Right to Buy

The Preserved Right to Buy works in exactly the same way as the Right to Buy using the same forms and has the same eligibility and discount levels. You'll find the application form at the bottom of this page

When you make an application the open market value of your property is assessed as part of the process by an independent chartered surveyor. The discount you have built up is set off against the open market value to arrive at a sale offer figure. The current maximum discount is set at 70% with a current maximum monetary figure of £96,000 as from 06.04.2023, allowable off the open market value

Certain properties cannot be purchased such as a property which forms part of a group of properties specifically designed for the elderly or disabled people. You will not be able to purchase if you have court order against you for non-payment of rent or for anti-social behaviour. Also if you have been, or are being made bankrupt or have made an arrangement with your creditors, you will not be able to purchase.

If you stop being a tenant of Peaks & Plains then your right to the preserved Right to Buy is ended and cannot be reclaimed if you later become a tenant of Peaks & Plains again.

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. You will also have to pay the annual ground rent and service charges for works and services provided by Peaks & Plains.

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.

Here's an example:

You bought your home worth £100,000 and got a 40% discount (£40,000). You then sold your home after 18 months for £120,000.

40% of £120,000 is £48,000. As you’re in the second year, you would repay 80% of £48,000 (£38,400).

If you sell the property within the first ten years after purchase you have to first offer the property back to Peaks & Plains.