Buy your home

Preserved Right to Buy (PRTB) and Right to Acquire (RTA) are Government schemes that allow some tenants to buy their home at a price lower than the full market value. This is because the length of time you have spent as a tenant entitles you to a discount.

Right to Buy

If you were a secure tenant of Tewkesbury Borough Council and you have maintained a continuous tenancy with Severn Vale Housing Society Ltd and subsequently Merlin Housing Society (trading as Bromford) you may have earned the preserved right to buy that property up to a maximum discount of 70% on the open market value, or the capped discount of £82,800.

Right to Acquire

To qualify, you must have spent a minimum of three years as the tenant of a local council or a housing association, or have lived in a home provided by the armed services. At the current time the discount for right to acquire is capped at £10,000 - £13,500 in this area. Please note the property must be eligible as well as the person for the relevant scheme and there are exceptions listed in the legislation.

Owning your Home

Owning your own home provides you with freedom and also allows you to move onto the property ladder. Buying your home is a big decision for you and your family. You must consider all your options, along with your financial situation before you decide whether it’s right for you.

Now might be a good time to think about buying your home. Under the Preserved Right to Buy Scheme you could be offered up to 70% discount on a house or flat (up to a maximum discount of £78,600 on the open market value of your home). At the current time the discount for Right to Acquire in this area is capped at £10,000.00 - £13,500. However buying your home is a big decision so it’s always advisable to get independent advice before deciding whether buying is right for you.

Please read the documents below to help you understand which scheme you're eligible for. Please note an Insolvency Declaration form must be completed by each applicant and returned with the relevant application form.

Useful documents and application forms 

Right to Buy Right to Acquire
Overview of Right to Buy Overview of Right to Acquire
Right to Buy application form (RTB1) Right to Acquire application form (RTA1)
Right to Buy information booklet Right to Acquire information booklet
Buying a flat information booklet Buying a flat information booklet
  Insolvency Declaration Form.pdf [pdf] 131KB

Costs to consider when buying your home

In addition to the purchase price of the property, you will need to pay some or all of the following:

  • A mortgage arrangement fee and valuation fee to your lender if you are taking out a mortgage to purchase your home.
  • Legal fees to your 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.
  • You may have to pay Stamp Duty if the purchase price is above the Stamp Duty threshold. A Stamp Duty Calculator is available on the Inland Revenue website.

Regular costs of home ownership to consider

  • Mortgage Payments. (If you can’t work because of an accident, illness or redundancy, your lender will still expect you to continue paying your mortgage. Lenders and other companies offer insurance cover for this).
  • Buildings and Contents Insurance.
  • Utilities – gas, electric, water, telephone etc;
  • Council Tax.
  • Service charges (if applicable) to your freeholder. Service charges apply if you purchase a property that has communal facilities. These charges include general service charges towards communal lighting and cleaning etc. You may also be required to contribute to major works and improvement costs such as replacement roofs etc. Your offer notice will contain details of service charges.
  • Any maintenance and repair costs on your home which become your responsibility as the homeowner.

Risks of repossession

You should also be aware that you may be at risk of losing your home if you do not meet your mortgage payments, your lender could take possession proceedings against you if you do not keep up with your payments. You should also be aware that if your property is repossessed or sold within 5 years of purchasing it under the Right to Buy/Acquire scheme you will have to pay either all or some of the discount back to Bromford.

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