We have a number of schemes, designed to help our tenants become home owners. If you are an Arcon secure tenant and you have rented your home from us, since before 15 January 1989, you might have a ‘Right to Buy’. This would involve your home being valued, by an independent valuer and Arcon offering to sell it to you, at a discounted purchase price. The longer you have been a tenant, the bigger the discount we could offer. If you bought your home, in this way, you would become a leaseholder.
Shared ownership is a part-buy/part-rent scheme designed to help people, who are unable to purchase properties outright, get onto the home ownership ladder. Taking your household income into account, you could buy a share of between 25% and 75%, in an Arcon property. You would then pay rent on the remaining share which would remain in our ownership. As your income increases, you could buy more shares until you own the whole property. This is known as ‘staircasing’.
As leaseholders and shared owners, your rights and responsibilities differ greatly from those of Arcon tenants. Please visit the Government’s website here to find out more.