Right to Acquire

Am I eligible? 

If you are one of our tenants, you may be eligible to purchase your home through Right to Acquire if;

• You rent your home from us and have been a public sector tenant for more than 3 years AND
• Your property was built or acquired by us after 1 April 1997 with eligible grant funding AND
• Your property is not located in a designated rural area AND
• Your property is not an excluded property, such as sheltered accommodation or specifically for elderly or disabled people AND
• You are not an undischarged bankrupt, have a bankruptcy petition pending against you or have obtained a debt relief order AND
• You are not subject to an outstanding possession order

You can read more about the eligibility criteria for Right to Acquire on the Government website.

What discount am I entitled to? 

The discount you are entitled to depends on where your property is located in the country.

The discount available is a fixed amount between £9,000 and £16,000.

You can check the discount available for your area here.

Can I afford to purchase my home? 

Becoming a homeowner is a big decision and we strongly recommend you take independent financial advice to check whether home ownership is for you and investigate property prices in your area and whether you can get a mortgage before applying to buy your home.

If you purchase your home, you will become responsible for costs which you may not pay as a tenant; such as mortgage repayments, buildings insurance, service charges, life assurance, mortgage protection insurance, the cost of repairing and maintaining your home, in addition to other regular payments like council tax and utilities.

To get an idea of the value of your home, you can look at the sold prices of similar properties on Rightmove or Zoopla. You can also use Zoopla’s home value tool to get an estimate of your home’s value.

You may need a mortgage to fund the purchase of your home. We suggest you speak to an independent financial advisor or mortgage advisor to discuss whether getting a mortgage is the right option for you. You can find more information on how to find a financial advisor here.

In addition to the ongoing costs of homeownership, there are some upfront costs that you will need to pay. These costs may include legal and survey fees, stamp duty, valuation fees and the costs associated with taking out a mortgage, such as mortgage arrangement fees.

You can get more information on the costs of homeownership and get free advice from the Government’s Right to Buy advisers here.

Your home may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it. 

What happens next? 

To avoid any disappointment when submitting your application, you can check whether you qualify for Right to Acquire by contacting the Property Sales Team by email at Property.Sales@placesforpeople.co.uk.