Right to buy
What is the Right to Buy or Right to Acquire?
The Right to Buy/Acquire scheme helps social tenants in England to buy their home at a discount. The maximum discount is £75,000 (depending on how long you have been a tenant) and there is a fixed discount of £13,500 for the Right to Acquire.
If you would like to find out more about the Right to Buy, you can visit the Government’s website here for all the information you will need, or contact the Home Ownership Team at the Trust on 01296 732600 or at email@example.com.
What would it cost?
The exact costs will depend on the current value of your property, what discount you get, how much you borrow and the interest rates your bank or other mortgage provider charges.
What are the other costs and risks?
When you buy a home, you should expect to pay for a survey and for legal fees. Depending on the value of your home you may also have to pay stamp duty.
Once you have bought your home, you will have to pay for any repairs and maintenance it needs. If you live in a flat, you will also have to pay a share of repairs and maintenance to the block – the ‘service charge’.
What are the risks?
Home ownership is not for everyone. The weekly cost of your mortgage may go up and down with interest rates during the time you pay it off.
You should also think about how you would make payments if you or anyone you’re buying with lost some or all of their earnings. Government support for mortgage costs is limited and you may lose your home if you fail to keep up payments on it.
Free independent advice
For further information, please click through to the Government’s website.