Buying your home
The right to acquire
For people who became City South Manchester Housing Trust tenants AFTER the transfer from Manchester City Council in June 2008.
Your tenancy agreement gives you the legal right to purchase your home through the 'right to acquire' if:
- You have been a tenant - with the City Council, City South or another public sector landlord (like another council or housing association) - or lived in armed forces accommodation for a specific time. If you become a tenant before 18th January 2005 the specific time is two years. If you became a tenant on or after that date, the specific time is five years.
- You do not you live in specialist housing - for elderly or disabled people for example.
If you have the right to acquire
You can buy your home at a discount price of £10,000 below its market value.
If you decide to sell your home within five years of buying it, or it is repossessed by your mortgage lender during that time, you will have to repay some or all of the discount. How much you have to pay back depends on how soon this happens:
- if it happens within one year, you have to pay it all back
- if it happens within two years, you have to pay back 80 percent
- if it happens within three years, you have to pay back 60 percent
- if it happens within four years, you have to pay back 40 percent
- if it happens within five years, you have to pay back 20 percent
Think before you buy!
When you are looking at the difference between renting and buying, don't just check the weekly payments. Remember your rent includes things like buildings insurance and a free repairs service. if you buy your home you would have to pay for these things yourself.
If you are thinking of buying, beware of sales people who may try to get you to sign deals on the doorstep. Get independent financial advice from a bank or building society. We can give you free advice too. Contact us if you're interested in buying. We'll send you an information pack and an application form.
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