Right to Acquire
The Right to Acquire is a scheme giving eligible tenants of Registered Providers, who will mainly be Assured Tenants of Housing Associations, the ability to purchase their home.
Who has the Right to Acquire?
Eligible secure and assured tenants living in a property which qualifies and whose landlord is a housing association, such as Peaks & Plains.
Are there any Peaks & Plains properties that are not eligible?
Yes properties in the majority of our rural parishes are exempt from the Right to Acquire. Also if the property is one of a group of homes suitable for elderly or people with disabilities people.
Who qualifies for the Right to Acquire?
You must be a tenant in a qualifying property and have spent a total of three years as a public sector tenant. You must also live in a house or flat which is a self-contained property and is your only or main home
If my Tenancy is an Assured Shorthold Fixed Term Tenancy can I be eligible?
Yes provided the other criteria have been met and it is a fixed term tenancy of at least two years length which began on or after 1 April 2012.
Can I gain the Right to Acquire by Mutual Exchange from another Landlord?
Yes provided all the other qualifying requirements are met a person can be eligible for the Right to Acquire by mutual exchange with an existing Peaks & Plains tenant.
How does it work?
The Right to Acquire works in similar ways to Right to Buy but uses different forms and does not have the same discount levels. The maximum level of discount for this area is £11,000.
Will I own the property outright?
If the property you rent is a house and Peaks & Plains own the freehold then the freehold of the property is sold to you.
You will be responsible for the purchase costs and will, from the date of sale, be responsible for all the costs of running and maintaining the property.
If the property is a flat then a lease for a maximum of 125 years will be sold to you. You will be responsible for the interior of the flat including heating if this is self-contained.
You will also have to pay the annual ground rent and service charges for works and services provided by Peaks & Plains.
Can I sell the property?
You will be able to sell the property any time after you have completed the purchase.
However during the first five years after purchase if you sell the property you will be required to make a payment back to Peaks & Plains based on the amount of the discount in relation to the selling price. However this diminishes by 20% each year.
Are there any restrictions on selling the property?
If you sell the property within the first ten years after purchase you have to first offer the property back to Peaks & Plains.
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