Anyone had any experience with Right to Acquire gov scheme?

Ciwan

Hello Friends

Within a year, I am planning on buying a house. Planning has already started. I am slowly getting out of debt, keeping on top of my credit rating and saving up for the initial deposit for the mortgage (all thanks to MSE and its community).

I am currently a tenant of Chevin Housing Association in West Yorkshire. I have been living at this Chevin property for the past 8 years. If I remember correctly, at the time, I was not eligible to ever purchase the property, but recently I have come across the Right to Acquire scheme from the government. I am not sure when this scheme came about, but at least it is now available.

Has anyone had any experience with this scheme? According to their discount by location sheet, I am eligible for a £9K discount on the price of my property.

I would also like to know if the Housing Association (HA) can refuse to sell and what would be valid reasons for doing so? Are there things that I am missing with this? Or is this really great all around if they accept to sell me the property?

Any help and clarification would be greatly appreciated.

Thank You.

t0rt0ise

The right to acquire has been around for ages and is not the same as the councils' right to buy which gives huge discounts. Some houses are not in the scheme. Ask the HA.

Ciwan

Ah thanks t0rt0ise! So it could be that my property isn't part of the scheme. Ok I'll talk to them and see what they say

Thanks.

ScorpiondeRooftrouser

It's good that getting this cheap housing has allowed to you to improve your financial situation and get out of debt. Now let's hope that you can profit by buying it, eh, so that lifeline isn't available for the next person in your previous position.

Ciwan

Hi Guys

I have an update on this. So I called Chevin and told them I am interested in purchasing the property I live in, the lady said the expert in these matters is currently away. So she took my details and said I would receive a call from the expert soon.

I received that call today. I was not given a answer but a clarification. She said housing association homes that had government funding are ones where tenants are able to purchase and own. She said she would check with the Finance department and see if the houses in my estate had any government funding or not.

Until then, is there a way I can find this out myself on the internet? I tried Google, but got nothing!

Cheeky_Monkey

I doubt it.

Ciwan

Hi Guys

An update on this. Chevin said my property falls under the scheme. They've sent me the form to fill in. They haven't mentioned anything about price, so I'm guessing I would first have to fill in the form.

If I do, I am not legally binding myself into anything am I? All I want at this stage is to find out how much they want for the property so that I may plan and gather/save up the deposit for the mortgage.

[Deleted User]

ScorpiondeRooftrouser wrote: »

It's good that getting this cheap housing has allowed to you to improve your financial situation and get out of debt. Now let's hope that you can profit by buying it, eh, so that lifeline isn't available for the next person in your previous position.

Councils and Housing Associations could use the money to build new homes to rent out. They don't.

When my council transferred all it's council housing to a HA, The HA went and knocked down a whole estate and sold the land to a private house builder instead of renovating them.

And when ever they do acquire land, they only build property which they can sell on these shared ownership schemes. Never any proper "council house" stuff.

If someone has the opportunity to buy their council/HA property, then good luck to them. The council/HA certainly don't give a stuff about people needing social housing.

[Deleted User]

Ciwan wrote: »

She said housing association homes that had government funding are ones where tenants are able to purchase and own. She said she would check with the Finance department and see if the houses in my estate had any government funding or not.

Sounds like the HA can just pick and choose if they want to sell certain properties off then. Unless they show proof not having an "funding".

Cheeky_Monkey

Ciwan wrote: »

Hi Guys

An update on this. Chevin said my property falls under the scheme. They've sent me the form to fill in. They haven't mentioned anything about price, so I'm guessing I would first have to fill in the form.

If I do, I am not legally binding myself into anything am I? All I want at this stage is to find out how much they want for the property so that I may plan and gather/save up the deposit for the mortgage.

They can't tell you how much they want for it until it's been valued and it obviously won't be valued until you submit your completed form

Lioness_Twinkletoes

Ciwan wrote: »

Hi Guys

An update on this. Chevin said my property falls under the scheme. They've sent me the form to fill in. They haven't mentioned anything about price, so I'm guessing I would first have to fill in the form.

If I do, I am not legally binding myself into anything am I? All I want at this stage is to find out how much they want for the property so that I may plan and gather/save up the deposit for the mortgage.

Maximum discount under RTA is £16k, dependant on the number of years you've been a social housing tenant. So take an approximate valuation of your home and minus this figure. That'll give you a ball park figure.