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The Mortgage Lady - assisting you with Right to Buy

is pleased to explain

 the Right to Buy process.

Right to Buy - we will help you tick all boxes

Simple, friendly and professional advice for anyone considering Right to Buy in South Oxfordshire or Berkshire, from

Janet Hall - assisting you with Right to Buy
Janet Hall - 115 The Street, Crowmarsh Gifford, Wallingford, Oxon OX10 8EF   Tel: 0330 999 1955
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Part of our role in processing a Right to Buy mortgage is to ensure all the processes are followed and completed
Part of our role in advising you on your Right to Buy house purchase is make sure that that all the components are ready when needed.
 
I and my team will work with you and all the other third parties involved to try and make the whole exercise as smooth and stress free as possible.
 
First move is for you to check whether you (and your property) qualify for Right to Buy - a quick phonecall to your landlord will usually be sufficient to get a general indication.
Once you believe that Right to Buy (or ‘Right to Acquire’) applies simply give me a call for an informal chat - I’ll need to ask you a few basic personal questions, primarily about your financial position, to assess whether you are likely to be successful obtaining in obtaining a mortgage. There is no cost or commitment involved for you.
 
If that chat indicates that you are likely to be successful in obtaining a mortgage we may need to meet and conduct a full ‘factfind exercise’ (collection of your full details) and take copies of some documents. In appropriate circumstances we can conduct teh process by phone, email and post without a need for a meeting. There is still no cost or commitment involved for you at this stage.
You should complete your RTB1 form (copy available here) and return it to your landlord. They have between 4 and 8 weeks (depending on whether your landlord has to contact any previous landlords to check your eligibility) to confirm formally whether you have a Right to Buy entitlement.
 
Once you receive an RTB2 response form confirming your entitlement the landlord will arrange a valuation date (this is conducted by an independent valuer/surveyor) and within a further 8 - 12 weeks you will receive an offer detailing the cost, your discount and final purchase price. The valuation should exclude any works/improvements conducted at your cost on the property during your tenancy.
 
We may opt to recommend that during the wait for the offer document that we progress a ‘Decision in Principal’ (DIP) with a mortgage lender and reserve a mortgage rate (this may involve a fee from the lender) depending upon your overall position and the options available in the mortgage market. 
 
As soon as you receive the offer and confirm you will be accepting it, we will progress a full mortgage application (this is when we charge you our only fee that you will pay us - typically 350). You will need to appoint a solicitor at this time - they will usually require a deposit when they start work on the case.
 
Once we have made the application we would expect an offer to be received in between 2 - 4 weeks (assuming there are no special circumstances/requirements).
 
Once the mortgage offer is received we would expect completion to be achieved in another 4 -6 weeks.
 
So, from your first phonecall to us we would expect a timescale of between 12 (if your landlord is as quick as some actually are) to 32 weeks to the point that you become a homeowner - we will do all we can to ensure that it is completed as quickly as possible and be available to you throughout the whole process keeping you up to date at every stage.
THERE MAY BE A FEE FOR MORTGAGE ADVICE - TYPICALLY 350 FOR A PURCHASE UNDER THE RIGHT TO BUY SCHEME
RIGHT TO BUY MORTGAGES - The overall rate for comparison is 4.5%. The actual rate will depend on your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE
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Janet Hall is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority.
TenetLime Ltd is entered on the FCA register (www.fca.gov.uk/pages/register) under reference 311266
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Mortgage and insurance advice for Right to Buy in OX1, OX2, OX3, OX4, OX9, OX10, OX11, OX12, OX13, OX14, OX33, OX39, OX44, OX49, RG1, RG2, RG4 RG5, RG6, RG7, RG8, RG9, RG10, RG14, RG17, RG18, RG19, RG20, RG30, RG31, SL6 & SL7.