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Buying Your Home
Who has the right to buy?
Preserved Right To Buy
If you were an existing secure tenant of Gedling Borough Council at the time of transfer (November 3rd 2008), you will have started your tenancy with Gedling Homes with a “preserved right to buy”. This means that as long as you remain a tenant of Gedling Homes you will be able to apply to purchase your property under the Right To Buy scheme at the current market value, less a discount based on the length of your tenancy.
Right To Acquire
If you became a tenant of Gedling Homes on or after November 3rd 2008 you will not have the Preserved Right to Buy but you may be eligible for the Right To Acquire. This is a similar scheme to the Right to Buy except that the amount of discount offered differs.
You cannot exercise the Preserved Right to Buy/Right to Acquire if
- You do not occupy your property as your only or principal home
- Your property is not self contained
- You have breached a suspended order for possession and your tenancy has not been revived by an Order of the Court
- The Court has made an Order requiring you to leave your home
- You are an undischarged bankrupt, have a bankruptcy petition pending against you, or have made an arrangement with people you owe money to, on how you will repay them
The exceptions to the Preserved Right to Buy/Right to Acquire
The Preserved Right to Buy/Acquire does not apply to sheltered housing and some other properties suitable for elderly or disabled persons. For a full list of the types of properties that cannot be sold to you under this scheme please call Group Legal Services on 0161 331 2000.
How to claim the Preserved Right to Buy/Right to Acquire
You can obtain an information pack by calling Group Legal Services on 0161 331 2000.
Once you have considered the information pack, if you wish to apply, you need to complete the application form and accompanying declaration form in full and return them together to our address above. Please ensure you complete all the relevant details otherwise the forms will have to be returned to you.
Gedling Homes will need to validate the details given in your application form and will write to you within 4 weeks of receipt of your application to confirm or deny your application. In some circumstances where the information cannot be validated by Gedling Homes alone, the response period may be up to 8 weeks from receipt of your application.
If your application is confirmed then Gedling Homes will arrange for the property to be valued, so that a formal offer can be sent to you with all the relevant sale details.
What will the purchase price be?
The purchase price is calculated by obtaining a figure reflecting the open market value of your home, but discounting the value of any improvements you have made to the property.
The discount you are entitled to will be deducted from the open market value and providing the figure is not less than costs incurred by Gedling Homes in acquiring or improving the property then this figure will be the purchase price.
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