If you are interested in becoming a homeowner, there may be an option for you to buy the home you currently rent under one of the following schemes.
Each scheme has specific criteria that you and your home will need to meet. Click the links below to find out more.
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If you are considering becoming a homeowner and wish to move home, head to our Buy a home page for current homes for sale under Shared Ownership.
Voluntary Right to Buy pilot scheme
From our experience of taking part in the Voluntary Right to Buy pilot scheme that launched in 2018, we know that many of our customers will be excited at the prospect of buying their home if the existing Right to Buy scheme is extended to include tenants of housing associations like Stonewater.
At present, the government has not yet announced how the new scheme will work or when it will be launched, if at all.
We’ll update this page as more information is released, but you can always check the Government website for the latest updates.
Right to Buy
The Right to Buy is a scheme that was introduced in 1980 to allow tenants of local authorities to buy their home at a discounted rate. Some of our tenants qualify for the Right to Buy.
The scheme comes with a discount and the value of the discount is worked out based on the number of years you have been a tenant, up to a maximum amount, reviewed annually by the Government.
To qualify you will need to meet the following minimum criteria:
- Your home is your only or main home
- Your home is self-contained
- You’re a secure tenant
- You’ve had a public sector landlord (for example, a council, housing association or NHS trust) for 3 years - it does not have to be 3 years in a row
The above list is not exhaustive and for further information on the full eligibility criteria for Right to Buy, please visit the government's page on Right to Buy.
If you think you qualify for the Right to Buy, please contact us.
Changes from 21 November 2024
The Autumn Budget in October 2024, mentioned Right to Buy discounts, which will come into effect from 21 November 2024.
The Right to Buy applies to customers who have a “secure tenancy”, which were normally given to customers before 1989.
If you were given a tenancy after 1989 then it is likely you will not have a secure tenancy. This would mean you would not qualify for the Right to Buy discount, however, you may be eligible for the Right to Acquire.
Please contact us by emailing commercialservices@stonewater.org if you would like to find out whether you are eligible for either product.
• If you are currently purchasing your home under the Right to Buy and your application was received before Thursday 21 November 2024, these changes do not impact you. Any applications received on or after Thursday 21 November 2024 will be subject to the new discount levels.
Please visit the Government website for further information on the upcoming changes to Right to Buy discounts.
Right to Acquire
You may have the option to buy your home through the Right to Acquire, subject to you and your property meeting the relevant criteria.
The scheme allows housing association tenants to buy their home at a discount, worked out based on the area you live, set by the government. View the discounts available in your area.
You can apply to buy your housing association home under the Right to Acquire if you’ve had a public sector landlord for 3 years. Your landlord must be registered with the Regulator of Social Housing.
These landlords include:
- housing associations
- councils
- the armed services
- NHS trusts and foundation trusts
and
Your property must either have been:
- built or bought by a housing association after 31 March 1997 (and funded through a social housing grant provided by the Housing Corporation or local council)
- transferred from a local council to a housing association after 31 March 1997
The home you want to buy must also be:
- a self-contained property
- your only or main home
For further information on the full eligibility criteria for Right to Acquire, please visit please visit the government's page on Right to Acquire.
If you think you qualify for the Right to Acquire, please contact us.
Right to Shared Ownership
For any of our customers that moved into a newly built rented home from February 2023 onwards, you may be entitled to apply for the Right to Shared Ownership.
Launched by the UK Government, the Right to Shared Ownership scheme allows some tenants in England to buy a share of their rented home on shared ownership terms. This means you buy a share of your home and pay rent to the landlord on the rest. There is no discount available, but eligible tenants can purchase shares from 10% to 75%.
There are certain exemptions you will need to be aware of that relate to which properties are eligible for the Right to Shared Ownership, as well as qualifying criteria on the tenant(s).
For further information, please check out the government's page on the Right to Shared Ownership.
If you moved into your current home before 1 January 2023 you are not eligible for the Right to Shared Ownership. If you moved into your home after the 1 February 2023, and your home was a newly built property, you may be eligible for the Right to Shared Ownership.
To find out more on whether you and your home qualify, please contact us.