There was a time not so long ago when council tenants, particularly those of long standing, were able to buy their council property at a very substantial discounted price, .hold on to it for a couple of years until a selling embargo placed on the property by the council had ended, and then sell the property on during a time of rapidly increasing property values at a very large profit.

There are many who have very successfully climbed the property ladder as a direct result of purchasing their council property at the right time and at the right price!

Discounts on purchase to council tenants (and Housing Association tenants in many instances) may not be as large as they once were, but all other things being equal if the opportunity to purchase as a sitting tenant becomes available, serious consideration should be given to the opportunity.

If the purpose of buying is simply to stop paying rent and become an owner with the intention of remaining in, but also owning a property which ‘you know and love' fair enough, but you must obviously bear in mind that whilst you may now be on the property ladder, all repairs, maintenance, insurance and the like will now be down to you.

Just a few other points to bear in mind

• Can you get a mortgage to buy? Apart from normal income and status requirements, is the property itself suitable for a mortgage? (Some lenders do not like properties of concrete construction, for example, whilst others are very hesitant to lend where the property is in an upper floor of a high rise block)
  

• If you are buying with a view to selling on in due course, you will have to consider whether the property type, location, condition and your required selling price will be acceptable to a prospective purchaser
  

• If on the other hand you are purchasing the property with a view to moving elsewhere yourself and retaining your purchased council property as an investment as very many do,  you will again need to be satisfied that you will be able not only to find a suitable tenant,but also obtain the rent you require.

The first step is to contact your local council and to ascertain whether the property is for sale at terms that are acceptable to you.

The council will arrange for the property to be valued and they will then set out the terms of sale, including the discount from the purchase price that they will give you.

You can then apply for a mortgage which is usually based not upon the price you are paying but on the actual valuation of the property - this means that you can obtain a 100% mortgage for the purchase of the property in some cases.

If you feel the valuation placed on the property is higher or lower than you consider appropriate you can appeal against this.

To consider an aoolication for a mortgage, in addition to our normal enquiry form (tab on far right of front page of web site)we will need to see the RTB1 (formal terms of sale) from the council.

 As far as the mortgage application is concerned, normal requirements will apply with regard to staus and income etc.