Right to Buy/Acquire
The Right to Acquire scheme is an alternative home ownership scheme introduced by the Government in 1997. This was for Housing Association tenants who occupy an eligible property and provides the opportunity to purchase their property using a smaller discount.
The Preserved Right to Buy applies only to tenants who were living in a council (local authority) property with an assured tenancy when it was transferred to VIVID. Stock transfer dates for each local authority who transferred homes to us are as follows:
- Eastleigh BC- 18/03/1996
- Rushmoor BC- 13/11/1995
- Hart DC - 09/03/1994
- Basingstoke and Deane BC- 20/03/1995
You must have remained with us as your landlord since the transfer dates to qualify.
Please contact VIVID to discuss if you may be eligible for the Preserved Right to Buy or find out more here
The qualifying criteria for the Right to Acquire scheme is different to the Preserved Right to Buy. To qualify under the Right to Acquire scheme, you must have held a public sector tenancy for at least 3 years, and you must occupy a "qualifying property".
This means that your property must have been built, bought, or improved after 31st March 1997 and funded through social housing grant provided by the Housing Corporation or a Local Authority or transferred from a local council to a housing association after 31st March 1997.
Please contact VIVID to discuss if you may be eligible for the Right to Acquire.
Most housing association tenants do not qualify for the Preserved Right to Buy. The Preserved Right to Buy scheme is only applicable to Housing Association (HA) tenants who were in a council property when it transferred as part of a stock transfer to the HA. Provided the tenants have remained with the same Housing Association since, they may have the Preserved Right to buy.
If you don’t have the Preserved Right to Buy, you may be able to purchase your property using a smaller discount by using the Right to Acquire scheme.
The Right to Acquire scheme was introduced in 1997 for Housing Association tenants who have held a public sector tenancy for at least 3 years and are in a property that was built using a Social Funding grant provided by the Housing Corporation or Local Authority after 31 March 1997.
Our Neighbourhoods team will carry out the initial eligibility checks.
Once we can establish you qualify for the Preserved Right to Buy or Right to Acquire Scheme we will need an application form competed.
For Right to Buy, it can be found here.
For Right to Aquire it can be found here.
Once we have obtained the supporting documents, our Leasehold team will then process your application through to completion of the sale.
VIVID have 4 weeks from the date we receive your RTB/A1 to formally confirm or deny your Preserved Right to Buy / Right to Acquire application.
Only repair works that are needed to maintain the property in a ‘wind and water-tight’ condition will be processed to comply with the Association’s statutory obligations under the Landlord and Tenant Act 1985.
No modernisation or improvement work will be carried out to your property.
Yes, you can withdraw a Preserved Right to Buy / Right to Acquire application up to exchange of contracts.
Please just be aware, if you withdraw your application and have instructed solicitors or mortgage lenders there may be abortive fee’s payable by you to your lender/ solicitor.
You can re-apply at any point in the future.
Please just also keep in mind, when you do re-apply a new valuation will be obtained for your property which may mean an increase in its value.
You may find within your legal paperwork a clause that means you need to contact VIVID before you sell (you will need confirmation before you advertise the property for sale that VIVID do not wish to Buy back within 10 years from the date of when you first purchase the property).
VIVID are not currently buying back preserved Right to Buy / Acquire properties but please do contact leasehold@vividhomes.co.uk so we can ensure we are adhering to the legal requirements of the Preserved Right to Buy / Right to Acquire scheme.
Please also be aware if you sell your property within the first 5 years you will be required to re-pay a proportion of the discount. Please speak with the leasehold team and we would be happy to advise you further.
Please speak with the leasehold team for further information on our available Shared Ownership properties that may be of interest.
Please note, purchasing a Shared ownership property would result in you having to make the decision to move from your current property. You wouldn’t be able to use the Shared Ownership scheme to purchase your current home.
The preserved Right to Buy is based on you having a qualifying tenancy. Whilst you may live in similar properties you may have differing tenancy terms, commencement dates, mutual exchange history which could affect your qualifying criteria for the preserved RTB.
A family member can share your preserved RTB provided they have been living in your property for the past 12 months and your property is their only or principal home.
We will ask for documents to evidence your family member has been living with you for the past 12 months.
You will still need to be named on the mortgage alongside your family member as you will have a shared legal interest in the property.
There is a lot of legal work required to enable you to purchase your property. Our solicitors will need to create a new lease/transfer documents for your property.
We'll also need to source conveyance plans and other legal documents which are not always readily available.
We'll do everything possible to ensure your sale is progressed as quickly as possible.
You'll need to put this in writing to us and we'll forward this request to the District Valuers office for a redetermination.
They'll contact you directly to arrange a visit to your property.
Please be aware the district valuation is final, and we will use their valuation going forward. You will not be able to revert to the previous valuation provided within your offer notice.
We would strongly advise you to instruct a solicitor as conveyancing can be a complicated legal process that is best dealt with by a qualified legal representative.
Please email leasehold@vividhomes.co.uk with your full name, address and Date Of Birth and they will be able to look into application.
