Right to Buy vs Right to Acquire
Right to Buy scheme helps eligible council and housing association tenants to buy their home with a discount of up to £84,200 (£112,300 in London).
Right to Acquire allows most housing association tenants to buy their home at a discount between £9,000-£16,000.
Am I eligible?
The Right to Buy is for those who have a Preserved Rights Tenancy, these were customers who were original local authority tenants before the stock transfer. The stock transfer dates are:
- East Dorset: 3 December 1990
- Wiltshire: 1 April 1995
- Weymouth & Portland: 20 March 2000
- Hampshire: 27 March 2000
- Somerset: 19 March 2001
- Purbeck District: 28 June 2004
The Right to Acquire is for customers who have held a public sector tenancy for three years or more. The duration doesn’t have to be continuous.
Both secure and fixed-term tenancies count towards the Right to Acquire, however, the fixed term tenancy needs to be for more than two years.
The process is heavily monitored by deadlines. If deadlines are missed customers can serve us a Notice of Delay (RTB6), if these delays are caused by us, we could end up having to pay them back some of their rent.
- Application received. We need photographic ID, proof of address and proof of finance. Once an application has been submitted, only emergency repairs will be carried out on the property.
- 4 weeks later we send out RTA/B2, instruct valuer, send service charge memos and send memos obtaining the cost floor.
- Issue offer notice (8 weeks house, 12 weeks flat).
- Customer has 12 weeks to respond.
- In offer price accepted we instruct solicitors, if withdrawn we withdraw application and if they want the property redetermined we instruct the district valuer.
- Once accepted we send out a Preliminary Notice to Complete and a Final Notice to Complete 8 weeks after. After the final notice, we expect completion of the sale to happen within 8 weeks.
- Customer is now a homeowner!
Got a question?
If you have a question about the Right to Buy or the Right to Aquire process, please email our Right to Buy team via the button below. Alternatively, you can call our contact centre on 0333 400 8222 and ask to speak to the Right to Buy team.Get in touch