Does the Right to Acquire apply to all properties owned by Cornerstone?

No. The Right to Acquire only applies to property built or purchased with public funds or transferred by a local authority after 1 April 1997 subject to the following exemptions: Properties in certain rural parishes identified by the Government as being exempt from the Right to Acquire Properties where the landlord is a co-operative housing association Properties where the landlord does not have sufficient legal interest to be able to grant a lease exceeding 21 years for a house or 50 years for a flat A home that is one of a group of homes designed with special features for letting to people with physical disabilities A home that is one of a group of homes particularly suitable for elderly people and is let to a person aged 60 or over

How do I apply for this Right to Acquire?

Contact our development department (development@cornerstonehousing.net) with your name and address, and we will confirm if your property is eligible. You will then be asked to complete the RTA1 Form. If you are a joint tenant, both of you must also sign the form.

Can I buy with someone else?

Yes, if you are a joint tenant. You may include up to three family members, provided they live with you and have been at your address for 12 months before you made your claim.

What happens after I send the application?

We will first check the details in your application form. We will tell you the purchase price of the home.

How long does the Right to Acquire process take?

Initial checks: We will notify you within 4 to 8 weeks after receiving your application. Purchasing: It should take a further 8 weeks, if buying the freehold, or 12 weeks, if acquiring the leasehold, to send you an offer (RTA3) and provide details about the property’s price and the amount of discount.

Where can I find more information?

For more information about the scheme, visit the government’s ‘Right to Acquire: buying your housing association home’ website.

Right To Acquire | Cornerstone Housing

Buying the Home You Rent

The Right to Acquire scheme gives eligible residents the legal right to buy the home they currently rent.

This page explains how the Right to Acquire and Right to Shared Ownership schemes work. It tells you who is eligible and what you need to do to apply.

What is Right to Acquire?

To qualify for the scheme, a property must have been built or purchased by Cornerstone and funded after 1 April 1997 through a social housing grant by the Homes and Communities Agency or a local authority. If Cornerstone does not own the property’s freehold, the freeholder must also be a public sector landlord for the property to qualify.
As well as living in a qualifying property, you must also:

Have a secure or assured tenancy (or assured shorthold tenancy whose tenancy began on or after 1 April 2012 and is for a fixed term of at least two years)
Have spent a total of three years as a public sector tenant (housing association, council, the armed services and NHS trusts and foundation trusts)
Live in a house or flat which is a self contained property and is your only or main home

The Cost of Buying Your Own Home

It is important to carefully consider the costs and responsibilities of buying your own home. You will need to work out how much you can afford to spend on buying and maintaining a home. We suggest you get independent financial advice before going ahead.

Here is a list of some of the costs you will have to meet:

Survey and legal costs
Stamp Duty Land Tax
Land registry fees
Mortgage repayments
Insurance
Service charges
Repairs and maintenance

Right to Shared Ownership

The Right to Shared Ownership enables residents to purchase a share of their rented home under shared ownership terms.

This means you would buy a share of your home as a leaseholder and pay rent to us on the share we retain. You would also pay a service charge for maintenance of any communal areas and buildings insurance.

You can apply to buy a share of your home if:

It’s your only or main home
You’ve lived there for at least a year
You’ve been a tenant of social or affordable housing for at least 3 years
Your household income is less than £80,000 a year
You cannot afford all of the deposit and mortgage payments to buy a home outright
You are not overdue with rent or credit card payments

To find out if you’re eligible and for information on the procedure, you can contact the development team at development@cornerstonehousing.net.

Buying Costs

Once we have started the process and told you the value of your property, you will need to speak with one of our independent financial advisors. They will conduct an affordability assessment with you. They can recommend the best share affordable to you.

You will need to pay a deposit on exchange of contracts, usually 5% or 10%.

We will send you key information documents, which will list all costs applicable to you after you buy your share. For example, the rent amount and service charges payable.

For more information about the scheme, visit the government’s website: Right to Shared Ownership: buying a share of your rented home: Costs.

FAQs

No. The Right to Acquire only applies to property built or purchased with public funds or transferred by a local authority after 1 April 1997 subject to the following exemptions:
- Properties in certain rural parishes identified by the Government as being exempt from the Right to Acquire
  Properties where the landlord is a co-operative housing association
- Properties where the landlord does not have sufficient legal interest to be able to grant a lease exceeding 21 years for a house or 50 years for a flat
- A home that is one of a group of homes designed with special features for letting to people with physical disabilities
- A home that is one of a group of homes particularly suitable for elderly people and is let to a person aged 60 or over

Right To Acquire