Qualifications for the Tenant Purchase Scheme
To qualify for the Tenant Purchase Scheme, you must meet the following criteria:
- Be a local authority tenant residing in a qualifying local authority property
- Have a minimal annual income of €12,500
- Receive social housing supports for at least 10 years (joint applicants must both meet this requirement)
- Have no engagement in anti-social behavior
- Maintain a clear rent/ local authority charges record for the past 3 years
- Have not purchased a home previously through the Tenant Purchase Scheme
How Does the Tenant Purchase Scheme Work?
The Tenant Purchase Scheme involves several steps:
- Application Assessment: The local authority assesses your application and requests necessary documentation, such as proof of ability to pay and supporting financial information.
- Valuation: A professional valuer assesses your property and provides an evaluation report.
- Letter of Offer: The local authority issues a “Letter of Offer” outlining the current market value, discount, price, and terms and conditions. This offer remains valid for 12 months.
- Discount Calculation: The discount you receive depends on your gross annual salary, ranging from 40% to 60%.
- Incremental Purchase Charge: The local authority places an “Incremental Purchase Charge” on your home, equivalent to the discount received. This charge decreases annually over a period of 20, 25, or 30 years until it reaches 0%.
- Documentation and Ownership Transfer: Once all required documentation is in place and agreed upon, the purchase of the property takes place, and ownership is transferred.
Properties Excluded from the Tenant Purchase Scheme
The Tenant Purchase Scheme excludes certain properties, including those designed for the elderly, apartments/duplexes (separate schemes are available), and properties specifically designed for members of the traveling community.
Requirements and Responsibilities of the Tenant Purchase Scheme
To participate in the Tenant Purchase Scheme, you must:
- Reside in the property as your principal place of residence
- Be responsible for the maintenance and upkeep of your home
- Obtain agreement from the local authority if you wish to sell or rent the property, paying back any outstanding charge
- Secure adequate home insurance for your property
Ezfees Financial – Mortgage & Life Broker Options
At Ezfees Financial, we prioritize making your financial dreams a reality, whether it’s owning your own home or securing your family’s future. Our dedicated advisors provide easy-to-understand financial advice tailored to your unique needs, ensuring a smooth path to long-term financial security. Contact us today at 0818 910800 or email your query to email@example.com for expert guidance and peace of mind.
The Tenant Purchase Scheme offers eligible local authority tenants the opportunity to purchase their council homes at a discounted price, providing a path to homeownership and future investment. By partnering with Ezfees Financial, you can navigate the Tenant Purchase Scheme with ease and receive expert guidance throughout the process. Contact us today for personalized advice and assistance.