Buying your home

If you rent your home from Paradigm then you may be able to buy the home you are living in. This depends on the type of tenancy you have and how long you have lived there.

Right to Buy (RTB)
This scheme is available to secure tenants who have lived in their home for at least three years. In most cases this will be for tenants who were Chiltern District Council tenants before the homes were transferred to what is now Paradigm Housing. The Right to Buy allows you to purchase 100% of your home with the benefit of a discount. The maximum discount is £87,200 (£116,200 if you live in London). Discounts are increased each year in April in line with the consumer price index. The amount of discount you get depends on how long you’ve been a tenant, the type of property you’re buying (a flat or house) and the value of your home.

Right to Acquire Scheme (RTA)
This Government scheme is available to tenants who do not qualify for the Right to Buy scheme, but they have an automatic right to acquire.  It includes secured, assured and assured shorthold tenants with a fixed term of at least two years beginning on or after 1st April 2012.  The scheme allows you to purchase 100% of your home, with the benefit of a discount which is between £9,000 and £16,000 depending on where the property is located.

Tenant Home Purchase Scheme (THPS)
This is Paradigm’s voluntary sales initiative, it is based on the rules of the Right to Acquire. It was introduced to give secured and assured tenants, who were not eligible for the Government’s schemes, the opportunity to buy the property they live in. It includes assured shorthold tenants with a fixed term of at least two years beginning on or after 1 April 2012. The scheme allows you to purchase 100% of your home, with the benefit of a discount which is between £9,000 and £16,000 depending on where the property is located.

Shared-Ownership for Tenants (SOFT)
This is another of Paradigm’s voluntary sales initiatives which allows eligible tenants who cannot afford to buy their home outright the opportunity to purchase an initial share of the property between 50% and 75%. Tenants fund the purchase with a mortgage and/or savings and will pay rent on the share that Paradigm still owns. Tenants will also benefit from a discount, the same as THPS, but the amount they receive depends on the share being purchased. Paradigm offers assistance with the rent payable on the remaining share for the first 5 years, with nothing to pay in the first year.

Right to Shared Ownership (RTSO)
The government has introduced the right to shared ownership for many people renting social housing who live in a new home delivered through the Affordable Homes Programme 2021-2026. For those eligible, you’ll be able to buy a share in your home (between 10% and 75%), helping you to get on the property ladder.

For more information about any of these schemes or just to discuss your options please call the Sales Team on 0845 337 4877.

See also