Right to Buy High Rise Flats
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Right to Buy High Rise Flats
Right to Buy high-rise flats with James Bull.
Does the Right to Buy scheme apply to high rise flats in the UK?
If you’ve been a public sector tenant for between three and five years you can get a 50% discount off the price of your property. After five years, the discount increases by 2% for every extra year that you’ve lived in the property. You can actually get a maximum discount of 70% up to a maximum of £96,000 or £127,900 in London.
What are the eligibility criteria for purchasing a high-rise flat through the Right to Buy scheme?
If you’re currently renting a property from the council or the public sector you should be eligible. It’s just a case of how long you’ve lived in the property – that would determine the discount you can get.
Are there any specific restrictions or considerations when buying a high-rise flat under the Right to Buy scheme?
The main thing with the high rise flats is the property itself, particularly what type of construction has been used and what area it’s in.
Mortgage lenders do have specific criteria around property types, and an important consideration is how many floors are in the block. They are also interested in which floor the property is on, if there is a lift, the construction type and whether or not there’s balcony deck access.
So the best thing to do is to contact ourselves and we will take all the details of your property and research which lenders are going to be the most likely to accept you. We’ll recommend the right mortgage on that basis.
How does the valuation process work for high-rise flats under the Right to Buy scheme?
Mortgage valuations are all risk based and they do vary slightly from lender to lender. Some lenders, for example, will do a desktop valuation online. They don’t even visit the property.
In other instances lenders do a physical mortgage valuation, where somebody will come out to the property and have a look around. In applying for the mortgage you don’t have any control over what type of valuation will be done. The lender will decide what valuation is required.
Are there any financial benefits or discounts associated with buying a high-rise flat through the Right to Buy scheme?
Discounts of up to 70% are available. They are calculated differently on a flat to the discounts you would get on a house. In certain circumstances that could go in your favour – you could get a better discount on a flat.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
What should potential buyers know about the maintenance and management of high-rise flats acquired through the Right to Buy scheme?
Communal areas in high-rise flats would normally be maintained by a management company, set up by the council. You’d normally pay for that with a monthly fee, which is your service charge. Maintenance for the flat itself is down to the buyers, as owners of the property.
Are there any potential issues or challenges to be aware of when purchasing a high-rise flat through the Right to Buy scheme?
Construction type is one thing, as mentioned earlier, and a new development in recent years is the fire regulations.
The government now requires all properties above a certain height to meet certain fire standards. Each complex has now been reviewed and given a certificate called an EWS1 form. It gives a grade, which is almost like a pass or fail. That identifies any remedial work that needs doing on the properties to bring them up to the fire safety regulations.
Mortgage lenders are now asking for these certificates in certain circumstances, and most of them have criteria around that. It may need to be a certain grade in order to get the mortgage.
What are the options for financing the purchase of a high rise flat under the Right to Buy scheme?
There are many different types of mortgages available under the Right to Buy scheme. In many circumstances you will get the same products as anyone else.
Just contact us as your mortgage broker to discuss the options. We’ll go through your preferences and requirements and recommend the right mortgage for you on that basis.
Are there any time limits or deadlines to consider when applying for Right to Buy on a high rise flat?
There are certain service levels that the council has to live up to when you do your application. You should get a decision from the council within four to eight weeks of them receiving your application. The time taken depends on the property type and your circumstances.
They should then give you a formal offer and your Right to Buy documents within eight to 12 weeks. As an applicant you’ve then got 12 weeks to return the paperwork, accepting the council’s offer and confirming you want to buy.
How does buying a high-rise flat through the Right to Buy scheme differ from other ways of purchasing property?
It’s basically the same process. The main difference is on the mortgage at the front end. We do take a bit more detail about the property itself so we can recommend the most suitable mortgage lender. But once you’re applying for the mortgage it’s the standard process.
When you’re buying any property there is legal work involved. A flat is going to be leasehold, which means there is a little bit more work for the solicitors to do, which can mean it just takes a bit longer.
Your home may be repossessed if you do not keep up with your mortgage repayments.
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