At The Dures Partnership we will ensure your purchase progresses smoothly from the
moment you instruct us.
From day one until completion of your purchase we can assure you of our utmost
attention to details and your needs.
We will guide you through the right to buy
procedure and advise you of the particular implications of this type of purchase,
particularly in relation to the repayment of any discount received.
We use the latest technology to be able to progress your purchase and keep you fully
informed throughout.
We believe in having strong communication with our clients
so everyone knows what stage the transaction has reached at all times. This will
reduce the stress frequently encountered in buying property.
You can have online access to your file to view the various stages reached as
your purchase proceeds. This means you will always know how we are conducting the
purchase of your home.
Once you have decided to instruct us, our efficient and qualified legal team will proceed with the transaction immediately, as we aim to complete your sale within 6-8 weeks depending on which Local Authority you are buying from.
Right to Buy General Information
The Right to Buy Scheme was first introduced in 1980, the scheme is aimed at secure tenants of local authorities (councils) and those assured tenants of registered social landlords/housing associations who previously held secure tenancies with local authorities. It was designed to open to virtually any secure tenant who can afford to buy.
To qualify for the Right to Buy Tenants must have at least two years tenancy with a public sector body (or five years in the case of new public sector tenants who took up their tenancies after 18 January 2005).
Contract Documentation
The Local Authority Solicitor is responsible for drafting the Contract. Accompanying the Contract should also be all title deeds associated with the property.
Searches
If you are obtaining a mortgage for your purchase, we will have to carry out various searches including: Local Authority Search, Environmental Search, Chancel Repair Check and Land registry Searches.
Preliminary Enquiries
Once we are in receipt of the Contract package we will inspect the documentation contained therein and raise any necessary enquiries.
Report on Title/Signature of Documents
Our report on title will be provided to you in detail and explained in terms you can fully understand. It will contain full information in relation to the property that will be transferred to you on completion.
Exchange of Contracts
Exchange is carried out by us with the seller's legal advisor. A full 10% of the purchase price is usually paid to the seller on exchange, as a deposit. If a full 10% is not available a lesser amount can sometimes be agreed. Once Contracts have been exchanged, both parties are LEGALLY BOUND to complete the transaction.
Financial Statement
We will provide you with a full breakdown of costs before completion, so you can arrange to provide us with any outstanding amount.
Completion
This is the day on which property will be sold by the local authority and ownership will transfer to you.
Repaying Discount To Local Authority
The Transfer Deed or Lease will contain reservations for the Local Authority and restrictive and positive covenants for you and your successors. You will usually receive a substantial discount on the purchase price from the Local Authority, which is reflected in the Transfer Deed or Lease. This will also ensure that you must repay the discount in whole or in part if the property is sold within 5 years |
