Social Home Buy

Eligibility for this scheme is limited to existing secure or assured tenants of Housing Associations or councils.

The scheme is likely to be of interest to tenants who do not qualify for the Right to Buy or the Right to Acquire or who do qualify for these schemes but are not currently in a position to buy their home outright.

The purchase can take place by means of a purchase of an equity shared ownership share of 25% or higher, although the property can be bought outright, if desired.

The maximum discount will vary between £9,000 and £16,000 and the discount will be reduced proportionately if the buyer elects to proceed on a shared ownership basis.

There is only one payment of discount on the initial purchase and therefore it is advantageous to purchase as large a share as possible from the outset.

When the purchaser comes to sell their home the landlord will have the chance to buy the property back at market value or to nominate another purchaser.