Owning Your Own Home
Right to Acquire
The eligibility for the Right to Acquire depends on when your home was built and the funding used to finance the development.
To be eligible, your home must have been built after 1997 and funded through social housing. A discount on the value of the property is available to purchasers to assist in buying your home and the discounts vary according to the area you live in. You are entitled to a discount of between £9,000 and £11,000, depending on where you live. This discount is a set amount available once you have occupied the property for two years or more and does not increase in value.
More information on Right to Buy can be found on the website www.direct.gov.uk
Right to Buy
The eligibility for the Right to Buy depends on the type of tenancy you have. You must be a secure tenant to be eligible for the Right to Buy.
This means you must have been a tenant with Trident Housing from before January 1987. There is a discount available against the value of the property when purchasing under the Right to Buy. The discount is based on the number of years you have held a secure tenancy agreement and increases annually. For houses, you are entitled to a discount starting at 35%, upto a maximum of 70% based on the current value of your home. This also depends upon how long you have lived at the property. If you live in a flat, you are entitled to a discount starting at 50%, upto a maximum of 70% based on the current value of your home, this also depends on how long you have lived in the property.
Further information on Right to Buy can be found here.
Homes available through Shared Ownership are intended for those tenants who cannot afford to buy a suitable home outright on the open market.
You can purchase between 25 and 75 per cent of your new home and pay a subsidised rent on the remaining portion. When you can afford to do so, in most cases you can increase your share and buy your home in stages. This is known as staircasing. After a qualifying period you may even be able to buy your home outright.
Remember, regardless of the size of your share, you are a homeowner. You will have the normal rights and responsibilities of a full owner-occupier.
Orbit Housing is the Shared Ownership agent for the West Midlands, their website includes information on all the different options for Shared Ownership. Click here to view the website or telephone 03458 502050.