Buying the home you live in
On 25th March 2013, the Government announced that the Right to Buy discount maximum has increased for homes in London from £75,000 to £100,000.
L&Q welcomes this announcement and supports this decision in the hope to be able to help qualifying residents buy their home. We hope that the increased discount will particularly help those in high property value areas.
The Government are also looking to change the legislation to reduce the time residents have to wait before they are eligible for Right to Buy from five years to three years. This is yet to be confirmed.
In response to the increased maximum discount announcement we are updating all of our literature. If you have a live Right to Buy application, we will be contacting you within the next 4 weeks to advise whether you will be affected by the increased discount.
There are two schemes available to L&Q residents to help you buy the property that you currently rent.
These are the Right to Buy and the Right to Acquire schemes.
Right to Buy
The government introduced the Right to Buy scheme in 1980 to allow public sector landlords like L&Q to offer properties for sale to tenants with the benefit of a discount. The idea behind this scheme was to widen the opportunity and choice for tenants to become homeowners.
On 2nd April 2012 the Right to Buy (RTB) scheme rules changed and you may now be entitled to up to £75,000 towards buying the home you are currently renting. A further change was made on 25th March 2013 where residents that live in London may be entitled to up to £100,000 as a discount. You can find out more about this and all other changes by visiting the RTB website.
RTB provides an opportunity for certain tenants (who meet criteria) to purchase their property from L&Q at a discounted price.
Right to Acquire
The Right To Acquire is a similar scheme introduced in April 1997. This applies to properties built with public money or transferred from a Local Authority after the 1st April 1997.
Are all of L&Q's properties for sale?
Not all of L&Q's properties are for sale and not all tenants have the Right to Buy or Right to Acquire.
RTB is available to council tenants and those who transferred to RSLs as part of stock transfers.
You may be able to purchase your property if became an L&Q tenant as part of the following stock transfers:
- Forest Homes
The government sets down the rules for who qualifies and L&Q have to ensure that each application meets the qualifying criteria.
Find out if you qualify and what you need to consider before buying your L&Q home. Have a look at the links on the left of this page for further information.
Who do I contact to apply or for further information?
To find out more you can contact us at L&Q Direct or call 0800 015 6536 and choose option 4. There will be an initial check to make sure you are a qualifying tenant.
If you meet the initial criteria you will need to complete an application form and your application will be formal.