Right to buy - shared ownership

Deborah07

I have a shared ownership property in London and I would like to buy the remaining share. I am aware there is a 'Right to Acquire' scheme available but I also heard there is a 'Right to Buy' scheme in the works. The Right to Buy scheme gives better discounts so its my preferred option, however, does anyone know when this will be available?

Shenl0101

These are totally different schemes and you can't RTB or RTA additional shares in your property. You already have a right to purchase additional shares in your Shared Ownership property at market value and are not entitled to any discounts.

Deborah07

Thanks. Yes, am aware RTB and RTA are different schemes but thought these schemes gave the person the option to buy the remaining shares at a discounted rate? I thought this was the whole idea of the scheme, but perhaps I have this wrong?

MrJB

From the right to buy website... The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £103,900 (£77,900 outside London). On this website you can find out if you could be eligible, what discount you might get and whether you can afford to buy – and how to take the next steps if you decide to apply.

Does this apply to you?! Presumably you pay rent to a HA for the balance of the ownership?

Deborah07

Yes, I pay a HA rent on the balance. I think that RTB for shared ownership tenants is not in place yet and still in consultation, so am wondering if anyone knows if this scheme is still in development and any timings. I have looked on the web and the most recent articles are April 2015. Thanks for your help.

MrJB

That's where I assumed you were going with this. In short not something I'm particularly familiar with...

https://www.gov.uk/shared-ownership-tenants
reading this government article it suggests that purchasing later shares should attract a discount - but I suspect that this is the discount that you were already referring to.

Hopefully someone with a bit more knowledge will be able to assist.

Shenl0101

There is no long term prospect of this ever happening and isn't even being discussed seriously. You can buy the remaining shares in your property at market value at any time.