Can I buy my Accent home?
It might be possible for you to buy the home you rent with us, but it will depend on your circumstances and what tenancy you have. There are three schemes that can help you buy your rented home; the Right to Buy, the Right to Acquire and the Right to Shared Ownership.
The Right to Buy
You may qualify for the right to buy your home if you became an Accent resident before 15 January 1989 and you hold a secure tenancy. If you are unsure on the type of tenancy you have, please contact us.
In some cases, your tenancy will allow you the Right to Buy, but other circumstances may prevent us from allowing you to buy your rented home. Some examples include specially adapted homes, on-going legal action and Anti-Social Behaviour.
The Right to Acquire
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.’ The length of time you have been a tenant also affects your ability to purchase your home. Talk to us about your possible right to acquire.
The Right to Shared Ownership
The right to shared ownership scheme (RTSO) gives some tenants the right to buy the property they currently rent from us, on shared ownership terms (subject to eligibility). Tenants can buy a share in the home they rent between 10% and 75% and pay rent on the remaining equity, they can buy further shares up to 100% (unless the property has restricted staircasing). This scheme is only available for those properties which are grant funded from the Affordable Homes Programme 21-26.
For more information, read our leaflet, 'Your Right to Buy - Shared Ownership.
Talk to us! If you’re thinking about buying a home with us, we can help you with your next steps.
Buying a home can one the biggest decision you will ever make, and it isn’t right for everyone. Here’s some of the things you may wish to consider:
Upfront costs (if applicable):
Solicitors' fees - also known as conveyancing fees, refer to the charges for the legal services provided by solicitors or conveyancers during a house purchase. These fees cover a range of essential tasks and responsibilities necessary for reviewing and completing the property transaction.
Mortgage valuation fee – The fee covers the cost of a valuation survey carried out by a qualified surveyor appointed for the benefit of the mortgage lender. The surveyor assesses the property's value to determine if it aligns with the proposed purchase price.
Mortgage arrangement fee - also sometimes referred to as a mortgage product fee, is a fee charged by a mortgage lender for arranging a mortgage loan for a house purchase.
Stamp Duty Land Tax - (SDLT) is a tax imposed by the government on the purchase of residential properties. Your solicitor will advise you whether any tax is payable for the property you are purchasing.
Also, if you buy your home, some of your services may change, particularly repairs and maintenance, as you will be responsible for items such as boiler repairs/service and insurance.
Ongoing costs (if applicable) to consider are:
Your mortgage payment
Each month you’ll make your payment to your mortgage lender, usually by direct debit. The mortgage payment is between you and the lender. Your mortgage lender will let you know when your first payment date is due.
If you are due to pay a service charge, you will be provided with a full breakdown by your solicitor. Costs may include a contribution towards the wider estate, as well as the apartment block if you are buying an apartment. These could include some of the following elements:
- Buildings insurance
- Management Fee
- Cleaning, maintaining, and repairing communal areas.
- Gardening and grounds maintenance
- Accounts & auditing fees
- Reserve fund*
The reserve fund payment is collected as part of your service change and is put aside to contribute towards the cost of any cyclical decorations and/or major works (for example to the block or estate). You may also hear this referred to as a ‘sinking fund’. The aim of the fund is to assist with covering major works. There may be a shortfall at times, and these will be recharged in accordance with the terms of your lease.
For further advice, please speak to an independent mortgage broker. Our service charge is calculated as a monthly cost, and you will be provided with a full breakdown upon reservation.