Need some advice on the new possible right to by for H.A tenants

zoena

hi everyone, bit of a long one! have just read about the proposed bill to allow housing association tenants to buy their homes once they have been a public sector tenant for five years. well i have been a tenant for ten years, have lived with my other half for all that time but have just never bothered putting his name on the tenancy as it never really made any difference before! he works full time, has a great credit score and could quite easily get a mortgage from what his bank has told him etc, however i have a fair credit score (got messed up with vanquis and have a default on my account now!!) and i dont work currently as i home school our autistic daughter (but that is only possibly short term, will be going back to work eventually!) my only income is tax credits, carers allowance and dla (should also mention my other halfs income alone would allow him to borrow much more than we would be offered our house for)

so my questions are: could i just be a named person on my other halfs mortgage application (as i cant see the housing association letting him buy our house solely as hes not "officially" on the tenancy etc... would my default seriously affect his capability of getting a mortgage in the first place ?? i know the one option is to add him to my tenancy now and wait five years, but that would give us a 35 percent discount on our house instead of 40 percent (thats how much you get for being a tenant for ten years rather than five)

leveller2911

zoena wrote: »

hi everyone, bit of a long one! have just read about the proposed bill to allow housing association tenants to buy their homes once they have been a public sector tenant for five years.

If your house was built between 1989-2007 you won't have the right to buy...... If it was built after 2007 you may have the "Right to aquire" at full market value so I wouldn't take too much notice of the proposals .......It will take an Act of Parliament to change the current rules.

zoena

there is a new bill hopefully being passed that all housing !!! tenants that have been a tenant for five years will have the right to buy, http://www.insidehousing.co.uk/tenancies/government-sets-out-right-to-buy-plans/6519172.article it is a government thing. so need advice on how to go about the mortgage etc, its obs not a definate as to it happening but want to be prepared etc

Absinthe_2

First I've heard of this. Sounds intriguing. What about older style properties?

kingstreet

I did not view this article as indicating any change to the current situation, other than an increased discount.

Tenants of local councils who have hived their housing stock off into HAs will still have the (preserved) right to buy and tenants of housing associations who don't have a preserved right to buy will still have to abide by the right to acquire rules set out by leveller in post #2.

zoena

if you click the link to the document that the gov has written about proposals it says in there that the proposed plan is to allow housing association tenants the right to buy at a discount when they have been tenants for five years, at a rate of 35 percent at five years then 1 percent for every year they have been a tenant (then capped at 60 percent i think it said??!!) it is just a lay out of possible changes but want to be in the best position if and when it does happen

zoena

sorry that is a bit confusing, click the link i posted then click on the word "document" that takes you to the proposal called Laying the Foundations: A Housing Strategy for England and this is what it says (its chapter three in the doc)

59.
To qualify for Right to Buy or Preserved Right to Buy, tenants must have spent five years as public sector tenants. Once eligible, current discount rates are:
•
for houses: 35 per cent of the property’s value plus 1 per cent for each year beyond the qualifying period up to a maximum of 60 per cent
•
for flats: 50 per cent plus 2 per cent for each year beyond the qualifying period up to a maximum of 70 per cent.