Buy your council house under a Right to Buy in Nottingham
If at the moment you are currently residing in a council house and you are named on the tenancy agreement, you may be eligible to purchase your home from the local authority (this is usually the council or housing association) for a discounted price.
Generally speaking, you’ll find that because you are being given a discounted purchase price, you won’t be required to put down a deposit (though this isn’t always the case).
What is a Right to Buy in Nottingham?
The Right to Buy Scheme is ran by the government, and will allow any eligible tenants who are living within England, to purchase their current rental property from the council for a slightly discounted price.
So long as you have spent at least 3 years (this doesn’t always have to be continuous) renting from your local authority and are secure tenants of your local authorities property, you may be eligible for a Right to Buy in Nottingham.
When you purchase a property via Right to Buy in Nottingham, that property will be valued at the full market price with the discount from the government being applied before you make your purchase.
How is the discount is worked out?
The discount will be at a percentage of the property price. This discount is determined from a few different factors, such as where you are living, as well as how long you have been a council tenant.
Something that is perceived to be a major advantage for taking out a Right to Buy in Nottingham is that because of your discount, there will be equity already in your house. Again, there’s a lot that will determine how much, such as your discount amount and the properties true value.
For the most part, we find that it is first time buyers who are looking to do a Right to Buy in Nottingham. As a Mortgage Broker in Nottingham, we work with you, the customer, supporting and guiding you through every step of the mortgage process. This is the case from when you first get in touch, all the way until completion.
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