Right to Part Buy your council home policy launched today (9 January, 2017)
Published: Monday 9th January 17
Council tenants in Wandsworth can now apply to buy a share of their home with a substantial discount, creating a new generation of homeowners.
The scheme enables council
tenants who qualify for Right to Buy, but can’t afford the full price of their
home, to buy a discounted share instead and become a leaseholder while paying a
low rent on the rest.
The percentage being bought would reflect the proportion of the current full £103,900 Right to Buy discount, so for example buying a 25 per cent of a home share would mean a discount of £25,975.
To be eligible, applicants must be secure tenants of at least three years’ standing who have not received housing benefit for 12 months before applying, and must also pass an affordability test.
There will also be the opportunity of purchasing additional shares, known as ‘staircasing’, up to 100% of the property over time.
The council will reinvest the proceeds of Right to Part Buy sales into building new affordable housing.
If residents wish to move on and to sell their share, the council has the right of first refusal on the property.
Cllr Paul Ellis, Cabinet Member for Housing, said: “Wandsworth was one of the pioneers of Right to Buy nearly 40 years ago, and once again we are pioneering another groundbreaking policy, Right to Part Buy. We aim to help many more local people onto the housing ladder, and in doing so also fund the construction of new affordable housing, which the Mayor of London, Sadiq Khan, has recently endorsed our achievements in.”
The Right to Part Buy is one of several Wandsworth Council home ownership policies, such as house purchase grants for council tenants; local priority for shared ownership homes; and a dedicated home ownership service.
For more information and to apply, visit the Home Ownership webpages here.