On a limited basis the council will repurchase certain properties that were originally sold under the Right to Buy scheme.
Regeneration schemes are necessary in order to improve the quality of individual homes and of neighbourhoods as a whole. Certain schemes involve the demolition of existing buildings and the construction of new developments in their place.
If you are a council leaseholder and live in a building that is earmarked for demolition, the council will need to repurchase your property. Where this becomes necessary the council has developed and will seek to repurchase your property under the Buy Back scheme.
Cases of hardship
If you are in extreme financial difficulty and find that you are unable to maintain the costs of home ownership and would like to become a council tenant again, the council may consider repurchasing your property. This option is only available to leaseholders who purchased their property directly from the council under the Right to Buy scheme and is subject to the council having the available funding for the repurchase. Properties bought back under this option are bought back at the original Right to Buy price and not at market value.
Right to Buy applications received after 17 January 2005
On 18 January 2005 changes to the Right to Buy legislation came into force affecting the sale of ex-council properties. Where the Right to Buy application for the purchase of a property was received by the council on or after 18 January 2005, the council has right of first refusal for the repurchase of the property.
This means that for a period of 10 years from the date of sale of a property under the Right to Buy scheme, any leaseholder wishing to sell their property must first offer to sell it back to the council (or someone nominated by the council).
If you fall into one of the above groups, please contact home ownership services on (020) 8825 5583 for more information.