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Rent to Buy Scheme - option to purchase?
Geezer_BJ
Posts: 45 Forumite
My wife and I acquired a property through a housing association through the rent to buy scheme in early 2013. The intention, which we clearly stated at the time was to purchase the house in around 3 years.
We are now in a position to buy and have a mortgage agreed. We applied to purchase the whole property in November and have been advised today that we can only purchase 75% of the property - the rest must be shared ownership with the housing association we have been a tenant with since 2013.
Has anybody experienced a similar situation? have you managed to purchase outright from the R2B scheme?
Any info or advice would be appreciated. Might have to involve the MP.
I know it would be easy enough to buy a property off the market instead, but we've lived in this place for 3 years and spent a lot of money on it - we want to stay but I want to own, not share!
Thanks
We are now in a position to buy and have a mortgage agreed. We applied to purchase the whole property in November and have been advised today that we can only purchase 75% of the property - the rest must be shared ownership with the housing association we have been a tenant with since 2013.
Has anybody experienced a similar situation? have you managed to purchase outright from the R2B scheme?
Any info or advice would be appreciated. Might have to involve the MP.
I know it would be easy enough to buy a property off the market instead, but we've lived in this place for 3 years and spent a lot of money on it - we want to stay but I want to own, not share!
Thanks
0
Comments
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The agreement you signed at the beginning of your tenancy will give you your answer....0
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you would think so ... however there is only the lease form. I have asked the housing association for their rent to buy policy document and guess what, they don't have one!0
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