Right to Part Buy (Voluntary Scheme)
Right to Buy - Consumer Price Index increase
As of Thursday, 6 April 2017 Wandsworth tenants applying for the Right to Buy scheme will benefit from an increase to the maximum discount in line with the percentage change in the CPI (Consumer Price Index) to £104,900.
Right to Part Buy is a new voluntary sales scheme launched by Wandsworth’s Home Ownership Team on Monday 9 January 2017.
This unique scheme will enable eligible council tenants who qualify for the Right to Buy (but are unable to afford to purchase their council home outright) to buy a share of their property with the added benefit of receiving an apportioned discount equal to the share purchased and pay a low rent on the remaining share.
To be eligible for the scheme you must:
- be a secure tenant
- have at least three years tenancy
- not have received Housing Benefit 12 months prior to the application
- must pass an affordability test
Tenants will be able to purchase a minimum initial share of 25% or 50% and in the future can buy additional shares and possibly own their home outright.
This scheme offers an alternative option to the Right to Buy and is an affordable way to take the first steps onto the property ladder.
The new scheme would only apply to new RTB applications or where the original offer had been served on or after the launch date (9 January 2017).
How to apply
To apply please contact the Home Ownership Team:
- Email: firstname.lastname@example.org
- Telephone: 020 8871 6161
We will then send you an application form and arrange to have your home valued. Once the valuation has taken place you will receive an offer letter setting out the price of the whole property in the usual way, but with an invitation to apply for the new RTPB scheme.
Please note tenants who go on to purchase under this scheme will lose their Right to Buy.
(Scheme is subject to eligibility; change; terms and conditions)