Right to aquire and mortgage

[peanutbutterbanana1]

Hi,
Just after some help really. Has anyone been renting from a housing association and had any luck with the right to Aquire? Also how did I go about this.
Also we have a deposit and wondered where to start to try and find a mortgage....I’m totally clueless any help greatfully appreciated.
Thanks

Not personally but my colleague did and I helped her out a bit with the forms. They weren't long.

Presumably you either have the right to acquire or not? There isn't a middle ground. If you do then as I understand it they have to sell it to you, and if you don't then you can't make them.

Then you just look for a mortgage in the same way as anyone would. You have a deposit and you can use the discount as part of deposit as well with some lenders. Eg if the value of the house is 100k, the discount is 8k and you have 2k, you're borrowing 90% LTV. Others I think will think of the house as having a purchase price of 92k and therefore want you to have whatever percentage of 92k as your discount.

Was your home built by or transferred to the HA from the council after 1997? If it was, you have the Right to Acquire - contact your Housing Officer as a first port of call and ask how you begin the process.

If your home doesn't fall into above eligible categories, you'll need to wait until the Government sets out its full plans for the voluntary extension of Right to Buy for HAs: this is expected to take some time yet and if your HA was one of those who voted against the proposal it's possible they'll only offer you the option of "porting" your discount to buy a home externally rather than sell you your current home.

Hi, thank you both for your replies.
Cuntinuious did your friend get the forms from The HA or governments website? I think I have some forms to fill out.
I’m not sure comtessedespair how I go about finding when my house was built? And when it was transferred for council etc?! I guess I couldn’t ring them?

I found out that we do have the right to acquire. Do you know if they will tell me what the house is worth before I apply for the RTA?

Surely you need to apply for them to instruct someone to value the property? Otherwise, all they're doing is guessing/assuming based on local prices.

Yes we bought our HA house this way, we didn’t need a deposit as the discount was the deposit. You get the forms from the HA and give London and Country a ring they are fab.

They only value the house when you fill in the forms but you don't commit to buy until you have the valuation.

Thanks for your replies.
We are thinking of buying our HA through RTA but just wanted more info about the process. Will have a look through the forms and phone London and country
Thanks

If we ask for a valuation and decide not to go ahead with buying, that doesn’t affect us from renting does it?

For property and applicant eligibility look at section 11 of the capital funding guide for Homes England that administers RTA.

www.gov.uk/guidance/capital-funding-guide

Speak to your housing association and a mortgage advisor.

No it won’t make any difference to you renting.

Thanks for your help everyone :)