Right to Buy or Right to Acquire your Home

Many Severn Vale homes are eligible to be purchased by their occupants.

You may have the Right to Buy your home if you were a tenant of Tewkesbury Borough Council before transfer to Severn Vale in 1998. This is known as a Preserved Right to Buy. Alternatively you may have the Right to Acquire your property if you have been a Severn Vale tenant for more than two years and your home is eligible for purchase.

In either case it means that if you wish to buy the home you occupy you will be given a discount on the market value of that property. For further information about purchasing your Severn Vale home please contact our Business Services Team on 01684 272709. We will send you a full information pack. Advice and support for those looking to purchase their home is FREE and Severn Vale deals with the purchase direct.

Severn Vale Housing Society has received reports of companies who contact tenants offering them help to submit a Right to Buy, or Right to Acquire application, but make a charge for this service.

What you should consider when applying for the Right to Buy or Right to Acquire

Initial costs likely to be connected with your purchase

In addition to the puchase price of the property you will need to consider the following:

• Mortgage arrangement fee and valuation fee to your lender if you are taking out a mortgage
• Legal fees to our solicitor, plus the cost of searches of the property (enquiries of the local authority, environmental search, drainage search etc). Most solicitors will provide a full estimate of all these amounts free of charge
• Land Registry registration fee. The fee depends on the value of your property
• Stamp Duty in accordance with current legislation

Regular costs of home owning

• You may need to take out a mortgage which will result in regular mortgage payments
• Paying for Buildings and Contents Insurance
• Paying Utility bills such as gas, electric, water and telephone
• Paying for Council Tax
• You may have to pay Service Charges if applicable
• You will need to pay to maintain your home

Risks of Repossession

You must be aware that you may be at risk of losing your home if you do not keep up to date with payments on any mortgage on your home. If you fail to keep up these payments your mortgage lender may take legal proceedings against you to repossess your home.