Closing two of our voluntary sales schemes

Posted on the 27th March 2024

We are closing our two voluntary sales schemes that allow customers who do not have a statutory right, the opportunity to buy their rented homes from us. These voluntary schemes are the “Tenant Home Purchase Scheme” (THPS) and “Shared Ownership for Tenants” (SOFT).

There are still a number of Government schemes that enable some customers to apply to buy their homes, including for some new customers, the recently introduced Right to Shared Ownership.

This does not affect anybody who has already bought their home, or part of it, from us.

Frequently asked questions:

Plus Plus Which Paradigm schemes are closing?

Tenant Home Purchase Scheme (THPS)
This gives secured and assured tenants, who are not eligible for the Government’s right-to-buy schemes, the opportunity to apply to buy the home they live in. The scheme allows the purchase of 100% of your home, with a discount of between £9,000 and £16,000 depending on where the property is.

Shared Ownership for Tenants (SOFT)
This scheme allows eligible tenants who can’t afford to buy their home outright the chance to buy an initial share between 50% and 75%. You would fund the purchase with a mortgage and/or savings and pay rent on the share that Paradigm still owns. You would also benefit from a discount to the purchase price, the same as THPS, but the amount depends on the share being purchased. We also offer help with the rent for the first five years, with nothing to pay in the first year.

Plus Plus Why are they closing?

As there is a chronic shortage of social rented housing, we have decided to keep the number of genuinely affordable homes for rent as high as possible.

Plus Plus When are the schemes closing?

We plan to close applications to the schemes on 1 October 2024, which allows for a six-month transition period.  Any application submitted and diligently progressed by that date will still be processed, and please bear in mind that applications can take up to nine months to be completed.

Plus Plus What should I do if I want to buy my home before this deadline?

Please contact our Sales team as soon as possible, by calling 0300 303 8046 or emailing Sales@ParadigmLiving.co.uk   We will then send you a pack explaining the process to follow, depending on your tenancy type and whether you want to buy all your home or a share in it.

Plus Plus What if I want to buy my home after this deadline?

You will not be able to benefit from the voluntary schemes currently offered by Paradigm (link to website), but you can still call our Sales team on 0300 303 8046 or email Sales@ParadigmLiving.co.uk and they will be able to confirm if you are eligible to purchase through one of the Government’s statutory schemes.

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