First home sold under new Right to Buy

Published: Thursday 31st May 12

The Khan family from Southfields is thought to be the first household in the country to purchase their home through the new Right to Buy.

Right to Buy Mr Khan Cllr Ellis smallThe recently upgraded scheme offers council tenants the opportunity to buy their homes at a discounted price. Last April the Government relaunched the initiative by raising the maximum discount from £16,000 to £75,000.

Since then Wandsworth Council has received more than 1,000 enquires and the number of full applications has more than doubled.  

Yesterday (Wednesday) Nasrullah & Fozia Khan became the first council tenants to complete their purchase under the new rules.

Wandsworth Council's executive member for housing Cllr Paul Ellis visited their home in Southfields to congratulate the family on becoming homeowners. He said:

"I'm delighted for the Khans. We believe they are the first household in the country to purchase their home through the new and improved Right to Buy.

"The great thing about this scheme is that it gives ordinary people the chance to enjoy all the benefits of homeownership. We have more applications coming through the pipeline and I hope to be congratulating more local families in the weeks ahead.

"The money raised through selling council homes will be used to build new affordable housing. For every home sold a new one will be built."

Nasrullah & Fozia Khan and their two teenaged daughters have lived in their two bed council flat in Southfields since 2005.

They are a hard working couple who have long aspired to own their own home but have been priced out of the London market. Nasrullah says that the increased discount has made home ownership affordable and has given them the confidence to push ahead.

He said: "This is a dream come true for us. We had been interested in buying our home two years ago but the level of discount was much smaller then and we just couldn't afford it. This new amount of discount has made all the difference to us and allowed us to finally own our own home. It's a terrific feeling."  

Over the past 12 months Wandsworth Council has been working closely with the Government to redesign Right to Buy and to reset the discount at a higher level.  

In early April, Prime Minister David Cameron met with Cllr Govindia to officially launch the improved scheme.

Right to Buy Q&A

What is the Right to Buy?

The RtB scheme gives council tenants a discount on the market value of their home. The maximum discount is now £75,000.

 

Who qualifies?

Almost all council tenants who have lived in social housing for more than five years.

 

How much is the discount?

The level of discount will depend on the length of time tenants have lived in the property and whether it is a flat or a house.

For houses: tenants who have lived in the property for at least five years will be entitled to a discount of 35 per cent of its value. For every additional year they will receive an extra one per cent discount. The maximum discount for houses is capped at 60 per cent of the property value and cannot exceed £75,000.

For flats: tenants who have lived in the property for at least five years will be entitled to a discount of 50 per cent of its value. For every extra year they will receive an extra two per cent discount. The maximum discount for flats is capped at 70 per cent of the property value and cannot exceed £75,000.

 

How do I apply?

The application form is available on the council's website along with a guide to the application process: www.wandsworth.gov.uk/righttobuy

 

Who can help me with my application?

The council's home ownership team can explain how Right to Buy works and help tenants decided whether it is the right choice for them. Trained advisors will help applicants though every stage of the buying process.

Tel. 020 8871 6016

Email: housesales@wandsworth.gov.uk

You can also speak to a member of the team at the town hall between Monday to Friday, 9am to 5pm : The Town Hall, Wandsworth High Street.

 

ENDS

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Recent comments

100% of the crime that happens in my street is a result of the youth that live in the council estate down the road. And now the council rewards the parents of these kids by giving them huge discounts on their houses. Unbelievable!
Grumpy

10 June 2012

This is a real kick in the face to all those hard working people who have not even had the benefit of subsidised rent or benefits. When will the govt and council reward people who work hard? I dont expect this will affect the tory toffs who already own and live in expensive properties. Do something for the working people who dont scrounge on subsidies and benefits. Shame on you wandsworth! You'll be profiteering on people who need to park in the borough next... oh.. you are already....!
Carlos Fandango (Not really)

9 June 2012

Interesting only one purchase since April, this tells me that the scheme does not offer enough flexibility with the price since the valuations (if you live in Wandsworth) are being based on the market value of private flats and not that of council estates! My evaluation was so high I would not buy it even with the discount the price is far to high when I could buy similar flat on the open market for same price! Its a shame for me as I am in a good position to buy but feel the price to live in Wandsworth on a council estate with all its negative elements of which there are many have made my mind up its not good value for money! Good luck to those who take the plunge but for me its another scheme not thought through for London!
Bernadette Ask

1 June 2012

Wandsworth need to build new Council homes to replace those that are sold. There are many vulnerable people who will never be able to afford to buy homes (even with this discount). The Council should be helping them.
Longtime resident

31 May 2012

So, instead of building new houses the Council is buying votes by giving discounts on existing ones, whilst raising the rents for those who can't afford to buy. How many of those who buy Council flats will then move out and rent out the flat at an exorbitant rent to someone else? This is exactly what has happened under the previous 'right to buy' scheme. So all of us subsidise profiteering, without benefitting
Jane Eades

31 May 2012