Thinking about your buying options?
Have you ever wondered if you could buy the home you rent from bpha?
If you’re thinking about buying the home you currently rent from bpha, we’re here to help you understand the different routes that may be available.
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Right to Acquire, Preserved Right to Buy and Right to Shared Ownership are schemes that offer different ways to take a step towards owning your home, so we’ll take you through these so that you can decide which option could be right for your circumstances.
Before we begin, there are a few things to check first.
To be eligible, you must:
- Have an assured tenancy or an assured fixed term tenancy of at least 2 years, and;
- Have held a public sector tenancy for at least three years, and;
- Be aged 18 or over, and;
- Live in an eligible property.
If you're unsure about your tenancy type, we have more information on our website, or you can get in touch.
Each scheme has its own qualifying criteria as well, so even if you meet these requirements, it is not a guarantee you are eligible, so it’s important to check.
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Right to Acquire
You may be able to buy your home through the Right to Acquire scheme if you've been an assured tenant with us for at least three years and live in an eligible property.
The scheme offers a discount of between £10,000 and £16,000, depending on where you live.
Find out more: www.gov.uk/right-to-acquire-buying-housing-association-home
Preserved Right to Buy
This scheme is available to some tenants whose homes transferred from a local authority to bpha and who have remained continuous tenants since.
Eligible customers may receive a discount of up to £38,000 when buying their home.
Find out more: www.gov.uk/right-to-buy-buying-your-council-home
Right to Shared Ownership
If you live in a qualifying property and meet the eligibility criteria, you may be able to buy a share of your home through Right to Shared Ownership.
You'll own a share of the property and pay subsidised rent on the remaining share.
Costs to Consider
Before applying, make sure you budget for costs such as:
- Mortgage and valuation fees
- Solicitor fees
- Stamp Duty Land Tax (where applicable)
- Moving costs.
As a homeowner, you'll also be responsible for ongoing costs, including insurance, repairs, maintenance and any service charges.
If you'd like to explore your options, get in touch and we'll be happy to help.
If you would like to find out more about your options, please contact us on 01234 674070 or e-mail sales@domovohomes.co.uk - Domovo are the Marketing & Sales brand for bpha.