Can I buy my Hyde home?

There are some schemes available to Hyde tenants to help you buy the home that you currently rent from us.

Do I qualify to buy my home?

As a general rule you may have the right to buy your home If you were a tenant of a local authority and Hyde became your Landlord via a stock transfer you hold a protected assured tenancy and you will have the right to buy your home. This is known as the Preserved Right to Buy. If you hold a secure tenancy (normally tenancies before 1989) and your Landlord was not originally Hyde and was not a charitable housing trust. If your property was built or purchased using Social Housing Grant after st April 1997. If your property was transferred from a Local Authority after 1st April 1997. Not everyone who rents a home from Hyde has the Right to Buy or Right to Acquire. If you think that your property may be eligible, please contact INplace on 0845 6006 1221 and we send you an information pack and application form.

What discounts are available to buy my Hyde home?

The discounts are fixed amounts set by the Government. The discounts currently range from £9,000 to £16,000. The amount of discount you receive will depend on where you live.

What happens if I want to sell the property?

You may sell your property whenever you wish, in just the same way as other homeowners. However, if you sell within the first five years you should anticipate repaying an amount representing the value of the discount you received. Your Landlord will calculate the repayment figure taking into account the length of time since you purchased the property.

Do I qualify to buy my home?

As a general rule you may have the right to buy your home If you were a tenant of a local authority and Hyde became your Landlord via a stock transfer you hold a protected assured tenancy and you will have the right to buy your home. This is known as the Preserved Right to Buy. If you hold a secure tenancy (normally tenancies before 1989) and your Landlord was not originally Hyde and was not a charitable housing trust. If your property was built or purchased using Social Housing Grant after st April 1997. If your property was transferred from a Local Authority after 1st April 1997. Not everyone who rents a home from Hyde has the Right to Buy or Right to Acquire. If you think that your property may be eligible, please contact INplace on 0845 606 1221 and we send you an information pack and application form.

Things to consider when thinking of buying your own home

It is important to give careful thought to the costs and responsibilities of buying your own home. You will initially require approximate £3,500 to cover the initial costs of purchasing a property.

Survey and legal costs

You will be responsible for the cost of your own survey of the property and for the legal fees involved in the purchase.

Stamp Duty

This is a tax you may have to pay if the property you buy is over a certain valuation. Ask your legal representative for advice.

Mortgage Repayments

Unless you have savings, you will need to arrange a mortgage from an approved lender (you need to check with Hyde that the lender is approved). The amount you need to borrow depends on the value of the property you want to buy, less the discount you receive. Remember that mortgage interest rates can go up and down and this will affect future mortgage repayments. If you do not keep up your repayments you may lose your home. As you building society or bank for advice on your ability to afford to buy your own home.

Insurance

You will have to insure your home so that you are protected from the costs of repair and rebuilding in the event of fire, flood and other disasters. You should also insure your home contents against theft and damage.

Service Charges

If you are buying a flat or maisonette as a leaseholder, you will have to pay service charges to Hyde. Service charges are what you have to pay towards repairs, maintenance, major building works such as re-roofing and services provided for the upkeep of communal areas. They can be substantial, particularly in large blocks of flats.

Repairs and Maintenance

Whether you are buying a flat or house you will need to take into account wear and tear at the property. For example, if your boiler breaks down the cost of replacement is your responsibility.

Other expenses

Water & sewage charges

Utility costs

Contents and buildings insurance

For more information please contact our Home Ownership Team:

Phone: 0845 606 1221

Email: info@inplace.co.uk