Buying your home


The ‘Rights to buy’ and ‘Right to acquire’ are schemes giving eligible tenants of registered social landlords the legal right to buy the home they currently rent.


Right to buy


Who has the Right to buy?


You probably have the Right to buy if you previously held a secure tenancy with the local authority - for example, those who became an assured tenant after the council homes were transferred to Worthing Homes.

For more details on the Right to buy Scheme (external link to communities and local government website.)


Right to acquire


Who has the right to acquire?

To qualify, you must be an assured tenant of Worthing Homes for at least 2 years, and have occupied a qualifying property. A qualifying property must have been built or purchased by a registered social landlord, funded on or after 1 April 1997 through social housing grant provided by the Housing Corporation or a local authority. A property transferred from a local council to a registered social landlord on or after 1 April 1997 will also qualify for the scheme. If the registered social landlord does not own the freehold of the property, the freeholder must also be a public sector landlord for the property to qualify.

For more details on the Right to acquire scheme (external link to communities and local government website. )


New ‘Right to buy’ rules

In November 2004 the Government introduced changes to the ‘Right to buy’rules under the Housing Act 2004.

If you have the 'Preserved right to buy' and are considering purchasing your home, some important points you may need to consider are given below:

  • the period for completion of the sale is reduced from 12 months to 12 weeks from the date that the Landlord makes its offer.
  • the period for repayment of discount is now extended from 3 years to 5 years and the repayment amount can include an element of profit if the value of the property has risen.
  • Worthing Homes has the discretion to vary the discount rules in exceptional circumstances.
  • if you buy under the scheme with the intention of immediately moving out and to this end you enter into a deferred resale agreement with a third party, you will still be liable to repay your discount.
  • if you wish to resell or dispose of your property within 10 years of purchase, you will be required to give us (or other approved bodies) the opportunity to re-purchase the dwelling before it can be offered on the open market.
  • properties due to be demolished within 18 months can be excluded from the Right to Buy scheme.
  • we may refuse your application on the grounds that the property is particularly suitable for the elderly. If we refuse to let you buy your home on this basis, you may ask the Residential Property Tribunal to review the case within 56 days of our decision.
  • the Rent to Mortgage scheme was cancelled for any applications after 17 July 2005

You cannot exercise your 'Preserved Right to buy' if:

  • we have as your landlord obtained a Court Order requiring you to give up possession of your home.
  • if you are either bankrupt, there is a bankruptcy petition pending or you have entered into an agreement with your creditors.
  • we have applied to the County Court for your Right to buy application to be suspended because of alleged anti-social behaviour by the applicant or those living with or visiting them.

Initial costs that are likely to be payable if you exercise your 'Preserved Right to buy'


Remember, when considering purchasing your home, you will need to take into account that you are likely to incur costs, these could include:
  • stamp duty.
  • legal and survey fees.
  • Land Registry fees.
  • mortgage fees.
  • valuation fees and costs which may be payable if you take out a mortgage.

After completion, you will also need to make regular payments in respect of the property, such as:

  • mortgage repayments (there is a risk of repossession if mortgage payments are not maintained).
  • council tax.
  • buildings and homes contents insurance.
  • utility bills.
  • repairs and maintenance.

If you are a Leaseholder you will also be responsible for:

  • services charges (there is a risk of legal action if payments are not maintained which may lead to repossession).

 

If you would like further information, or would like to enquire if you have qualify for the 'Preserved Right to Buy', please contact our Sales and Leasehold Adviser on 01903 703 130.