Right To Buy Right To Acquire

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					                                                                                                                                       Tenant information
You should employ a solicitor or a          When a sale is completed, you must pay
licensed conveyancer to look after the      the Land Registry to register you as the

                                                                                                                                       Right To Buy /
legal side of buying your home. Your        new owner.
landlord or a Citizens Advice Bureau
                                            You may have to pay Stamp Duty, which
can advise on local firms, and your local
                                            is a tax that people pay when they

                                                                                                                                       Right To Acquire
public library should have a list of the
                                            become homeowners. Stamp Duty is
solicitors in your area and the type of
                                            worked out as a percentage of the price
work they do. Before employing anyone,
                                            you pay for a property that is worth more
always ask how much their advice will
                                            than £175,000.

You should have a survey of your home
done. These can cost between £250
and £600, or more if your home has any
special problems. You should consider
one of these:

                                                                                        Yarlington Housing Group
                                                                                               Lupin Way
                                                                                               BA22 8WN

Right To Buy / Right To Acquire                                                               If you applied for the Right to Buy on or
                                                                                              after 18 January 2005, and purchased
                                                                                                                                          be perhaps several hundred pounds
                                                                                                                                          each year, or much more if the block
Buying your home is probably the biggest financial decision you will ever                     your home and wish to sell within 10        needs major repairs or maintenance,
make. So take time to consider whether it is the right choice for you.                        years of buying, you must first offer it    such as a new roof or new windows, and
                                                                                              back to your landlord or other social       improvements.
For example, if you exercise the               You do not have the Right to                   landlords. Your landlord would have to
Right to Buy/Acquire you will become           Buy/Acquire if your home if it:                                                            There are two kinds of service charges:
                                                                                              pay you the full value of your property.
responsible for all the costs of                                                                                                          annual charges for day-to-day
                                               •	 is particularly suitable for occupation
maintaining your home, including                                                                                                          maintenance and ‘major works’ service
                                                  by elderly persons, taking into             Right to Acquire
routine repairs, major structural repairs,                                                                                                charges (a lump sum, which can be
                                                  account its location, size, design,         If you were not a secure tenant with
and improvements to it. If you become a                                                                                                   £20,000 or even more) when a lot of
                                                  heating system and other features;          South Somerset District Council at the
leaseholder by buying your flat, you will                                                                                                 repair or refurbishment work is needed.
have to pay service charges each year,         •	 was let to you or the previous tenant       time of stock transfer on 1st March 1999
                                                                                                                                          To get a rough idea of how high service
and also meet the costs of major repairs          for occupation by a person aged 60          you will not be entitled to purchase your
                                                                                                                                          charges are in your block, it is worth
and refurbishment.                                or over, whether they were the tenant       home under the Right to Buy. You may
                                                                                                                                          asking someone who has already bought
                                                  or not.                                     be able to buy your home under the
                                                                                                                                          a flat what charges they have had to
As a tenant, you may be able to claim                                                         Right to Acquire scheme. To qualify for
                                               Right to Buy                                                                               pay. Or you could contact your local
housing benefit to help with your rent.                                                       this scheme:
                                                                                                                                          residents’ or leaseholders’ association.
As an owner-occupier, you will not             If you were previously a secure tenant
receive any housing benefit to help            of South Somerset District Council and         •	 If your tenancy started with SSH
                                               you became an assured tenant because              before 18th January 2005 you must        How much would I need to
with your mortgage costs. You may be
entitled to income support to assist with      ownership of your home was transferred            have been a secure tenant with SSH       borrow?
housing costs, but you should check            to South Somerset Homes on the 1st                or another qualified body (ask for       The amount you need to borrow depends on:
with your local job centre because it is       March 1999, you may have what is known            details) for more than 2 years
                                                                                              •	 If your tenancy started with SSH after
                                                                                                                                          •	 the full market value of your home       Insurance
quite a complicated system.                    as the ‘Preserved Right to Buy’. This only
                                                                                                                                          •	 any discount you may be entitled to;     You will need to consider taking out
                                               applies if you were living in your home at        18th January 2005 you must have                                                                                                   •	 Contents insurance. As well as
If you are elderly and own your home,                                                            been a secure tenant with SSH or         less                                        insurance cover for your home and               buildings insurance, you should
                                               the date on which it was transferred. It
its value may be taken into account                                                              another qualified body for more than     •	 any cash you can put towards the         mortgage. There are four main types:            insure the contents of your home
                                               can also apply if you then move to another
in assessing whether you are eligible                                                            5 years.                                    purchase.                                                                                against theft and other risks.
                                               property owned by the new landlord. But it                                                                                             •	 Buildings insurance. This is
for financial help with the costs of                                                                                                      Your landlord will tell you how much
                                               does NOT apply if you move to a property       This scheme only applies to certain                                                        essential. It is needed to cover the      •	 Life assurance. This is needed to pay
residential care.                                                                                                                         he thinks your home is worth when you
                                               owned by a different landlord.                 towns and villages. The smaller villages                                                   full cost of rebuilding your home if it      off your mortgage if you die before
                                                                                              are not included in this scheme.            apply to buy it. He will then calculate        were to be destroyed by fire or some         the end of the mortgage period. It
How to buy?                                    If you applied for the Right to Buy before                                                 the price he thinks that you should
                                               18 January 2005 and sell within 3 years of                                                                                                other incident. In the case of flats,        means that your family is not left with
Start by asking your landlord for the                                                         The amount of discount you will be          pay. Remember, your discount can
                                               buying your home.                                                                                                                         this insurance is often arranged for         the heavy burden of mortgage debt.
Right to Buy or Right to Acquire claim                                                        entitled to is a flat rate discount of      be reduced by the cost floor rule and          the whole block by the landlord, in       •	 Mortgage payment protection
form. Fill the form in carefully. It is used                                                  £10,000, regardless of the amount of        cannot be more than the maximum
                                               If you sell within the first year after your                                                                                              which case the landlord will expect          insurance. You need to think
to decide:                                                                                    time you have spent as a secure tenant.     discount available in your area
                                               purchase, the whole of the discount                                                                                                       you to contribute towards the cost           seriously about how you would
•	 whether you have the Right to Buy or        will have to be repaid. Two thirds must                                                                                                   of the insurance. If you need a              meet your mortgage repayments if
                                               be repaid if you sell in the second year,      Buying a flat
   Acquire; and                                                                                                                                                                          mortgage to help buy your home,              you lost your income, say through
                                               and one third in the third year. After 3       As a leaseholder, you only have to pay                                                     the lender will insist that you have
•	 how much discount you will get.                                                                                                                                                                                                    unemployment or ill-health. In many
                                               years, you can sell without repaying any       Yarlington Housing Group a nominal                                                         buildings insurance.
•	 when you have filled in the form,                                                                                                                                                                                                  cases, mortgage payment protection
                                               discount. The discount is the sum you          rent (known as a ‘ground rent’) of
   return it to Yarlington Housing Group.                                                                                                                                                                                             insurance will give you the security
                                               actually received when you purchased           £10 a year. But you and other
                                                                                                                                                                                                                                      that you need.
                                               your home.                                     leaseholders will also have to
                                                                                              pay service charges. These can