The government recently announced the launch of the Midlands Voluntary Right to Buy (VRtB) pilot. The pilot tests the extension of right to buy discounts for some housing association tenants in the Midlands. Clarion Housing has joined over 50 other housing associations to take part in this pilot.
How can I buy my home if I am not in the pilot area or if I have missed the ballot?
There are a number of home ownership options that may be available to you:
Preserved Right to Buy – The Right to Buy was created for secure tenants of local authorities. Although most housing association tenants do not have the Right to Buy, if you were a secure council tenant and were living in your home when it was transferred from your council to another landlord, like a housing association, then you may have a ‘Preserved’ Right to Buy. This only applies if you were living in your home when it was transferred. The discount is based on how long you have been an eligible tenant with the maximum discount of £108,000 in London and £80,900 outside London. Please visit www.righttobuy.gov.uk/ for more information on the scheme.
Right to Acquire - If you don’t have a preserved Right to Buy you may still be able to purchase your property under another scheme called Right to Acquire. Right to Acquire allows most housing association tenants to buy their home at a discount. You can apply to buy your housing association home if you’ve had a public sector landlord for 3 years. Your property will also have to have been built or bought by a housing association after 31 March 1997 (and funded through a social housing grant provided by the Housing Corporation or local council) or acquired via a stock transfer from a local council on or after 1 April 1997. For more information please visit www.gov.uk/right-to-acquire.
You may also be able to get financial help to own a home through other government schemes like Help to Buy or Shared Ownership. Please visit www.ownyourhome.gov.uk and answer a few quick questions about yourself to find out which government-backed schemes could help you open the door to home ownership.