Under the Right to Buy scheme, you can buy your home at a price lower than the full market value. This is because the length of time you have spent as a tenant entitles you to a discount.
The Right to Buy is available to secure tenants of local authorities and non-charitable housing associations, and to assured tenants of registered providers (housing associations) who moved with their homes from a local authority to a housing association as part of a stock transfer.
New Right to Buy Update
With regards to the announcement by the government on 9th June to extend the voluntary Right to Buy programme. The statement quotes that ‘over the coming months we will work with the sector to bring forward a new Right to Buy scheme’ therefore, to date voluntary right to buy is not legislated nor offered by Peabody.
Peabody process Right to Buy and Right to Acquire applications under the current statutory legislation and will continue to do so for the foreseeable future.
Guide to Right To Buy & Right to Acquire
Right to Buy and Right to Acquire are two government schemes where some of our tenants can apply to buy the property they live in, at a discount.
To qualify for either scheme, a certain list of criteria must be met.
On this page you'll find more information about the schemes and if you are able to apply.
Right to Buy
You could be eligible for Right to Buy if you were a secure council tenant and you were living in your home when it was transferred from the council to Peabody after 31st March 1997.
You could also be eligible if you then moved to another home owned by Peabody. But not if you moved to a home owned by a different landlord.
Peabody will be able to tell you whether you have the Preserved Right to Buy. If you’re a Peabody tenant and you’re not eligible for this scheme, you may be eligible for the Right to Acquire scheme instead by contacting our Customer Care Line on 0300 123 3456 or by submitting an enquiry on the Peabody website
Right to Acquire
You could be eligible to buy the home you rent at a discount of between £9,000 and £16,000 on the price of your home.
You must be an assured tenant and have been a public sector tenant for at least 3 years. In addition, your property must either have been:
Built or bought by a housing association after 31 March 1997 and funded through a social housing grant provided by the Housing Corporation or local council
OR Transferred from a local council to a housing association after 31 March 1997
Peabody will be able to tell you whether you have the Right to Acquire by contacting our Customer Care Line on 0300 123 3456 or by submitting an enquiry on the Peabody website
Find out more from Peabody
The process of buying more shares for a Shared Ownership home is reffered to as staircasing. If you staircase to 100% you will become an outright owner.
Selling your home
Selling your Shared Ownership home is a straightforward process and is known as a resale. You can sell your Shared Ownership home at any time.