Cornish type 1 Right to Buy PRC mortgages, we have carried out a PRC Homes Ltd approved repair scheme in Plymouth. The Client had taken up the Right to Buy and received a discount on the purchase price.
Currently the discounts are a maximum £75,000 or £100,000 in London. The maximum % is currently 60%, but this may increase to 70% shortly.
PRC houses, discounts start at 35% after 5 years tenancy, 1% discount is added for each additional year you have been a tenant up to the current 60%
Cornish type 1
Cornish Type 1 Right to Buy PRC Mortgages
The Halifax have a special scheme for Clients purchasing PRC houses through the Right to Buy. The Halifax mortgage will be enough to cover the purchase price from the Local Authority and funds to cover the cost of the PRC repairs.
The Halifax will advance the funds for the purchase of the property and the balance will be held on retention until the PRC repairs are carried out and the PRC certificate is issued.
Most Clients live in the house during the repair works. Once the new walls are built the new internal walls are plasterboarded and plaster skimmed.
When the PRC certificate is issued the Halifax will usually arrange for a reinspection from the surveyor to confirm the PRC works and then release the funds to pay for the PRC repair.