Home Ownership

Once you become a homeowner you will be responsible for the costs of buying and maintaining your home. If you become a leaseholder, by buying your flat, you will also have to pay service charges each year.

Right to Buy

The Right to Buy is a government run scheme that allows you, if eligible, to purchase your property at a discounted price. The amount of discount depends on how long you have been a tenant. The longer your tenancy the greater the discount you will receive, up to a maximum limit currently set at £87,200. To apply you will need to complete an application form
Right to Aquire

The Right to Acquire allows you, if eligible, to purchase your property, but unlike the Right to Buy, the amount of discount you receive is a fixed amount published by the government, regardless of how long you have been a tenant. This is currently set at £10,000 for the district of South Lakeland. To apply you will need to complete and application form
Shared Ownership

Shared Ownership is a cross between buying and renting. You purchase an initial share of your home, between 25% and 75% of the property's value and then pay a rent on the remaining share.

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