After you have purchased your property under the "Right to Buy " scheme you may sell your home whenever you like. However, if you sell within 5 years of buying it, you will have to repay some or all of the discount that you received.
If you sell:
• within the 1st year, all of the discount will have to be repaid;
• within the 2nd year, four fifths must be repaid;
• within the 3rd year, three fifths must be repaid;
• within the 4th year, two fifths must be repaid; and
• within the 5th year, one fifth must be repaid.
The net repayment of discount will be a percentage of the market value of the property when it is resold within the first 5 years of purchase under the " right to buy ". After 5 years, you can sell without having to repay any discount. But if you live in a rural area, you may only be able to resell to a person who lives or works locally. You should ask your conveyancing lawyer to double check whether you have to pay back any discount before you embark on the conveyancing process.
In addition to this, if you wish to sell your home within 10 years of buying, you may have first offer it back to your landlord. Your landlord would have to pay you the full value of your property. Again, please double check the position with your conveyancing lawyer.