The amount of discount you will receive on your property will be determined by a calculation set by the Government. The discount is worked out in an identical way to the statutory Right to Buy for council tenants. You can find out roughly how much discount you may get by using the discount calculator on the Right to Buy website: https://righttobuy.gov.uk/right-to-buy-calculator/
Mrs Stevens has been a public sector and/or housing association tenant for 10 years. Her 2 bedroom house has been valued at £150,000.
Current house value: £150,000
Years as a tenant: 10 years
Eligible discount: (35% + 1% for each year over 5 years) = 40%
Discount value: £60,000
Amount Mrs Stevens will pay for house (£150,000 - £60,000) = £90,000Get your estimated discount
It is important to note that your URN will only last for four weeks from date of receipt. After this it will no longer work. You therefore need to make sure you contact us straight away once you have been allocated a URN by the Government in order to start the process of buying your home. Please see our Apply for VRTB page if you have already been allocated a Unique Reference Number by the Government.
The Government gateway (website) for registering your interest into the ballot to receive a unique reference number (URN) was open from 16 August to midnight on 16 September and is therefore now closed. The Government will decide when/if to re-open the ballot entry on their online gateway. You can keep up to date with the latest developments by looking on the Government’s Voluntary Right to Buy website.