Buying your home
Frequently asked questions
Can I buy my home?
As a Whitefriars tenant you may be able to buy your home. Whitefriars Housing Group Ltd operates two schemes. These are the Preserved Right to Buy and the Right to Acquire.
How do I claim the Preserved Right to Buy or Right to Acquire?
If you are interested in buying your home, you should contact the Leasehold Services Team and ask for a form. There is no charge for this form. We will ask you some initial questions so that we can provide you with the appropriate form – either for the Preserved Right to Buy or the Right to Acquire. For more information please contact our team.
How is the price worked out?
The price you are required to pay to buy your home is worked out in set ways. We ask a valuer to assess the open market value of your home as at the date we receive your form claiming the Right to Buy or Right to Acquire. We then apply the discount you are entitled to.
Is it better to buy than rent?
You will need to make your own decision about this. You can seek independent advice from the Citizens Advice Bureau.
Buying is a big financial decision. It is important that you take your time and make the decision that is right for you. You should take into account the likely costs involved.
As a tenant you may be able to claim housing benefit to help with your rent. As a homeowner, you would not receive any housing benefit to help with your mortgage costs. You may be entitled to income support to assist with housing costs, but this is not usually payable for 9 months after you first claim it.
What does it cost to buy?
If you just compare the cost of a mortgage with the cost of your rent, you may think it’s cheaper to buy. However, there are lots of costs involved in home ownership, that as a tenant you don’t need to worry about. In addition to the purchase price for the property you are likely to pay various fees such as:
- Conveyancing or legal fees and searches
- Mortgage arrangement fees
- Survey fees
- Stamp duty
- Land registry fees.
Ongoing costs after you have bought your home are likely to include:
- Mortgage and mortgage interest repayments. If you cannot keep up payments on your mortgage, your lender may take possession and you could lose your home.
- Repairs and maintenance. You would need to find your own contractors for general maintenance and in an emergency. Homeowners do not have access to the repairs service provided by Whitefriars, which is included in your rent.
- Service charges (if you buy a flat). These can be several hundred pounds each year.
- Major works (if you buy a flat). These would be occasional costs, but could cost several thousand pounds.
- Estate charges (if you buy a house). You may be required to pay certain estate charges for maintaining your estate.
- Major works (if you buy a house). You may be required to pay occasional costs for certain major works to your estate.
- Life Assurance
- Mortgage payment protection insurance
- Buildings and contents insurance
- Council tax
- Water, sewerage, gas electricity and other utility charges.
What is a Right to Buy seller or a Right to Buy Service Company?
These companies want to sell you a right to buy package because they want to make money out of you. They are in no way connected to Whitefriars. You are strongly advised to seek independent advice. Make sure you want to buy your home before you proceed, and you shop around to get the best deal for you.
A lot of the services these companies offer at a cost are available for free – don’t get caught out. Contact Whitefriars and get free and impartial advice. For more information please contact our team.
Free mortgage and debt advice is also available from the Citizen’s Advice Bureau, and some estate agents.
Be very wary of anyone who tries to tell you that the Right to Buy scheme is going to end. The Government has made it clear that the scheme is NOT about to end.
Some companies offer money to tenants who make an agreement to sell their property on to the company at a later date – this is known as a deferred resale agreement. If you make an agreement with a company offering this type of deal, you will be required to repay all of the discount you have been given, at the time you make the deal.
These deals are not always a good offer to tenants. You may find that you are not left with enough money to buy another home, and you lose out. If you are approached by one of these companies you should seek independent advice before making any agreement.
Is there a difference between buying a flat and buying a house?
Yes. If you buy a house you own the property outright, as you buy the freehold.
If you buy a flat you purchase a long lease that allows you to live there for a set time (usually 125 years). The block is still owned by Whitefriars who is responsible for maintaining the overall building and communal areas.
As a leaseholder you have to pay ground rent and service charges to Whitefriars. Service charges are likely to be several hundred pounds a year.
What are service charges?
Whitefriars is responsible for keeping the block and communal areas of flats in good repair. We provide services such as lighting and electricity, repairs and maintenance, grounds maintenance, management and buildings insurance.
If you buy a flat, under the lease you are required to pay a share of these costs as a service charge. As a tenant these costs would be included in your rent.
Can I buy my home if I have rent arrears?
No. You will need to clear the arrears and any court costs before a purchase can be completed.
My daughter does not live with me. Can she buy with me?
No. Some adult members of your family are allowed to buy with you, but they must have been living with you for at least 12 months before you apply to buy.
Do I have to pay back the discount if I sell my home?
If you applied to buy after 18 January 2005 and sell within the first five years of buying, you have to pay back some, all, or more of the discount. The amount you pay depends on how soon you sell, and the price of your home at the time you sell. If you sell after five years, you do not pay back any discount.
If you applied to buy before 18 January 2005 and sell within the first three years of buying, you have to pay back some, or all, of the discount, depending on how soon you sell. If you sell after three years, you do not pay back any discount
How can I find out more?
You can get more information about buying your home from Whitefriars Leasehold Team on 024 7676 7072/7220/7218 or visit our contact information for alternative ways to get in touch.
Links
Listed below are organisations that can provide advice on buying your home, their contact details and links to their pages on the website. We hope that you find this information useful.
- Office of the Deputy Prime Minister
Right to Buy branch
Room 2/H10
Elland House
Bressenden Place
London
SW1E 5DQ
Tel: 020 7944 3427
Website : www.odpm.gov.uk
Booklet : Right to buy information booklet
The ODPM provide information on the Right to Buy, leasehold properties and other issues relating to housing and other government initiatives. Publications can be ordered or downloaded from their website.
- Housing Corporation
31 Waterloo Road
Wolverhampton WV1 4DJ
Tel : 0845 230 7000
Website : www.housingcorp.gov.uk
Booklet : Right to Acquire information booklet
The Housing Corporation provide information on the Right to Acquire and other issues relating to housing associations. A Right to Acquire leaflet is available to download from their website.
- Residential Property Tribunal Service
Residential Property Tribunal Service
2nd Floor
East Wing
Ladywood House
45-46 Stephenson Street
Birmingham B2 4DH
Tel: 0845 6003 178
Website : www.rpts.gov.uk
RPTS determines certain appeals against the denial of the Right to Buy. They provide information on how to proceed with appeals on the website.
Contact details
For service charge or lease administration queries, and queries about buying your home contact the Leasehold Services Team:
- By telephone on - 024 7676 7072/7220/7218
- In person or in writing at 9 Little Park Street, Coventry, CV1 2UR
- By fax on – 024 7676 7081
- By e-mail to – Leasehold.team@whitefriarshousing.co.uk
Homebuy
A scheme that makes buying a home that little bit easier.
Homebuy is aimed at first time buyers and people who cannot afford to buy a home of their own without financial assistance.
Who is eligible?
Local Authority or Housing Association tenants and people in housing need registered on the City Council waiting list.
The Scheme requires applicants to fund 75%of the purchase price of a house on the open market. The scheme then provides the remaining 25% as an equity free loan. There is nothing to pay back on the loan until the homeowner either sells the property or decides to buy the remaining 25%. The loan is then repaid at 25% of the current market value of the property.
- For further information call 0121 377 8899 (Mercian Housing Association Limited)
