How does the council set the sale price?

 

The Right to Buy scheme will give you a discount on the market value of  your home. The longer you have been a tenant, the more discount you will get up to a maximum amount of £26,000 (as at September 2005). 

 

(i) If you are eligible to apply after 2 years, the discount available at 2 years is 32% for houses and 44% for flats.  If you are buying a house, you are eligible for 1% more for each extra year that you have been a tenant, up to a maximum of 60%.  If you are buying a flat, you are eligible for 2% for each extra year up to a maximum discount limit of 70%.

 

(ii) If you are eligible to apply after 5 years, the discount available at 5 years is 35% for houses and 50% for flats.  The 1% & 2% then apply as shown in (i) above.