The Right to Acquire Scheme gives eligible tenants the right to purchase their property at a discount.
The main scheme which is available for tenants of the Association is Right To Acquire [RTA]. In order to be eligible for the RTA Scheme there are two main criteria that are examined when assessing 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.
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.
If you would like to apply to purchase your rented property with the RTA Scheme – just download the RTA form as follows & return to Connect Housing. Download Our RTA1 Form
Initially – Connect Housing will assess your eligibility & reply 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 fees 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.
Right to Buy [RTB] is a scheme for tenants in council properties and currently does not extend to properties owned by housing associations. However – some tenants who live in properties owned by a local authority prior to a stock transfer to a Housing Association may be eligible for Preserved Right to Buy [PRTB]. A small amount of tenants of housing associations who hold the PRTB may be eligible for the scheme.