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How can I buy my council flat.

I rent a council flat which is worth approx £630,000. I believe I am eligible for up to £100,000 discount due to accumulated tenancy years. As a single professional it is unrealistic for me to obtain a £530,000 mortgage. Can anyone offer any other suggestions or know if shared ownership is a good option or any other options, it is not a new build. Thank you for your advice.

Asked on Sep 1 2015, General in UK | Report content

Answers (1)

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  • If you have not already done so I suggest you start by reading: and note the following advice in that document: "If you are approached by a person or company offering to help you buy your home, check out what’s in it for them and talk to your landlord before signing up to any deal. Some companies offer tenants money up front in a deal under which the company ends up owning the property – this is known as a deferred resale agreement. This is good for the company, which can charge a higher rent than your landlord could when it let the property. But it is not always good for tenants, because the money they get may not be enough to buy another home. Some tenants have found themselves homeless after agreeing to such deals. Also, if you enter into a deferred resale agreement, you may have to repay your Right to Buy discount. "

    Web reference:

    Answered on Sep 4 2015, Report content

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