Easy way of being a homeowner from a council tenant

If you have been living as council tenants for more than three years, you will have legal and council right to buy mortgage from the local authority/council. You can avail a discount according to your stay in your council home. You can not buy a council home only if a court orders a possession order which states that you must vacate your home.

If you purchase a house, you will be able to own the property outright. But, if you purchase a flat, you will buy a long lease. This lease will allow you and your successor for 125 years. Though you can’t negotiate, you have always right to ask for a second independent valuation from the district valuer.

Advantages of council right to buy mortgages

• This scheme is targeted at well established tenants to buy their home they have been living since years
• Council tenants can get a discount as per the number of years of their stay
• Council tenants can break the shackles of being cursed tenants once for all
• They can buy houses outright and long lease their flats
• Even if you have bad credit caused by defaults, arrears, County Court Judgements against you, Individual Voluntary Arrangements, missed payments , bankruptcy etc. you can apply for the council right to buy mortgages.

The 1980 Housing Act gave local authority tenants an opportunity to become a landlord of the same house they have been renting as beleaguered tenants. If you choose your course of action tactically, you can be a proud homeowner. So, know your council right to buy mortgages and use it on time.

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Mortgage as a finance specialist.

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