Buying Your Home
For tenants who transferred from Manchester City Council on 26 November 2007.
We can make buying your home a smooth and hassle free process by offering advice right from the beginning.
Call Mike Anderson on 0161 448 4200 for a helping hand.
There are two ways to buy your home. One is by the Preserved Right To Buy and the other, the Right To Acquire
1. You have been a tenant - with the City Council, Southway or another public sector landlord (like another council or housing association) - or lived in armed forces accommodation for a specific time. If you become a tenant before 18th January 2005 the specific time is two years. If you became a tenant on or after that date, the specific time is five years.
2. You do not you live in specialist housing - for elderly or disabled people for example.
If you have the Right to Buy
You can buy your home at a discount price below its market value - the longer you have been a tenant, the bigger the discount. If you live in a house you will get between 32 percent and 60 percent off the market value. The discount if you live in a flat is between 44 percent and 70 percent. But the maximum discount you can get is £75,000.
If you buy your home, you can sell it in the future - but if you do this within a specific time you will have to pay back some or all the discount. If you applied to buy your home before 18th January 2005 the specific time is three years. If you applied to buy your home on or after that date, the specific time is five years.
Things to consider before you buy
When you are looking at the difference between renting and buying, don't just check the weekly payments. Remember your rent includes things like buildings insurance and a repairs service. If you buy your home you would have to pay for these items yourself.
Remember that if you are considering purchasing a flat you will have to pay service charges for external repairs and essential property maintenance.
If you are thinking of buying, beware of 'Right to Buy' sales people who may try to get you to sign deals on the doorstep. Get independent financial advice from a bank or building society. Free advice is also available from our ‘Right to Buy’ Team.
For more information or a Right to Buy application form, please click on the links below:
The Right to Aquire
For people who became Southway Housing Trust tenants AFTER the transfer from Manchester City Council on 26 November 2007.
Your tenancy agreement gives you the legal right to purchase your home through the 'right to acquire' if:
1. You have been a tenant - with the City Council, Southway or another public sector landlord (like another council or housing association) - or lived in armed forces accommodation for a specific time. If you become a tenant before 18th January 2005 the specific time is two years. 2. If you became a tenant on or after that date, the specific time is five years.
You do not you live in specialist housing - for elderly or disabled people for example.
If you have the right to acquire.
You can buy your home at a discount price of £10,000 below its market value.
If you decide to sell your home within five years of buying it, or it is repossessed by your mortgage lender during that time, you will have to repay some or all of the discount. How much you have to pay back depends on how soon this happens:
Within year one, you have to pay it all back
within year two, you have to pay back 80 percent
within year three, you have to pay back 60 percent
within year four, you have to pay back 40 percent
within year five, you have to pay back 20 percent
For more information on the Right to Aquire or an Application Form, click on the links below: