Right to Buy & Right to Acquire
Depending on the type of tenancy you hold, you may have either the Right to Buy or the Right to Acquire your home.
Generally speaking, the Right to Buy is applicable to Council tenants and Housing Association tenants who hold secure tenancies, fair rent tenancies or have the preserved Right to Buy. If you don’t qualify for the Right to Buy as you hold a different type of tenancy, you may still be able to buy your home under the Right to Acquire.
The discount you are entitled to differs depending which scheme you are eligible for. The number of years you have been a tenant is used to calculate a Right to Buy discount. Whereas the Right to Acquire discount is a fixed amount, which is set depending on the area of the country you live. The current maximum discount for the North East of England is £9,000. There are also certain properties which are exempt from Right to Acquire, depending on when they were built and whether they were built with government funding.
For further information on both Right to Buy and Rent to Acquire, please download our Can I Buy My Home guide or speak to us on 0344 800 3 800. Or alternatively visit www.gov.uk/right-to-buy-buying-your-council-home/discounts.
If you proceed to buy and you live in a house, in most cases you will purchase the Freehold of the property. This means that you will own the fabric of the building and the land on which it is built. If you purchase a flat, then you will purchase the property on a Leasehold basis. This is because the fabric of the building and land on which it is built contains more than one property. When you buy a Leasehold property, we will continue to own the Freehold and you will be required to repay us for buildings insurance, external repairs and other service charges, if applicable.
For further information, please download our Leaseholder Guide.