What is the Right to Buy Scheme?
Right to Buy is a government scheme that gives eligible council and housing association tenants the legal right to purchase their home at a discount. As of 6th April 2024, the maximum discount for properties outside of London is £102,400, due to the significantly higher property prices in the capital, this rises to £136,400 for homes within London.
The size of discount depends on the length of time you’ve been renting the house, type of property and its value.
What is the 'Preserved Right to Buy'?
The Preserved Right to Buy is a great opportunity for eligible tenants to purchase their home at a discount, even if the ownership has shifted from the council to a private landlord, like a housing association.
The following criteria needs to be met:
The property was originally council-owned
The council sold the property to a different landlord while you were living there
You were a tenant when the property changed hands
This scheme is designed to protect your rights and make home ownership more accessible, giving you the chance to own your home even if the management of your property has changed.
What is the 'Right to Acquire'?
The Right to Acquire is a scheme for housing association tenants, not council tenants, allowing them to buy their homes at a discount. You and your landlord must be eligible to apply.
You must have had a public sector landlord for 3 years, These landlords must be registered with the Regulator of Social Housing and include:
The property must be:
Built or bought by a housing association after 31st March 1997
Transferred from a local council to a housing association after 31st March 1997
A self contained property
Your only home