Your Tenancy

Buying your home through the Right to Buy or Social HomeBuy

This section contains information of interest to council tenants who are considering buying their council home either through the Right to Buy or Social HomeBuy. Under the Right to Buy you buy your home outright. Under Social HomeBuy you can either buy your home outright or buy a share of your home and the Council owns the remaining share.

Buying your Council home inevitably raises a number of questions, for example:

• What happens at each stage?
• How long will things take?
• Are there any time limits?
• When do I need to sort out a mortgage or get a solicitor?
• What other costs are there when buying?
• What about service charges?
• What will my responsibilities be as a homeowner?

The Home Ownership Service of Homes for Islington is here to answer your questions. You can come in to talk to us or contact us by telephone or email. The Home Ownership office is open from 9.00am to 4.45pm, Monday to Friday. If you think you might have difficulties visiting our office, please contact us about making other arrangements, including seeing you in your home.

Financial Support

For tenants seeking to buy under Social HomeBuy the council is able to offer assistance towards covering the costs of your purchase. Unlike the Right to Buy, when a property is bought through Social HomeBuy, the council is allowed to hold on to 100% of the money, in order to spend it on affordable housing in the borough. As a result of this difference, the council have been able to make financial support available for people who buy through Social HomeBuy.

The support is £4,000 if you buy 100% of the property. This is a cash incentive that is paid by the council upon completion. The £4,000 can be used to pay for the costs associated with buying a home, such as solicitor’s fees or stamp duty. This means that if you convert from the Right to Buy to Social HomeBuy you will still be able to buy your home outright, and you will be £4,000 better off. If you buy less than 100% of your home through Social HomeBuy you will still be entitled to the payment, but this will be proportionate to the share you purchase. For example, if you buy 25% of your home, the council will give you £1,000. The incentive is in addition to the discount.