The Right to Buy scheme gives tenants a discount on the market value of their home. The longer you have been a tenant, the more discount you get. The maximum discount currently available for Dartford Borough Council tenants is £84,600.
If you qualify for the Right to Buy, the discounts are shown below, using a property worth £200,000 as an example. But, whatever percentage you are eligible for, your discount cannot be greater than £84,600.
|Qualifying period (years)||Discount for houses/bungalows||Discount for flats/maisonettes|
Repayment of Discount:
If you have bought your home under the Right to Buy, you can sell it whenever you like. But if you sell within the 'discount repayment' period, you will have to repay some or all of the discount.
If you want to sell within 5 years of buying your home, the amount to be repaid will be a percentage of the resale value of the property, disregarding the value of any improvements.
If you sell within the first year of purchase, the whole discount will have to be repaid; four fifths must be repaid if you sell in the second year; three fifths in the third year; two fifths in the fourth year; and one fifth in the fifth year.
Certain sales are exempt from the requirement to repay discount, eg: transfers between certain family members.