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Right to Buy from
Council |
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The right to buy scheme gives council
tenants the right to buy their property from their council at a
discount. If you have been a secure council tenant for at least two
years (or five years if you became a tenant after 18 January 2005) you
are likely to have the right to buy your council home at a discount.
With a right to buy mortgage,
depending on how many years you have been a tenant in your home, you
will receive discount on the overall value of your property. The longer
you have been registered as a tenant, the greater the discount. A
council mortgage lender will consider these discounts when providing you
with the cheapest right to buy mortgage rates.
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Which Council Tenants
do not have the Rights to Buy |
Aside
from living in the property for the minimum qualifying period, there are
certain other restrictions that could preclude a council tenant from
exercising a right to buy over their property; for example, a housing
association tenant whose tenancy began on or after 15 January 1989 or a
tenant in a property which is owned by a charity and not a council. A
further restriction which is unique to Ireland is that a right to buy
will not exist if the tenant is living in a single storey or ground
floor property, except in the case of a ground floor flat.
It
should also be noted that individuals who are bankrupt, or have a
bankruptcy petition against them or have a court order for the
possession of the property cannot apply for a right to buy.
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Options for those not
entitled to theRight to Buy |
It is
possible, in the case of those with a secured or assured tenancy and a
registered social landlord that tenants without the right to buy may,
nevertheless, have the right to acquire. This right to acquire actually
only applies to a limited number of properties. One of the primary
restrictions is that the property must have been built, using public
funds, on or after 1 April 1997
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