The Government has set up a “free advice” service for council tenants looking to buy their property to help buyers “avoid hidden fees that can be charged by IFAs”.
According to the Department for Communities and Local Government, which launched the Right to Buy agent service this week, it will offer “free advice, support and information” at each stage of the purchase. Around 19,500 tenants have bought their council home through the scheme since 2012.
A DCLG spokesman says: “Tenants wanting to buy their own home can ring a dedicated local rate helpline to speak to a member of the new Right to Buy agent service. The service…will provide free advice at each stage of the purchase.
“In providing tenants with a dedicated source of information and guidance on the Right to Buy process, the service will help tenants to avoid hidden fees that can be charged by some independent financial advisers for Right to Buy advice.”
The maximum discount for tenants looking to buy their home has also increased in line with CPI from £75,000 to £77,000, and 100,000 to £102,700 in London.
When the Thatcher Government first launched Right to Buy in 1980, there was widespread criticism that council housing was not replaced.
DCLG says that since it was re-launched in 2012, receipts from any sales have been reinvested in building affordable rented homes.