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Some of our properties are subject to the Right to Acquire. This is a statutory scheme giving certain eligible tenants of housing associations the right to buy the home they currently rent, at a fixed discount. In Devon, this discount is £10,000 off the property’s market value.
Am I eligible?
The Right to Acquire only applies to certain properties acquired with government grant funding since the 1st April 1997.
To qualify, you must live in an eligible property and have rented from a public sector landlord for a minimum period of three years. Previous public sector tenancies can count towards the qualifying period.
Can I afford it?
Once you’ve checked your eligibility you will need to look at the costs of buying your home. You are responsible for how you finance buying your home and we cannot arrange this for you.
Initial costs you are likely to pay to exercise the Right to Acquire include:
- Solicitor’s fees
- Costs associated with arranging a mortgage or loan, and;
- Stamp duty
Once you’ve purchased your home through the Right to Acquire, there may also be a requirement to pay regular service charges for property and grounds maintenance. These costs will be explained to you as part of your application, before you decide whether to go ahead with the purchase.
It is important to think closely about all the costs of being a homeowner and whether you can afford it. You may be at risk of repossession, for instance, if regular mortgage payments are not made.
Where can I find more information?
To find out if your home is eligible, please contact our Development Team by calling 01392 273462 or send us a message using our online enquiry form.