- How can I apply?
What happens after I apply?
The first step is that we assess whether you are eligible. The law says we have four weeks to write to you after receiving your application form to confirm whether or not you are eligible.
What happens after my application is accepted?
Right to Buy:
If your application is successful and we assess you as eligible to purchase your home under the Right to Buy Scheme we will then prepare a section 125 notice. This is known as an Offer Notice.
Right to Acquire:
If your application is successful and we assess you as eligible to purchase your home under the Right to Acquire Scheme, we will then prepare an RTA 3. This is also known as an Offer Notice.
The Offer Notice will include our valuation of your home and a calculation of any discount to which you may be entitled. The Offer Notice also includes the details of the terms of sale and information about any estimated service charges which you may need to pay in the first five years of owning your property.
When do I get my valuation?
The law says we have 12 weeks (for flats) or 8 weeks (for houses) from the date we confirm your eligibility for the Right to Acquire or Right to Buy and to prepare an Offer Notice. We are unable to provide you with information about the valuation of your home until we send you the Offer Notice.
What happens after I receive my Offer Notice?
The law says you have 12 weeks to let us know whether you wish to proceed with purchasing your home under the Right to Acquire or the Right to Buy.
A form is sent out with the Offer Notice for you to complete and send back to us to confirm whether you will proceed with purchasing your home under the Right to Acquire or under the Right to Buy. On this form you are asked to provide us with details of the solicitor who will be helping you in purchasing your home.
Once you have confirmed to us that you wish to purchase, and you have provided us with the contact details of your solicitor, we will get in touch with your solicitor directly. Your solicitor will guide you through the process of purchasing your home.
When should I approach a mortgage lender?
You can approach a mortgage lender at any time. However, until we send you your Offer Notice you will not be able to tell a mortgage lender how much you will need to borrow.
Sometimes mortgage lenders will help you at an early stage by advising you of the maximum amount they would be able to lend you, on the basis of an assessment of your financial circumstances. This assessment will look at your savings, your income, any other debts you may have, your credit history, and how much deposit you are able to pay towards the purchase of your home.
You may also benefit from the advice of a independent mortgage adviser (sometimes also known as a ‘mortgage broker’), who will be able to advise on the types of mortgages offered by a range of companies. Before you use an independent mortgage adviser you should make sure that you understand the fees that they will charge for finding you a mortgage. You must also make sure they are authorised by the Financial Services Authority (FSA) to act as mortgage advisers.