Right to Acquire
Right to Acquire allows housing association tenants to buy their current home at a discount. You can apply to buy your home if you have held an assured tenancy, in your own name, with us for three years or more. Discounts for this scheme are set by the Government and are between £9,000 and £16,000 depending on where you live.
For example, if you live in a three-bedroom house in Chelmsford valued at £350,000 and you qualify to receive the maximum discount of £13,500 you would pay £336,500 for your home.
You can visit the GOV.UK website to find out the discounts in your area. Your discount might be reduced if you’ve used Right to Acquire or Right to Buy before.
Your home is exempt from Right to Acquire if:
- We do not own the freehold of your home and our lease on a flat is less than 50 years in term;
- It is particularly suitable for elderly or disabled people, including those where support is provided;
- It is being provided as temporary accommodation;
- It is due to be demolished within 24 months;
- It is within a ‘designated rural area’ by order of the Secretary of State;
- Your home was not built, or purchased with public funds.
We strongly recommend that you read all the information available to you to help you decide whether you would like to buy your home. On the right-hand side of this page you can find some ‘useful documents’ that you should read. You may also find our frequently asked questions at the bottom of this page helpful.
The GOV.UK website contains lots of useful information about Right to Acquire.
As you are responsible for financing the purchase of your own home it is a good idea to seek advice from a financial advisor. For free, impartial, advice about money, please contact The Money Advice Service on 0800 138 7777.
If you would like more information about buying your home through the Right to Acquire scheme, please complete the form below and we will send you our pre-qualification pack. This pack includes an approximate market value of your home, to help you decide if this scheme is right for you.
Can I buy my home with cash or do I have to have a mortgage?
It’s up to you how you fund the purchase, whether by cash or mortgage. However, we will ask you to declare how you intend to fund the purchase. Large cash amounts are subject to money laundering regulations and both yours, and our, solicitors will carry out the relevant checks. We would strongly recommend that you seek professional financial advice before going ahead with the purchase.
You would need to discuss any specific funding issues with your lender directly. For example, if you wanted to use your discount as a deposit for a mortgage or if you can borrow additional money to make improvements to your home.
If you have rent arrears you can still apply to buy your home. However, you must make any outstanding payments before completion.
- Right to Acquire