Right to acquire unlocking homeownership opportunities
The Right to Acquire scheme offers eligible housing association tenants the chance to purchase their property at a discounted price. This website section provides an overview of the Right to Acquire scheme and the steps involved in becoming a homeowner.
What is the Right to Acquire?
The Right to Acquire is a government initiative designed to help eligible housing association tenants purchase their property at a reduced price.
Am I eligible?
To qualify for the Right to Acquire, you need to meet specific criteria, which includes:
- Being a housing association tenant: You should have been a tenant of ours for a minimum period of 3 years.
- Meeting specific residency requirements: The property you intend to purchase must have been your main residence for a minimum of 3 years.
- Maintaining a clear rent account: It's essential to have a good rent payment history with no outstanding arrears.
- Meeting other specific criteria: Additional eligibility requirements may apply, and these can be discussed with our team to determine your eligibility but largely focus around how the purchase of the block/house was funded by us.
The Right to Acquire process
The process of exercising your Right to Acquire involves several key steps:
- Expressing interest: If you believe you meet the eligibility criteria, the first step is to express your interest in exercising your Right to Acquire. You can find the RTA1 form on the .gov website Right to Acquire: buying your housing association home: Overview - GOV.UK (www.gov.uk) which is the form you will need to complete and submit to start the process.
- Property valuation: An independent surveyor will be appointed to determine the market value of your property. This valuation will help establish the discount you are entitled to and the purchase price. This will be paid for by the you as the applicant.
- The discount you will receive as part of this process is based on government guidance published on the .gov website for right to acquire. The discount varies regionally.
- Financing and mortgage: If you require a mortgage to finance the purchase, it's important to seek independent financial advice and arrange suitable financing.
- Legal process: You will need to appoint a solicitor or conveyancer to handle the legal aspects of the purchase. They will assist you with the necessary paperwork, explain the terms and conditions, and ensure a smooth transfer of ownership.
- Completion and ownership: Once all legal requirements have been fulfilled and the necessary funds are in place, the purchase will be completed, and you will become the proud owner of your property.