Right to acquire
Are you eligible?
You may be if you:
• are a secure or assured tenant and have been a public sector tenant for at least 3 years
And you live in:
• 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 Housing Corporation as a Registered Social Landlord
You may be classed as a public sector tenant if you have previously lived in properties provided by a local authority, the armed forces, fire service or police authority.
You will not 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 will have to pay back the discount together with 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. Deciding to buy your home may be one of the biggest decisions you will 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 may have to pay
• Mortgage repayments
• Mortgage payment protection
• Council tax
• Water charges
• Building insurance
• Life assurance
• External repairs
• Service charges (if applicable)
Remember that your home is at risk if you do not keep up mortgage repayments on it.
Buying a flat or maisonette
If you buy a flat or maisonette you will become a leaseholder. The block will still be owned by Cross Keys Homes and you will be granted a lease, usually for 125 years. As a leaseholder you will have to pay a ground rent of £10 per year and an annual service charge to cover the upkeep of the building and communal areas (if any), building insurance and management costs. These may be several hundred pounds each year or more if the block needs major repairs or maintenance.
Leaseholders can sell their property at any point during the lifetime of their 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.
What to do next?
You can download a right to acquire application form or telephone our Right to Acquire Coordinator on 01733 385037 or email firstname.lastname@example.org. Alternatively you can collect a form from one of our Neighbourhood Offices.