The Government has recently said it plans to extend the Right to Buy to housing association tenants. At this stage, there are no more details available. For this to happen, there will need to be a change in legislation. Until then, the only scheme available to housing association tenants is the Right to Acquire scheme. We will keep you updated on any changes in the future.
What are the main differences?
Right to Buy and Right to Acquire
Both schemes were designed by the Government to allow social housing customers to buy the home they currently rent, at a discount.
The schemes operate in very similar ways – the main difference is the amount of discount you receive. These levels are determined by the Government.
The Right to Buy scheme was set up to help people buy their council homes. It also extends to customers of social landlords who obtained their secured tenancies before the date council homes were transferred to new landlords. This date depends on which organisation was your landlord before Karbon Homes.
The Right to Acquire scheme means more recent customers of social landlords aren’t ruled out from the possibility of buying their home.
Buying your rented home
The main steps
If you’re eligible for the Right to Buy discount, you could be on your way to owning your home.
Remember, the costs of owning your home are very different from those of being a tenant. You’ll need to fully understand what these costs are going to be. You’re also going to need financial and legal advice.