Ownership: right to acquire
The Right to Acquire is a scheme giving eligible tenants the legal right to buy the home they currently rent. The scheme operates from 18 January 2005 following the implementation of the Housing Act 2004. You will be eligible if you are a secure or assured tenant and you live in a qualifying property.
In order to qualify, the property in which you live must have been built or purchased by us, funded on or after I April 1997 through social housing grant provided by the Housing Corporation or a local authority. If the Society 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 two years as a public sector tenant (you can obtain a list from the Society) or in accommodation provided by the armed services, if you were a public sector tenant before January 18th 2005
- have spent a total of five years as a public sector tenant, if your first public sector tenancy was created on or after January 18th 2005
- live in a house or flat which is a self-contained property and is your only or main home
You will not be eligible to claim the Right to Acquire if you are:
- an undischarged bankrupt, or have a bankruptcy petition pending against you
- the subject of a possession order served by the court, at the request of your landlord, or
- subject to a formal creditors agreement made under the Insolvency Acts
If you think you quality for the scheme, you should contact the Society to claim the Right to Acquire.
The purchase price will be the market value, less the discount. The discounts for this scheme are fixed amounts published by the Government and currently range from £9,000 to £16,000. The amount of discount you receive will depend on where you live.
