Commercial Property Update – The Housing Order 2014 comes into force on 21 July 2014

The Housing (Right to Buy) (Limit on Discount) (England) Order 2014 (SI 2014/1378) (Order) comes into force on 21 July 2014.

The Order increases the cap on the discount available to people wishing exercise their right to buy a dwelling-house under Part V of the Housing Act 1985. The caps, which apply from 21 July 2014 until 5 April 2015 are:

1. £102,7000 for dwelling-houses situated within the areas of London authorities.
2. £77,000 for dwelling-houses outside the areas of London authorities.

The discount caps will increase annually by the percentage change in the consumer prices index.

Transitional provisions apply in relation to properties for which notices have been served but where the conveyance or grant has not taken place before the Order comes into force.