Right to acquire

What discount will I receive?

You can get a discount of between £9,000 and £16,000 on the full market price of your property. The amount of discount you’ll get depends on where you live in the UK. 

What is the eligibility criteria?

• You have been a public sector tenant for at least 3 years. 
• Your property was built or bought by a housing association after 31 March 1997 (and funded through a social housing grant provided by the Housing Corporation or local council). 
• Your property must not be in a designated rural area. 

I’ve made improvements to my property. How are these valued?

You should notify us of any improvements in the RTA1. We will then instruct the surveyor to disregard these when considering the valuation figure. This is to ensure you are not paying for improvements you have carried out. Improvements are considered such as a new kitchen, bathroom, central heating, double glazing, extension etc. Any improvements you wish to be taken into consideration must have been previously approved by us. General repairs, maintenance and decoration are not considered to be improvements. Please note the value of any improvements will not be the actual cost you paid for the works, but the perceived value these have added to the property. 

What fees will I need to pay?

You will need to pay for your solicitors fees and any costs associated with arranging your mortgage if applicable. You may also be liable for stamp duty. Please refer to your solicitor for advice on this.

How will purchasing my property affect my rent and service charge payments?

On completion of the sale, you will no longer be liable for rent. However, there may continue to be a service charge payable depending on your property. Your solicitor will confirm any service charge payable during the sales process. 

Will I need to insure my own property once I have purchased it?

If you have purchased the property outright and own the freehold (usually in the cases of houses) you will now be responsible for insuring your property. If you purchased a flat outright and own the property on a leasehold basis, in most cases we will continue to insure the property and collect this charge from you via a service charge. Your solicitor will be able to confirm this. 

You will still continue to be responsible for insuring the contents of your property which is not covered by your buildings insurance.

Who will be responsible for repairs / maintenance?

In general, if you purchase your property and own a house you will become responsible for all repairs and maintenance. With flats, generally the freeholder will be responsible for repairs and maintenance to the building, but not inside individual flats.  

What if I decide to sell within 10 years of buying my home?

If you sell your home within 10 years, you must first offer it to your old landlord so they have first refusal. The property should be sold at the full market price agreed between you and the landlord. 

If you cannot agree, a district valuer will say how much your home is worth and set the price. You do not have to pay for their valuation. If the landlord does not agree to buy your home within 8 weeks, you can sell it on the open market. 

If you sell your home within 5 years of buying it, you’ll have to pay back some or all of the discount you were originally given. 

If you sell within the first year, you’ll have to pay back all of the discount. The amount you pay back depends on the value of your home when you sell it. So, if you got a 10% discount, you’ll have to pay back 10% of the selling price.. 

If you sell after the first year, the total amount you pay back reduces. You pay back: 

• 80% of the discount in the second year 
• 60% of the discount in the third year 
• 40% of the discount in the fourth year 
• 20% of the discount in the fifth year