Tenants of local authority apartments will soon be able to purchase their homes under new legislation announced yesterday by John Gormley (our Minister for the Environment, Heritage and Local Government).
How will it work?
The new legislation is due to be introduced next Wednesday, 9th of June, as an amendment to the 2008 Housing Bill
Local … authorities will then be given the power to select suitable apartment blocks that can be offered for sale to existing tenants
If enough tenants agree to take part in the home ownership scheme i.e. choose to purchase their apartment, the Local Authority will then hand over the building to a local building management company
Tenants who decided to buy their apartment will then have the ability to put their property up for sale. The local authority will have first refusal and of course any tenant who sells their property on will be expected to pay up any outstand charges to the Local Authority