Right to buy

Can I buy my home?

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 might qualify for the Preserved Right to Buy your property. If you move to a different property owned by us, your Preserved Right to Buy will go with you to your new home.

You don’t have the Preserved Right to Buy if:

• you’re an assured tenant and don’t 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're not eligible for Right to Buy, you might be able to buy your home using Right to Acquire

Discounts available

The amount of discount available depends on how long you’ve been a tenant. The qualifying period can include time spent in different homes and with different public sector landlords. The maximum discount is 70%, up to a maximum of £78,600. If you sell the property within five years of buying it, you’ll have to pay back some or all of 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.

What do I 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 Co-ordinator on 01733 385037 or email leaseholders@crosskeyshomes.co.uk. Or pick up a form from our Office.