Buying your home
There are two schemes through which you may be able to buy the home you're currently renting from us. You must meet certain criteria and may receive a discount. You must also consider the costs of buying, running and maintaining your home.
The information provided is a brief guide only. If you would like to buy your home contact us and we will explain your entitlement, things you should consider and what you need to do.
Right to Acquire
The Right to Acquire scheme may enable you to buy your current home at a discount of up to £16,000 if you and your property meet certain criteria.
You may be eligible if:
»You are a secure or assured tenant;
»You are not currently in a starter or probationary period of tenancy; and
»You have been a public sector, council or housing association tenant for three years.
Your property may qualify if:
»Your property is not specially provided for older or disabled people;
»Your property is owned by us;
»Your property was built or bought by us on or after 1 April 1997; and
»Your property was funded by the government or built by a council.
Things to consider
If you're thinking about buying your home you should consider:
The market value of your property
You can get an indication of value by speaking to local estate agents or searching property websites such as rightmove.co.uk. Remember these are only guides of current market values and a final sale price would require a formal valuation and any discount applicable to you.
You can find out how much mortgage you could apply for by speaking to a mortgage broker, building society or bank. This is generally dependent on your income and outgoings and various other considerations affecting your financial status.
Legal costs and other fees
You will have to pay certain legal costs, taxes and other fees, such as:
» solicitor or licensed conveyancer fees;
» mortgage arrangement fee;
» land registry fee; and
» stamp duty land tax.
You will also usually have ongoing monthly costs such as:
» mortgage repayments; and
» ground rent and service charges (if you buy a flat or leasehold property).
Repairs and maintenance
You will be responsible for costs associated with any repairs and maintenance required (currently included in your rent) such as:
» replacing your bathroom and kitchen;
» routine repairs inside your home;
» decoration inside your home;
» maintaining or replacing windows;
» maintaining or replacing the roof and structure;
» decoration to the outside of the building (for freehold property); and
» other improvements you want to make inside your home.