Under the Right to Acquire scheme, you can buy your home at a price lower than the full market value. The longer you have been a tenant, the more discount you can get, up to the maximum limit of £8,000.
You may need to get a loan or mortgage to enable you to take up the Right to Acquire. You will also become responsible for all the costs of maintaining your home, including routine repairs, major structural repairs and improvements to it. If you become a leaseholder by buying your flat or leasehold house, you will have to pay service charges each year. You may also have to meet the costs of major repairs and refurbishment and these can be substantial.
As a tenant, you may be able to claim housing benefit to help with your rent. You cannot claim this to help with a mortgage. You may be entitled to Support for Mortgage Interest. You will need to satisfy the conditions of entitlement, and there are restrictions on the help available.
The below documents by the Welsh Government will tell you a bit more about Right to Acquire:
If you have any questions please get in touch on 01492 572727 or email [email protected].