Ex-council homes (Preserved Right to Buy)
Most tenants occupying housing association properties do not qualify under the Right to Buy scheme. However, the Right to Buy program does extend to secure council tenants who were occupying a property at the time it was transferred to another landlord by the relevant council. In which case, the tenant may have a ‘Preserved’ right to buy their property at a heavily discounted rate.
Preserved Right to Buy is only applicable when the tenant was living in their property at the time it was transferred. The same tenant may also be eligible if they moved to a different property owned by the same landlord, but not a property owned by another landlord.
The rules for tenants with a Preserved Right to Buy are exactly the same as those for regular council tenants. As are the basic eligibility requirements for the scheme. Speak to your landlord to establish whether or not you are eligible for a discount under the Right to Buy program, or contact a member of the team at UK Property Finance for more information.
Most housing association tenants do not have the Right to Buy. But if you were a secure council tenant and were living in your home when it was transferred from your council to another landlord, like a housing association, then you may have a ‘Preserved’ Right to Buy.
Right to Acquire
Housing association tenants who do not qualify for Right to Buy may still have the opportunity to buy their home with a smaller discount under a secondary ‘Right to Acquire’ program. This is a somewhat different scheme with different eligibility requirements and potential discounts available of between £9,000 and £16,000 on the price of your property.
The government’s Right to Acquire program is, however, subject to change – contact UK Property Finance if interested in purchasing your housing association property.