Buying a home can be a long process – getting started early on working out your mortgage options can save you time later in process.
Your landlord is required to process your Right to Buy application in a set time limit. If they don’t meet these timescales or delay without reason, you could get a reduction in the sale price. Find out what to do about delays to your application or contact a Right to Buy adviser who can offer advice and deal with delays to your application.
There are six key steps to the Right to Buy process. These are shown below:
Work out the costs and get advice
Once you’ve checked eligibility, you need to look at the costs, so you have an idea of what you can afford before you get too far into the process.
Complete an application form
Ready to apply? You can either complete the RTB1 application form online, or ask your landlord for a printed copy. If you need more help, contact a Right to Buy adviser who can help you fill in the form. Print it, sign it, and send it to your landlord – send registered or recorded delivery so you get a receipt.
Wait for a reply
Your landlord usually has up to 4 weeks to reply confirming whether or not you have the Right to Buy your home – up to 8 weeks if you have been with your current landlord for less than 3 years. If your landlord has missed this deadline, follow these steps or contact a Right to Buy adviser if you need more help.
Receive an offer
Your landlord will then send you an offer notice (S125) within 8 weeks for a house and 12 weeks for a leasehold property. This sets out the property value (if you’re not happy, with the valuation you can appeal), discount, the price you’ll pay, any structural problems they know about, and any terms and conditions. If your landlord has missed this deadline, follow these steps.
Survey, loans… and get advice
You have up to 12 weeks to accept your landlord’s offer. It’s now that you’ll need to get a survey, appoint a solicitor and arrange a mortgage or loan. Find out more about what happens at this stage.
Complete the purchase
Once you are happy with your landlord’s terms and have arranged to raise the money you can proceed and complete your purchase. Congratulations, you are now a homeowner!