Preserved Right to Buy
The Preserved Right to Buy is a purchase scheme set up by the Government allowing former tenants of local authorities with a secure tenancy to buy their home.
If you were formally a tenant of South Lakeland District Council and had your tenancy transferred to South Lakes Housing in March 2012 you may be eligible to buy your home through the Preserved Right to Buy scheme. If eligible, you may share your Preserved Right to Buy with other household members providing that they have lived in your home for at least the last 12 months.
If you became a tenant of South Lakes Housing after March 2012 you do not qualify for the Preserved Right to Buy. However, you may instead be eligible for the Right to Acquire. (You can find information on the Right to Acquire Scheme here).
Discounts
Under the Preserved Right to Buy a discount is offered on the market value of the property and is calculated based on the number of years a tenancy (or tenancies) has been held with a public sector landlord. The current maximum discount offered can be found here. Discounts are calculated as follows:
Houses
35% for the first 5 years and then an extra 1% for every year after.
Example
- Market value: £200,000
- Number of year tenancy has been held: 12
- Entitled discount: 42% = £84,000
- Purchase price: £116,000
Flats and Maisonettes
50% for the first 5 years and then an extra 2% for every year after.
Example
- Market Value: £100,000
- Number of year tenancy has been held: 14
- Entitled discount: 68% = £68,000
- Purchase price: £32,000
Please note that we do not keep a list of individual property valuations. Should you apply to buy your home, your home will be valued as a part of the application process.
You may be able to find a rough estimate of valuation by looking on sites such as Rightmove or Zoopla.
How to apply
Should you wish to buy your home, you will first need to fill out an application form and send it to South Lakes Housing, Bridge Mills Business Centre, Stramongate, Kendal LA9 4BD. You can find the application form by following the below link. Please include your email address on the application as this make corresponding much quicker.
https://www.gov.uk/government/publications/notice-claiming-the-right-to-buy–2
Things to consider
It is important to note that once you begin the application process, South Lakes Housing will not attend to any repairs at your home unless they are deemed an emergency.
Should you complete the purchase of your property, you will not be considered for re-housing by South Lakes Housing at any future date, unless your application is for sheltered housing. Such an application will only be considered if there is exceptional hardship.
Before applying, please carefully consider the financial implications of homeownership and whether this is something that you are able to afford. This will include costs such as mortgage repayments, buildings insurance and general property maintenance.
When purchasing a flat or maisonette, you will become a leaseholder of South Lakes Housing on completion of the purchase. Again, there will be costs to consider such as annual service charges and contributions towards the maintenance of the building. More information on what is means to be a leaseholder can be found here (link to leasehold section of the SLH website)
Exclusions
The Preserved Right to Buy cannot be exercised if any of the following apply:
- You do not have a secure tenancy
- The property is in a cemetery
- The property is specifically for older people
Right to Buy – Resales
If you require further information about Right to Buy resales and selling your property please contact Customer Services on 0300 303 8540 or customerservices@southlakeshousing.co.uk
