Frequently Asked Questions
Buying your own home is a major decision and you should get as much advice and information as you can to make the right decision. The Right to Buy may be available if you are a secure tenant and would like to buy the home you have been renting from us.
Many tenants of Hackney Homes can buy their home. Most secure tenants need to have a minimum of 2 years public sector tenancy to qualify for the Right to Buy. However, anyone who become a new Council tenant on or after 18th January 2005 may not qualify for the Right to Buy until they have at least 5 years public sector tenancy.
- Do you have a secure tenancy for the property you want to buy?
- Have you spent at least two years (or five years if you became a Council tenant on or after the 18th January 2005) as a tenant of Hackney Homes, Hackney Council, another public landlord or any other registered social sector landlord offering the ‘Right to Buy’ initiative?
- Is this your only or main home?
There are a number of reasons why you might be refused the Right to Buy and these are explained in more detail in the Right to Buy booklet under Right to Buy Team. If you breach the terms of your Tenancy Agreement you risk losing your right to buy. This might include not paying your rent or anti-social behaviour. You might also be unable to buy your home if it is due to be demolished and the Council (Hackney Homes) has served notice for this on you.
If you have a Possession Order made against you by a Court you may also not be able to buy your home.
The property will be valued at its market value. Any improvements you have carried out will not be included in the valuation. You will also get a discount depending on the length of time you have been a tenant, but subject to a maximum discount limit of £16,000.
You may have to pay an initial lump sum towards the purchase even if you get a mortgage. You will also have to pay certain other fees and taxes:
- Fees for your solicitor, mortgage provider and for your own survey
- A mortgage guarantee premium, usually for loans above 75% of the purchase price
- Land Registry fees and Stamp Duty (if the price is above a certain level).
If you buy a house you will be responsible for building insurance and all repairs and maintenance. You may also have to pay annual service charges for common areas and facilities.
If you buy a flat or maisonette, you will be responsible for paying service charges for your share of the building insurance, the upkeep of the building, common areas and facilities, and any major repairs to the building.
Once you become the owner of the property you can sell it on. However, you will have to pay back all or part of any discount you have received if you sell within 3 years of your Right to Buy purchase (or 5 years if you applied to buy on or after the 18th January 2005).
Hackney Homes has a team of people looking after the Right to Buy process.
- Our Right to Buy Team deals with your initial applications and can provide the correct forms and advice for submitting an application.
- Our Leasehold & RTB Customer Services Team deals with all enquiries concerning service charges and major works that are payable by Leaseholders and some Freeholders.
- Right-to-Buy:
phone - 020 8356 2010
email RTB@HackneyHomes.org.uk - Opening Hours: 09h00 - 17h00 (Monday - Friday)
- Address: 298 Mare Street, Hackney, London, E8 1HE.
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