If you buy your flat or maisonette through the Right to Buy scheme, you will become a leaseholder. As a leaseholder, you will have ownership rights to your property for the period of the lease, which is 125 years.
If you buy your house through the Right to Buy scheme, you will become a freeholder. As a freeholder, you will own your house and the land it is built on, and you will be responsible for all maintenance and repair.
Some properties, such as bungalows, are not included in the Right to Buy.
The Right to Buy discount is based on three things:
- how long you have been a council or social housing tenant
- the type of property you are buying – a flat or maisonette, or a house
- how much your home is worth
The longer you have been a tenant, the more discount you will get. The maximum discount is 70% and is capped at £84,200.
The Right to Buy discount calculator will give you an idea of the discount you can expect.