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RIGHT TO ACQUIRE
As a tenant of NCHA you do not have the Right to Buy your home, but you may have the Right to Acquire.
You will not have the Right to Acquire if, for example:
As a tenant of NCHA you do not have the Right to Buy your home, but you may have the Right to Acquire.
You will not have the Right to Acquire if, for example:
- You have rent arrears
- You are subject to a possession order
- You are an undischarged bankrupt or have a bankruptcy petition pending
You may have the Right to Acquire if, for example:
- You are a Secure or Assured tenant
- You have been a public sector tenant (or in accommodation provided by the armed services) for at least two years (or five years if your tenancy commenced on or after 18 January 2005)
If you do qualify for the Right to Acquire, the price of your home will be:
- The open market value
- Subject to a discount (based on figures set by the Government)
If you do have the Right to Buy and decide to proceed, initial costs will be involved, including:
- Stamp duty
- Solicitors fees
- Survey fees
- Valuation fees
- Mortgage associated costs
If you do buy your home, you will be responsible for certain costs, including:
- The mortgage
- Buildings insurance
- Contents insurance
- Repairs and maintenance
- Service charge (if NCHA provides a common service)
If you wish to apply for the Right to Acquire, there are procedures and timescales set out by the Government, including:
- Completion of an application form
- Response times required by your and by the Association
The Right to Acquire only applies to properties built or purchased with public funds (or transferred by a local authority after 1 April 1997) subject to certain exemptions, including:
- Properties in certain rural areas
- A home which is one of a group of homes particularly suitable for elderly people and is let to a person aged 60 or over
Buying your home is a big step, and you need to find out exactly what is involved.
The details provided in this information sheet are not exhaustive.
For further, detailed information on Right to Acquire, click here for contact information for your Regional Housing office
Additional information is available from the Housing Corporation
Your home may be at risk if you do not keep up mortgage or other payments secured on it.
