Buying your home
Closing two voluntary schemes
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:
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.
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.
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.
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 about the process to follow, depending on your tenancy type and whether you want to buy all your home or a share in it.
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, but you can still call our Sales team on 0300 303 8046 or email Sales@ParadigmLiving.co.uk and they will tell you if you’re eligible to purchase through one of the Government’s statutory schemes.
Other schemes available
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 £96,010 and £127,940 inside 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 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.
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 to discuss your options, please call the Sales team on 0300 303 8046.
