Right to Acquire
The Right to Acquire is a scheme giving eligible tenants the legal right to buy the home they currently rent.
To qualify for the scheme a property must have been built or purchased by Cornerstone, and funded after 1 April 1997 through social housing grant by the Homes and Communities Agency or a local authority. If Cornerstone does not own the freehold of the property, the freeholder must also be a public sector landlord for the property to qualify.
As well as occupying a qualifying property you must also:
- 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
How do I apply for this Right to aquire?
Can I buy with someone else?
Yes, if you are a joint tenant you will normally be buying with the other tenant. You may also include up to three members of your family 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 given in your application form, and confirm whether you have the Right to Acquire and, if you do, will inform you what the purchase price of the home you currently rent is. We will give you an answer within 4 to 8 weeks after getting your application, depending on the checks which need to be made on the information you have provided. It should take a further 8 to 12 weeks, depending on whether you live in a flat or house, to give you details about the price of the property and 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 here.
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.
- home that is one of a group of homes particularly suitable for elderly people and is let to a person aged 60 or over.
The cost of buying your own home
It is important to give careful thought to the costs and responsibilities of buying your own home. You will need to do some careful calculations to help you decide how much you can afford to spend on buying and running a home.
Here is a list of some of the costs you will have to meet.
- Survey and legal costs
- Stamp Duty Land Tax
- Land registry
- Mortgage repayments
- Insurance
- Service charges
- Repairs and maintenance
