Has anybody been through the Right to Acquire process?

[Heiferr]

I'm currently living in a HA property that I will be eligible to buy in about a years time. I'm aware people find the scheme controversial but it's literally my only option for home ownership and future stability so I'm going to explore it.

I don't know anyone who has been through the process personally so if anyone has experience of the process and can share their experiences, I'd really appreciate it. My discount/deposit would be £16k, it would be helpful to know how much I should aim to save additionally (solicitors fees, etc) so that I can start to plan a timeline, savings targets, that sort of thing.

Any pearls of wisdom would be gratefully received

We've not been through it ourselves (but will be next year) so I am interested in what responses you get. I know on my HA site there is a very simple guide/step by step process of what you need to do so I imagine your HA would have the same as a starting point?
Hopefully someone will come along with some good tips

@TheHobbitMum

We've not been through it ourselves (but will be next year) so I am interested in what responses you get. I know on my HA site there is a very simple guide/step by step process of what you need to do so I imagine your HA would have the same as a starting point? Hopefully someone will come along with some good tips

My HA has it out lined on their website and I've been through the government guidance with a fine toothed comb 😄 I guess I'm just wondering what sort of experiences people have had so I can be prepared for as many scenarios as possible. I also need to start saving specifically for this process but it's helpful to know exactly how much I'll need to I can calculate roughly how long it will take before I can go through the purchase process.

Bump

Speak to a mortgage broker to see what sort of cash deposit you will need and check your eligibility for a mortgage. Do you have an idea of the property value? If your max discount is £16k I am guessing it's £200k+. Often lenders want a cash deposit as well as the discount since if you sell or default within a certain time the discount amount is repaid to the HA.

£2k for solicitors fees and survey should be roughly enough. Mortgage arrangement fees and charges can be added to the mortgage.

@OverTheWater

Speak to a mortgage broker to see what sort of cash deposit you will need and check your eligibility for a mortgage. Do you have an idea of the property value? If your max discount is £16k I am guessing it's £200k+. Often lenders want a cash deposit as well as the discount since if you sell or default within a certain time the discount amount is repaid to the HA.

£2k for solicitors fees and survey should be roughly enough. Mortgage arrangement fees and charges can be added to the mortgage.

Thanks @OverTheWater

I have a very rough idea but not a concrete one. I've opened a LISA account and started saving. I thought that solicitors fees and surveyors fees would be more than £2k, in my mind my savings target was around the £5k mark so that's good to know and gives me a little extra as you mentioned.

Are you in a house or a flat?

My friend bought his council flat just before they did some renovations and as a lease holder he has to contribute. For him it still made sense. He's on benefits but inherited some money from his father so it is cheaper to pay the upgrading than the rent and the council lets him pay over 10 years.

Some improvements were for the block eg a new lift but they also fitted better fire doors and a sprinkler system in his flat.

Have a look at maintenance costs things like roof tiles, a new boiler etc, things that you will need to pay for eventually and make sure any repairs are done before you buy.

@sashh

Are you in a house or a flat?

My friend bought his council flat just before they did some renovations and as a lease holder he has to contribute. For him it still made sense. He's on benefits but inherited some money from his father so it is cheaper to pay the upgrading than the rent and the council lets him pay over 10 years.

Some improvements were for the block eg a new lift but they also fitted better fire doors and a sprinkler system in his flat.

Have a look at maintenance costs things like roof tiles, a new boiler etc, things that you will need to pay for eventually and make sure any repairs are done before you buy.

I am in a house. It's quite old and needs a fair bit of work which I'm happy to do but would rather do as an owner than as a tenant 😄 No communal areas to consider fortunately

Sorry posted too soon.
They retired my roof a few months ago. I'm pretty sure I need a new boiler and there is some pipe work that needs doing in the house and the frame for the back doors need replacing. These are things I've raised already, long before considering buying but they can be a bit of a nightmare to deal with

Hi, I know this is a year old would just like to see how it went if you've applied yet.
I have recently sent in the forms to my HA for Right to Acquire for my 2 bed terrace. It also has a 16k discount, it's worth around 385k am in the south east.
Haven't heard from the HA yet however it does say it takes up to 4 weeks for them to respond to the initial forms.
Hope all went well for you