Frequently-Asked Questions
The Right to Buy scheme allows secure tenants to buy the home they are living in. A discount of up to £75,000 is taken off of the market value of the property.
Buying your own home is a major decision and you should get as much advice and information as you can before you go ahead. We have lots of information available to download online, from the Right to Buy team or from Neighbourhood Housing Offices. You are strongly encouraged to read all the information and contact us if you have any queries or concerns.
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 18 January 2005 may not qualify for the Right to Buy until they have at least 5 years' public sector tenancy.
If you answer 'yes' to every question on the following checklist you may be able to buy your home but we will still need to make some checks when you apply:
- Do you have a secure tenancy for the property you want to buy? (If you are unsure then your Neighbourhood Housing Office can tell you.)
- Have you spent at least two years (or five years if you became a Council tenant on or after 18 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 scheme?
- Is the property you want to buy 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. If you breach the terms of your Tenancy Agreement (such as not paying your rent or committing anti-social behaviour) you risk losing your Right to Buy. 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 this is subject to a maximum discount limit of £75,000.
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.
You will also have to make monthly mortgage payments, pay your utility bills and take out home contents insurance. There may be other costs you'll need to pay too. As a home-owner you won't be entitled to claim Housing Benefit.
Once you become the owner of the property you can sell it on the open market any time you wish. 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 18 January 2005). If you applied for the Right to Buy on or after 18 January 2005 then the price you sell your property for will affect the amount you have to pay back.
Also, if you applied for the Right to Buy on or after 18 January 2005 and want to sell your home within the first ten years then you are legally obliged to ask us if we would like to buy it from you. However, we are under no obligation to buy back properties.
Hackney Homes has a team dedicated to processing Right to Buy applications.
- Our Right to Buy Team deals with your initial applications and can provide the correct forms and advice for submitting an application. The team deals with all queries up to, but not including, the legal/conveyancing stage.
- 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 5668
Email RTB@HackneyHomes.org.uk - Opening Hours: 9am - 5pm (Monday - Friday)
- Address: Christopher Addison House, 72 Wilton Way, LondonE8 1HE
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