Can I buy my home? (Right to Buy)
As a tenant you may qualify to buy your home at a discounted rate through either the Right to Buy or Right to Acquire schemes. London Living Rent tenants can buy a share of their home (except at some schemes).
Right to Acquire
You may also be able to buy your home is 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.
Do I qualify?
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.
Preserved Right to Buy
If your home was a council property (and you were therefore a council tenant) and the ownership transferred to a housing association then you have Preserved Right Buy.
Your rights were protected so that you would still be able to buy your home, even though your 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 £103,900.
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.
How do I qualify?
To qualify under this scheme, you must:
- Have been a council 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 this right was granted at the time of transfer.
Right to Shared Ownership
The Right to Shared Ownership allows some tenants to chance to buy an equity stake in your home worth between 10% and 75% of its full market value. You would then own this equity stake on Shared Ownership terms.
Tenants living in homes we manage don't currently qualify for this scheme as it's only valid for those built as part of the Government's Affordable Homes programme (AHP) 2021-2026. We don't currently manage any homes built under this programme.
Proposed Right to Buy extension
The Government has proposed extending 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. 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.
Buying shares in your home (London Living Rent)
London Living Rent tenants (except for certain schemes) can buy a share of their homes as long as they have the deposit and income to meet repayment obligations.