Right to buy
Are you eligible?
If you were a secure tenant of Peterborough City Council at the time your property was transferred to Cross Keys Homes in October 2004, you may qualify for the Preserved Right to Buy your property (PRTB). If you move to a different property owned by us your Preserved Right to Buy will go with you to your new home.
You do not have the Preserved Right to Buy if:
• you are an assured tenant and do not hold an assured protected tenancy
• your home is rented to you in relation to your employment
• the courts have issued a possession order for you to leave you home
• you are undergoing bankruptcy proceedings
• you live in housing specially provided for older people and (in certain cases) disabled people
If you are not eligible for the Right to Buy, you may be eligible for the Right to Acquire
The amount of discount available depends on how long you have been a tenant. The qualifying period can include time spent in different homes and with different public sector landlords. The maximum discount is 70% upto a maximum of £78,600. If you sell the property within five years of buying it, you will have to pay back some or all of the discount we gave you, 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 Buy Application Form and the Right to Buy Guide. If you have any questions, we're here to help: just call our Right to Buy Coordinator on 01733 385037 or email email@example.com. Alternatively you can collect a form from one of our Neighbourhood Offices.