Tenant Purchase Scheme
There have been two Tenant Purhcase Schemes in operation.
The Tenant Purchase Scheme 1995 and 2011 Purchase Scheme for Long Standing Tenants.
Both are now closed.
The Closing date for applications under the 2011 Scheme was 31st December 2011 and all sales must be completed by 30th June 2013.
The closing date for receipt of applications under the 1995 Scheme was 31st December 2012 and all sales must be completed by 31st December 2013.
If you have been a tenant of a local authority house for at least one year, you may apply to the local authority from which you rent your house to purchase it either outright or by way of shared ownership.
The price of the house will be its market value, as determined by the local authority, in its existing state of repair and condition, less discounts. If dissatisfied, the tenant may submit an independent valuer’s report. In case of dispute, the issue is decided by the Commissioner of Valuation.
You will be allowed a discount of 3% of the value of the house for each year of tenancy (up to a maximum of 10 years).
The purchase price will be payable at the point of sale and the tenant, as purchaser, will be responsible for raising the necessary finance. If you need to get a mortgage loan, as most purchasers will, you have the choice of applying to your local authority or to a bank or building society. The local authority will be able to offer you a loan at a variable interest rate or a loan with the interest rate fixed for the first five years of the loan. For further details please contact the Loans & Grants Section.
Further details available from:
Tel. (053) 9196392