining searches will need to be required.
Avery Walters will go through any Title documents received and send you the plans of the property. We will complete further checks, such as that the property has sufficient rights to the nearest public road. We also send you a Report on the title.
Throughout the process, we will be on hand to advise you on all issues. If you are able to come into our Leeds right to buy lawyers office, that would allow us to meet and discuss your individual situation. If you are unable to come to the office, this can be done via a telephone call.
When all the following are ready we can complete the purchase of your RTB property:
Confirmation of a mortgage offer,
Satisfactory replies to all of our searches,
The housing authority has satisfactorily dealt with our enquiries.
Although RTB conveyancing is fairly straight forward, there are certain things that you need to be aware of when purchasing a property through tenants right to buy:
Repayment of Discount – If you purchase a property under a discount, all or some of this has to be repaid if you sell the property within 5 years of buying it.
Right to Buyback within 10 years – If you sell within 10 years of purchase you have to offer to sell it to your former Landlord (the Housing Authority) or another social Landlord, in the first instance. This is known as the right of pre-emption. If the property is bought back, it must be at the then market value. If there is no agreement to price the district valuer will value the property.