Update on Extended Right to Buy for housing associations:
The government has announced that they are looking to extend the Right to Buy to housing associations. Currently, the Right to Buy only applies to council tenants or those tenants who were part of a stock transfer from a council to a housing association (Preserved Right to Buy).
At the moment, we are unable to offer anything outside of the current Right to Buy or Right to Acquire schemes that we have in place. Once the changes announced by the government come into effect, we will be able to offer the Extended Right to Buy, in line with legislation. We continue to monitor the situation and will keep you updated.
There are 2 government schemes that may enable you to purchase your home at a discounted rate. These are:
Right to Buy (Preserved)
You may be eligible to purchase your home through Right to Buy if you have previously held a tenancy with South Norfolk District Council. With effect from 01 April 2023, the discount amount is a maximum of £96,000.
Right to Acquire
If you did not hold a tenancy with South Norfolk District Council and have been a tenant for more than 2 years, you may be eligible to purchase your home through the Right to Acquire. The current discount amount in Norfolk and Suffolk is £9,000.
There is more information about the Right to Buy and Right to Acquire schemes in the guides and booklets at the bottom of the page. Or you can contact our Homeownership Team by emailing email@example.com calling 01508 502339.
If you would like to buy your home, please complete an application form (found at the bottom of the page) and return it to firstname.lastname@example.org email. Alternatively, you can return it by post to: Homeownership Team, Saffron Housing Trust, Saffron Barn, Swan Lane, Long Stratton, Norwich, NR15 2XP.
Selling your home
If you have previously bought your home from us through either the Right to Buy or Right to Acquire Scheme and you are considering selling your home, there are some things which you need to consider.
If you are looking to sell within the first 10 years since you became a homeowner, you will need to offer the property back to us before you advertise it on the open market.
If you sell your property within the first 5 years, you will need to repay the discounted amount back. The discount repayment amount is as follows:
- 80% of the discount in the second year
- 60% of the discount in the third year
- 40% of the discount in the fourth year
- 20% of the discount in the fifth year
The amount of discount you would need to repay will depend on the value of your home at the point of sale. For more information, please see our guide below.