Where are our Properties? >
Homes to Let >
Mutual Exchange Properties >
Homeowners >
Right to Buy >
Shops >
Garages >
Property Improvement Advice >
Right to Buy
The Right to Buy scheme enables customers who currently hold a Secure Tenancy to buy all of the home they rent at a discounted price. Some customers who have an Assured Tenancy can also apply to purchase under the Preserved Right to Buy.
The preserved Right to Buy only applies if either
- You were a tenant of Lichfield District Council when the stock was transferred to Homezone Housing Association on the 24 March 1997 and you have continued to be a tenant with Homezone in that property
- You were a tenant of Cotswold District Council when the stock was transferred to Fosseway Housing Association on 28 February 1997 and you have continued to be a tenant with Fosseway in that property
Some properties are not eligible for the Right to Buy - for example properties which have been adapted or are specifically suitable for the elderly. You must have held public sector tenancies for at least 2 years (or 5 years if you took up your tenancy after 18th January 2005) to be eligible to buy your home.
How much discount is available ?
The discount available depends on how long you have held public tenancies for. The longer you have been a tenant, the more discount you can get. The maximum discount available is currently between £26,000 and £30,000 off the value of the property you rent depending on the area you live in.
Before you apply we recommend you:
Look into how much properties cost in the area you live.
Take independent financial advice to see if you can obtain a mortgage and meet solicitor costs
Think about the ongoing costs of Home Ownership. Once you own your own home you will be responsible for the following additional costs -
- Monthly mortgage payments and protection insurance
- Buildings insurance and contents insurance
- All repair and maintenance costs for the property
- Any service charges for maintaining shared areas and the structure of the building if the property is an apartment
If you are eligible for Right to Buy, we will send you an application form and carry out an independent valuation of your property. We will then visit you at home to confirm the valuation, the discount you may be entitled to and any service charges you may have to pay. This process takes approximately 12 weeks. If you decide to go ahead, you will then need to instruct a solicitor to act for you and have 3 months in which to complete the purchase of the property.
If you sell your property within 5 years you will have to repay a discount based on the value of the property at the time you decide to sell.
There are certain costs that you may need to pay on top of your purchase price. These include:-
- Stamp Duty Land Tax
- Solicitors' fees. The solicitors acting on your behalf will charge you a fee.
- Mortgage lender fees. Your mortgage lender will usually charge you an administration fee and a valuation fee.
- Surveys. We would also recommend that you have a full building and asbestos survey before you decide to go ahead with the purchase.
For Further information please contact your Housing Manager or call Group Home Ownership Services on 0845 60 50610