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 £78,600 (£104,900 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.
Tenant Home Purchase Scheme (THPS)
This is Paradigm’s voluntary sales initiative. 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 a share, of at least 50% in their property. 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 THPS, but the amount they receive depends on the share being purchased. Paradigm offers assistance on the rental side for the first five years of ownership.
For more information about any of these schemes or just to talk about your options please call the Sales and Marketing Team on 0845 337 4877.