Owning your Thrive home is an exciting prospect!
The process can be complex, so we've laid out the steps you will need to take to purchase your Thrive home.
For anything else, check out our frequently asked questions and answers by clicking here.
Step 1: research
There are lots of things to consider before becoming a homeowner, so we've put together a video to provide you with an overview:
We've also put together some frequently asked questions and answers.
It's always worth speaking to an independent financial advisor to understand your finances and whether you are likely to be able to afford to buy your home.
Step 2: enquire about your outright purchase options and discount eligibility
The first step towards your purchase is to get in touch with our friendly Home Ownership team who will be able to advise if you are eligible to buy your home and any discount scheme you may be entitled to.
There are two government discount schemes available to purchase your home outright and your entitlement depends on the type of tenancy you hold, where you live and how long you have been a Housing Association tenant:
Right to Acquire
Depending on the type of property you live in and if you have had a housing association tenancy for at least three years, you may be eligible to purchase your property via Right to Acquire. The discount available is usually between £9,000 - £16,000 and depends on the area you live in. For more information, click here.
Preserved Right to Buy
If you were a Local Authority tenant and Thrive Homes purchased your property from your Local Authority, you may be eligible for Right to Buy discount. This will also depend on the property you live in, the type of tenancy you hold and how long you have held it for. The maximum discount you can receive is set by the Government each April and you can find out more here.
As part of our conversation, we will highlight any further information you will need to provide. We will also explain where you can look on the internet to get a rough estimate of the value of your property and what discounts are available.
We will give you an overview of the process right up to when you instruct your own solicitor who will then advise you on the important legal and financial responsibilities you will take on.
The easiest way to get in contact and start the process is by emailing: firstname.lastname@example.org
Step 3: application
If you believe you are in a position to fund and purchase your property, we will send you the relevant application, anti-money laundering and bankruptcy forms.
All applicants must complete these forms and send in copies of their proof of residency and identification documents.
Step 4: home visit
Once we receive your completed application, we will arrange a home visit to meet you and any other applicants. During this visit, we will:
- verify your identity, proof of residency documents and discuss your application
- discuss how you will fund the purchase
- check who lives in the property and talk you through each stage in detail
- discuss any home improvements you have identified on your application and ask you to take us on a tour around your property
- explain the process and timescales.
This is a great opportunity for you to ask us all your questions about being a homeowner and how your relationship will change from being a tenant to a homeowner.
We can explain where you can look on the internet to get a rough estimate of the value of your property.
Step 5: application acceptance
When we verify your application and supporting documents, we will send you a notice accepting or denying your right to purchase. We will do this within four weeks of receipt of documents.
Step 7: formal offer of sale
Once we confirm your right to purchase your home, we'll send you a formal offer of sale.
You will receive this within eight weeks if you live in a house or 12 weeks if you live in a flat, and it will include:
- Energy Performance Certificate (EPC)
- official valuation figure (how much the property is worth)
- confirmed discount that you’re entitled to and the actual value at which you can purchase your property.
If you live in a flat, we’ll also send you information on your service charge costs and upcoming major works costs so you can ensure you have budgeted for these.
Step 8: carry out structural survey
We strongly recommend you appoint a qualified RICS surveyor to carry out detailed property surveys and a valuation of your home.
We want you to fully understand the asset you are purchasing in detail to ensure you are getting a fair deal and if any works will be required in the next few years.
Step 9: seek financial advice
You'll need to source an independent Financial Advisor who will carry out an affordability check and - if successful - will confirm your mortgage offer.
Step 10: instruct a solicitor
Engage with a conveyancing solicitor who will process your purchase on your behalf. You will need to ensure they explain to you all the responsibilities and agreements you will be taking on as a result of purchasing your home.
You can find out more about what happens when you purchase your home in our Frequently Asked Questions by clicking here.
Step 11: proceeding with the sale offer
Once you have received your formal offer of sale, you will have three months to decide what to do next. You should have already sought financial and legal advice and ensure you have the funding in place to complete the purchase. You need to tell us if you:
- Want to withdraw your application
- Accept the offer of sale and provide us the contact details of your solicitor
- Disagree with the valuation. You can request that the government re-value your property through the District Valuer (DV). You will be contacted independently by them and you can speak about timeframes and appointment details directly. The DV decision is final so if they deem the property to be worth less, the same or more, your purchase will be at their value.
Step 12: searches and enquiries
Your solicitor will carry out searches against your property and the area it is located in. These will include legal and environmental checks. You will receive a copy of these searches and your solicitor may ask us questions relating to the results.
They will also engage with Thrive’s solicitor and other relevant parties to ask questions relating to your property.
This process usually takes around six months for a straightforward sale.
Step 13: exchange
Once your solicitor is satisfied with all their enquiries, they will proceed to exchange. This is an agreement between our solicitor and your solicitor to agree on the transfer of the ownership. This usually happens one week before completion, but can happen beforehand or on the same day as completion.
Step 14: completion
This is the part you will have been waiting for - the day your tenancy ends and you officially own your home!