Buying Your Home
As a Tai Clwyd tenant, you may be able to buy your home through the ‘Right to Aquire’ scheme.
The Right to Acquire is a scheme giving eligible tenants of registered social landlords the legal right to buy the home they currently rent.
You will have the right to Acquire if: –
- You live in a qualifying property that has been provided, or improved, with Social Housing Grant given by the Welsh Assembly Government on or after 1 April 1997.
- There are some properties which are exempt from the Right to Acquire, for example, properties in certain rural areas.
As well as occupying a qualifying property (please ask your Housing Officer if your property is a qualifying property) you must:
- Have spent a total of two years as a tenant of a public sector landlord such as a Housing Association or Local Authority or in accommodation provided by the armed forces if you have been a public sector tenant before 18 January 2005.
- Have spent a total of five years as a public sector tenant, if your first public sector tenancy was created on or after 18 January 2005.
- Live in a property which is a self-contained house or flat and is your only or main home
You will not be able to claim the Right to Acquire if you are:
- An undischarged bankrupt or have bankruptcy petition pending against you.
- The subject of a possession order served by the court, at the request of your landlord.
- Subject to a formal creditors agreement made under the Insolvency Acts
Your discount entitlement
A tenant buying their home under the Right to Acquire in Wales is entitled to a discount of 25% of the purchase price up to a maximum discount of £16,000. If you have previously had a discount to help you buy a home, this may be taken off your Right to Acquire discount.
Selling your property after purchasing with the Right to Acquire
You may sell your property whenever you wish, in just the same way as other homeowners. However if you applied to purchase your property on or after 18 January 2005 and sell within the five years from the date of purchase you should anticipate repaying an amount representing the value of the discount you received.
The calculation of repayment takes into account any change in the valuation of the property since you purchased it, together with the length of time since the property was purchased.
If sold within a year = 100% is repayable
If sold within 2 years = 80% is repayable
If sold within 3 years = 60% is repayable
If sold within 4 years = 40% is repayable
If sold within 5 years = 20% is repayable
No repayment is required after 5 complete years.
In addition should you decide to sell your property at any time within the first 10 years from the date of purchase, you will be required to offer the property back to Cymdeithas Tai Clwyd to buy at the current market value. If Cymdeithas Tai Clwyd does not wish to purchase your property, you are then free to sell on the open market.
For more information, please contact your Housing Officer.
