Right to Acquire
Can I buy my home using Right to Acquire?
You might be able to buy your home if you:
• are a secure or assured tenant and have been a public sector tenant for at least three years.
And you live in either:
• a property that was transferred to Cross Keys Homes from Peterborough City Council
• a property that was built or acquired by Cross Keys Homes with public funds
• a qualifying property registered with the Homes and Communities Agency as a Registered Social Landlord
You might be classed as a public sector tenant if you've lived in a home provided by a local authority, the armed forces, fire service or police authority.
You won't be eligible if:
• the courts have issued a possession order for you to leave your home
• you are undergoing bankruptcy proceedings
• you live in housing specially provided for older people and, in certain cases, disabled people.
The amount of discount currently available is £9,000. If you sell the property within five years of buying it, you'll have to pay back the discount we gave you. You'll also have to pay back a percentage of the resale value of the property less the value of any qualifying improvements.
The cost of buying your home
Use these lists to decide whether you can afford to buy your home. It might be one of the biggest decisions you’ll ever make.
One off costs you may have to pay
• Mortgage valuation fee
• Survey fee
• Legal fees
• Land registry fee
• Stamp duty
Annual costs you might have to pay
• Mortgage repayments
• Mortgage payment protection
• Council tax
• Water charges
• Building and contents insurance
• Life assurance
• External repairs
• Service charges (if applicable)
Remember: your home is at risk if you don’t keep up your mortgage repayments.
Buying a flat or maisonette
If you buy a flat or maisonette you’ll become a leaseholder. The block will still be owned by us and you’ll be granted a lease, usually for 125 years. As a leaseholder you’ll have to pay a ground rent of £10 per year and an annual service charge to cover the upkeep of the building and any communal areas as well as building insurance and management costs. This could add up to a few hundred pounds a year – more if the block needs major repairs or maintenance.
As a leaseholder, you can sell your property at any time during the lifetime of the lease. The person who buys it takes over the remainder of the lease and becomes responsible for the ground rent and service charge.
Download the guide to buying your council flat.