+44 (0)20 7628 7576
Over the weekend, David Cameron announced the Government’s plans to relaunch the Right to Buy scheme with enhanced discounts to stimulate take-up on the basis that the proceeds of sales will be invested in building new affordable homes for people on low incomes.
Full details of the discount proposals are due to be published in a housing strategy document. In the meantime, there are indications that the scheme will continue to reflect the current method of calculation based on the time an individual has been a tenant in the home but with a cap on the maximum discount available.
Introduced by the Conservatives in the 1980s, the original Right to Buy scheme was criticised for not re-investing the proceeds of sales in new housing resulting in a net reduction of the social housing stock available to those on low incomes. It would appear that this pitfall has been avoided by the current proposals. The proof of the pudding will be in the eating, however, the Coalition claims that this scheme - in conjunction with the plans announced at the same time to give construction companies access to public sector land delivering new homes - will result in 200,000 extra homes and 400,000 extra jobs.
Devonshires’ Property Department recently launched a specialist Sales and Leasehold Transactions Team headed by partner, Jane Mogollon, providing a stream-lined Right to Buy and Right to Acquire disposal process. This service is delivered at a competitive fixed fee rate which includes user friendly pro-forma instruction checklists and direct access to a team of experts to advise during every stage of the process.
For further information please contact Jane Mogollon, Head of the Sales & Leasehold Transactions Team at Devonshires on 020 7880 4376 or jane.mogollon@devonshires.co.uk
