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.
The 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.
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
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.