How Do I Buy My Housing Association Home?

Due to the rising property prices, getting on the property ladder is more challenging now than ever before, especially for those on a low income.

If you live in a housing association home, homeownership may seem impossible. But there are various ways you can buy a housing association home, even if you have a low income.

In this blog, we are going to outline the different ways to buy a housing association home. At Accent Housing, we provide quality, affordable homes to people through the North, East and South of England. We have helped lots of our tenants become homeowners.

Shared Ownership

Shared ownership is the best way to buy a housing association property.

Shared ownership is the process of buying shares in a housing association property and then paying reduced rent on the remaining shares.

Residents can buy between 25%-75% of a property and will pay a mortgage on the share they own. The resident then pays an affordable rent to Accent on the remaining share they don't own.

They can then buy more shares when they are ready, in a process known as staircasing. In most circumstances, the tenant can go on to buy 100% of the property.

Shared ownership is ideal for those who want to own a home but cannot afford to obtain a mortgage to buy a home outright.

However, it is unlikely that the house you currently reside in can be purchased through shared ownership. But Accent Housing has a range of housing association homes currently available to purchase through shared ownership.

If you would like to become a homeowner and you are interested in shared ownership, you can check out our latest available homes on homemadehomes.com. As well as our latest available homes, you’ll also be able to find lots of useful information about buying a shared ownership home.

Right To Acquire

Right To Acquire is a government scheme, which enables housing association tenants to buy their housing association home at a discounted price. If you have an assured tenancy with us, and you live in a home that was built with public funds after 1 April 1997, you may have the right to ‘acquire it.’

However, there are eligibility criteria to meet if you would like to buy a housing association home through Right To Acquire.

For example, you must have had a public sector landlord, such as a housing association, local council or NHS Trust for at least three years. Your landlord must be registered with the Regulator of Social Housing.

In addition, the property you want to buy must have been built or bought by a housing association after 1st April 1997 (and funded through a social housing grant provided by the Housing Corporation or local council).

Or it must have been transferred from a local council to a housing association after 31 March 1997. It must also be your main home. Your tenancy must also be an assured tenancy.

You will not qualify for Right To Acquire if you have been made bankrupt, if you are a council tenant or if you have been evicted by the courts.

Preserved Right To Buy

‘Right To Buy’ is a scheme that allows council tenants to buy their council house at a discounted rate. Most housing association tenants do not have the Right to Buy.

But if you were a council tenant and were living in your home when it was transferred from your local council to your housing association, then you may have a ‘Preserved’ Right to Buy.

This means you may qualify for the right to buy your housing association home if you became an Accent Housing resident before 15 January 1989 (and you hold a secure tenancy).

Although your tenancy gives you the right to buy your home, Accent Housing reserve the right not to let you buy it in some cases.

Interested In Buying A Housing Association Home?

If you believe you may be eligible to buy your Accent Housing home through Right To Acquire or Preserved Right To Buy, get in touch with our team. Our dedicated team will be happy to answer any questions you have about buying your housing association home.

Alternatively, if you would like to get on the property ladder and are interested in buying a housing association home through shared ownership, then visit Homemade Homes today.

Who Is Accent Housing?

Accent Housing is a housing association that has been providing homes for a diverse range of people since 1966. We currently have more than 20,500 homes, which are spread over the North, East and South of the country and house over 35,000 residents and their families.

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