Right to Buy Mortgages for PRC housing
You can go direct to the Halifax to arrange your own Right to Buy mortgage on a PRC home and avoid the unnecessary fees of having to use a mortgage broker, which should save you some money!
We've put together all of the essential information you'll need to know on this page to get you started, but if you have any questions about PRC homes or repairs please get in touch.
We've put together all of the essential information you'll need to know on this page to get you started, but if you have any questions about PRC homes or repairs please get in touch.
Right to Buy and PRC certificatesAs with most council housing, PRC homes are available under the Government's Right to Buy scheme. However, because they're listed as defective housing under the Housing Act 1985, they can be more difficult to obtain mortgages for.
The Right to Buy scheme was established to let tenants who have been renting accommodation from the council for a number of years to buy their houses off the council without the need for savings or a deposit. It also offers a discount up to £77,000 for tenants looking to buy their council homes. Buying your home can be an exciting time. It can also be a daunting process during which you will need expert help and advice. If your property has undergone a PRC repair and has been issued a PRC Certificate then you should be able to obtain a mortgage and follow a similar Right to Buy procedure as most standard home (not PRC) tenants. However, it is more likely that a council-owned PRC home will not have had the appropriate PRC repairs and PRC Certificate required. Without an up-to-date PRC Repair and Certificate you will struggle to obtain a standard mortgage from most banks and money lenders. PRC House and Repair mortgagesThe Halifax have started offering mortgages specifically for non-certificated PRC homes under the Right to Buy scheme. In addition to a standard mortgage on the property, they will provide an additional mortgage for the cost of a PRC Repair and PRC Certificate
Once the mortgage application has been accepted the funds for the property will be made available to purchase the PRC home. As soon as this is complete and the council tenants become private homeowners the PRC Repair can be scheduled and carried out, the money lenders will then usually pay out the remainder lump-sum to cover the costs of the PRC Repair and Certificate once the Certificate has been issued. Why should you buy?Owning a home and paying towards a mortgage is almost always a more sensible option than continued renting, as your money is directly feeding into the equity of your house, providing you with a long-term asset.
In addition to providing a valuable asset for your family, owning your home will allow you to start making alterations to it when you're ready. So, you'll be able to extend or remake your home as you like. The Right to Buy discounts start at 35% for 5 years tenancy and increase by 1% every subsequent year of tenancy up to a maximum of 70% or £77,000 discount (whichever is lower). Share the costs with a joint applicationYou may be able to apply for a joint application on Right to Buy, which may apply to; another tenant, your partner or spouse; up to 3 members of your family who have lived in the house for the last year (or more).
If you do want to apply for a joint Right to Buy, please consider that all of the named members of the contracts will share the responsibility and ownership of the house, though they will also share the costs. How do I apply for a Right to Buy home?Buying any form of house can take a long time, so make sure that you research well before hand and know that you are making the right decision.
Step 1: Get some advice and work out the costs. Are you eligible for the Right to Buy scheme? Can you afford the monthly repayments? How much will the interest be in total? Will you need to factor in a PRC repair? Step 2: Download the Right to Buy application form, complete it and send it to your landlord via recorded delivery (this is important!). Step 3: Wait for a response, your landlord has up to 1 month (2 months if you've been their tenant for less than 5 years) to get back to you. If they delay you may be able to get a reduction in the sale price. Step 4: You should receive an offer notice from your landlord, which establishes the property value, any structural problems, any discounts and how much you will pay and the T&Cs. Step 5: Now it's up to you to get the surveys, loans, appoint a solicitor and arrange a mortgage. You will have up to 3 months (12 weeks) to accept the offer and complete the purchase. We're here to helpIf you get stuck or would like any support just get in touch and we can help you through the process of right to buy and any planning applications you need to send in to local councils.
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Council-approved PRC repairsS C Construction & Build Ltd are a Specialised PRC Repair company that are Approved by Pembroke-shire council.
This Pair of Airey's were repaired with a render finish with new windows ,doors, fascia, Gutters, Together with Building control & Prc Repair certificate.
Pembroke Council have since moved new tenants in to both property's.
S C Construction & Build Ltd Are Proud Builders who take a lot of care and consideration to their customers . Domestic or council, the care , the quality , the speed , the efficiency ,the understanding from a builder is what this company provides.
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