Preserved right to buy
What exactly is the Preserved Right to Buy?
Exciting times! In July 2014 the government increased the maximum discount for people who are entitled to buy their existing home. The discount for those with a ‘Preserved Right to Buy’ can now be as high £78,600 for some households.
As a result approximately 900 of our residents will have confirmation they are eligible to buy their home at a discounted price.
The preserved Right to Buy is a statutory right (Act of Parliament) given to secure former tenants of Wychavon District Council to buy their home at a discounted price.
This right was 'preserved' when the housing stock transferred from the Council to Evesham and Pershore Housing Association (now Rooftop Housing Group) in 1994.
Who is eligible to buy?
If you are assured tenant of Rooftop Housing Group, in normal circumstances you do not have the Preserved Right to Buy.
However, if you were previously a secure tenant of Wychavon District Council and you become an assured tenant because of ownership of your home was transferred to us, you may have the Preserved Right to Buy.
Why choose to buy your Rooftop home?
Buying your home is a big decision. Owning a property is a fantastic asset for you and your family, both now and in future years. The opportunity to buy a home at a greatly discounted price is a positive way for many social housing tenants to get on the property ladder and gain equity.
What's different about Right to Buy now?
Apart from the discount available for you, the government has changed the way that the money raised from sales is spent. In the past, and as a general rule, money raised did not go towards building new homes. This time, councils and housing associations will be expected to use the money raised through Right to Buy sales to replace a home sold with new property, giving local people the chance to have their own home.
If you do buy your home, we at Rooftop working with Wychavon District Council will make sure the money raised from the sale is reinvested locally to provide much needed homes.
Contact us online if you have any further questions regarding Right to Buy.