Pay to Stay and Right to Buy - updated information for residents

Important information for One Housing residents

 

‘Pay to Stay’ – for ‘high income’ social tenants

We know that many of our residents and customers are concerned about the Government’s proposals to make social-rent tenants pay higher rents if the household earns over £40,000 a year (£30,000 outside London). This idea has been put forward as part of the new Housing and Planning Act, but is voluntary for housing associations and councils.

At the moment, One Housing has no plans to implement this policy.

 

Right to Buy

A key part of the Government’s housing policy is offering housing association tenants the right to buy their home. We know that most people would like to own their home, so we support this as another way of helping our residents to get their foot on the housing ladder.

To make ownership possible, housing association tenants that qualify would receive a discount of up to £103,900 (in London) and £77,900 (outside of London) on the market value of their home. If you do want to buy your home, then you will still need to pay a deposit, stamp duty and solicitor fees as well as annual service charges on your home if you become a leaseholder.  

Although a few housing associations are now running pilot schemes, the policy would not be implemented nationally until after April 2018 at the earliest – according to an announcement made by the Government in November 2016.

Different models for the scheme are still being tested so not all the terms and conditions have been finalised. For example, the latest pilot scheme will allow housing associations to make specific properties exempt, their residents will qualify for discounts to help them buy another housing association property elsewhere.

If you are interested in right to buy and want to know more when the scheme comes into effect, please email us at righttobuy@onehousing.co.uk.