Right to Acquire allows most housing association tenants to buy their homes at a discount. It means that you could buy the home you rent at a discount of between £9,000 and £16,000. You’re eligible to use Right to acquire if you’ve had a public sector landlord for at last 3 years. The discounts available under this scheme will depend on where the tenant lives.
What is the difference between the Right to Buy and the Right to Acquire?
The Right to Acquire is very similar to the Right to Buy. The only difference is that it applies to housing association tenants and the Right to Buy applies to council tenants. Right to Acquire is for people renting homes from housing associations.
Am I eligible for Right to Acquire?
If you’re a housing association tenant, you can buy your home under the Right to Acquire scheme. Here are the main criteria you need to fulfil to be eligible:
- you live in a housing association home
- this home is your only or main home
- your home must be a former council home transferred to a housing association after 31 March 1997 or your property must be built or bought by a housing association after 31 March 1997
Do I need a deposit for Right to Require?
Whether you need or don’t need a deposit to buy your home through the Right to Acquire scheme depends on your lender. You may use your Right to Acquire discount, but it might be not enough to meet the lender’s criteria. The broker will be able to advise what is the minimum deposit required based on your property value/purchase price.
What else you should know about Right to Acquire
You can make a joint application for Right to Acquire. If you’re eligible, you might be able to buy your home with:
- someone who shares your tenancy
- family member who has lived with you for the past 12 months. (up to 3 family members)
- Your landlord must be registered with the Regulator of Social Housing.
- The home you want to buy must be a self-contained property.
If you have any questions regarding the Right to Acquire program or our services, please do not hesitate to contact us. Our mortgage advisers will be happy to answer your questions and explain all the details.