The Government is proposing to extend the Right to Buy process to housing association tenants who live in social rented or affordable rented homes.
These plans need to become law before they can come into effect. The exact details of the scheme are still being drawn up and so far, no start date has been announced.
Some pilot schemes have been set up around the country but Network Homes was not one of the housing associations asked to take part at this stage.
As soon as we know exactly what the new scheme will mean for our residents, we will update this page.
Preserved Right to Buy
Preserved Right to Buy usually refers to people who were the tenants of a local authority when their property transferred to the ownership of a housing association.
Their rights were protected so that they would still be able to buy their property, even though their landlord had changed.
Under Preserved Right to Buy, the maximum discount is £77,900, unless the home is in London where the maximum discount is £104,900.
The maximum discounts increase on 6 April each year if the Consumer Price Index increases. If the Index does not increase, the discounts will remain the same. They did not increase this year.
Any discount is based on your years as a tenant (including those years that you were a council tenant). Some properties (such as sheltered housing) have always been excluded from the Preserved Right to Buy scheme.
To qualify under this scheme, you must:
- have been a local authority tenant when your tenancy and property transferred to the Housing Association
- have been eligible for Right to Buy at the time of the transfer or that this right was granted at the time of transfer.
Right to Acquire
You may also be able to buy your home through the Right to Acquire scheme. This depends on whether or not your home was built with a Government grant (we can check this for you).
If you qualify for Right to Acquire you may be eligible for a discount on the full market value of your home. The maximum discount applicable for this scheme is £16,000.
To qualify under this scheme:
- you must have held a tenancy for a period of five years or more with a housing association or a local authority
- the property must have been built or purchased by a Registered Social Landlord on or after 1 April 1997.
These are sold privately by the current owner through a local estate agent.