What is Right to Acquire (RTA)?
The Right to Acquire is a scheme giving eligible tenants of registered social landlords the legal right to buy the home they currently rent. Please note that not everyone is eligible.
What is the Right to Buy?
The Right to Buy scheme gives eligible council tenants the right to buy their property from their council at a discount. Tenants of housing associations who hold the preserved right to buy (PRTB) may also be eligible for the scheme. A small number of Connect Housing’s properties have the PRTB where they have previously been owned by the local authority prior to a stock transfer.
The main scheme which is available for tenants of the Association is Right To Acquire (RTA). If you are unsure which may be most relevant to your property we advise that you apply for the RTA using the form in the 'How do I Apply?' section below and if your property has the PRTB we will inform you accordingly.
Click for more information on PRTB www.direct.gov.uk|
Am I eligible for the RTA scheme?
In order to be eligible for the RTA there are two main criteria that are examined when assessing your eligibility:
1. The length of time you have been a tenant in socially rented accommodation
2. When your property was purchased/developed and how it was funded.
A comprehensive guide has been published by the Tenants Services Authority explaining how the scheme operates as from 18th January 2005 following the implementation of the Housing Act 2004
Click here for the 'Guide to the Right to Acquire'|.
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How much discount will receive?
The discounts are allocated by region and will be deducted from the property's open market value as determined by a Royal Institute of Chartered Surveyors (RICS) qualified surveyor. The current discount applicable to our region is £10,000.
How do Apply?
If you are interested in puchasing your rented property through the Right To Acquire scheme please complete and sign the forms below called “RTA1” and “Insolvency Declaration” and return them by post to Connect Housing.
Click here for RTA1|
Click here for Insolvency Declaration (Not currently Available online)
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What happens next?
There is a rigorous procedure which can be found in the 'Guide to the Right To Acquire' booklet on this page from the Tenant Services Authority (formally the Housing Corporation). However, initially Connect Housing will assess your eligibility and respond to you in writing within the prescribed amount of time, dependant upon your individual circumstances, advising of your eligibility.
If you are eligible then Connect Housing will instruct an independent RICS qualified surveyor to value your property in order to calculate the purchase price. Your discount will then be applied to this price and we will serve you a Section 125 notice which indicates the open market value of your property, the amount of discount and if there will be any service chargeable items applicable for the property including any ground rent.
The purchase price will show the amount that you will need to raise through a deposit and mortgage. It is important that you carefully consider your current obligations and financial commitments before progressing with this purchase as you will be responsible for organising the mortgage for the property, legal fees and all of the other costs associated with the property in respect of repairs and maintenance. We also advise that you seek free independent "whole of market" financial advice before choosing a lender as mortgage deals will vary.
For further information on the RTA please feel free to contact the leasehold team on 0113 235 0422 or email sales@connecthousing.org.uk|
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