Right to Acquire
Buy your housing association home at a discount — from £9,000 to £16,000 off the market value.
What is Right to Acquire?
The Right to Acquire scheme allows housing association tenants to purchase their rented home at a discount — from £9,000 to as much as £16,000 off the market value. To be eligible, you must have been renting from a housing association for at least 3 years. The discount amount depends on the location of the property.
Difference between Right to Buy and Right to Acquire
Right to Acquire (RtA) — primarily for housing association tenants. Allows purchase of the rented home at a discount. Rules are similar to Right to Buy.
Right to Buy applies only to council housing tenants. RtA extends eligibility to:
- Tenants of homes owned by the council
- People living in properties owned by NHS Trusts
- People connected to the armed forces
Do I qualify for Right to Acquire?
If you are a housing association tenant, you may be able to buy your home under the Right to Acquire scheme. The main eligibility criteria are:
- You live in a housing association home
- The home is your only or main residence
- Your home must be a former council home transferred to a housing association after 31 March 1997, or your property must have been built or purchased by a housing association after 31 March 1997
Do I need a deposit?
Whether you need a deposit to buy your home under Right to Acquire depends on your lender. You can use the Right to Acquire discount, but it may not be sufficient to meet the lender's requirements. Your broker will advise on the minimum deposit required based on the value/purchase price of your property.
Need help?
Contact us to find out more about the Right to Acquire scheme and whether you qualify. Our advisers are happy to answer all your questions.
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