Procedures

The procedure for claiming Right to Acquire

• We will supply you with an application form on request
• You must complete the form and return it to us
• We will tell you if you qualify for the right to acquire or not, stating the reasons if not, within four weeks of receipt of your application (eight weeks if the qualifying period includes time with another landlord.)
• If you qualify for the right to acquire we will ask a valuer to visit your home to carry out an open market valuation.
• Within eight weeks if you are buying a house or 12 weeks if you are buying a flat, we will send you an offer notice stating the sale terms. This will include any service charge payable.
• If you decide to proceed on the terms of the offer notice, you must advise us no later than 12 weeks from the date of the offer notice that you wish to proceed.

Sadeh Lok does not charge for any of these services

Procedures in cases of delays

In certain circumstances, we have the right to serve a notice on you to complete the application. If you fail to respond we will then serve a second notice to complete. If you still fail to complete, then this would result in your application being withdrawn.

For your part you have the right to serve a notice on us if you consider that we have failed to comply with the notice procedures. If we fail to comply with such a notice, you would have the right to serve a further notice and if we fail to comply with that notice you would have the right to treat rent payments under your tenancy agreement as part payment of the price payable if you complete the purchase.

The risk of repossession

It is important that you keep your mortgage payments up to date. If you fail to do so, there is a risk that the lender will exercise their legal right to take over possession of your home.

Repaying discounts

If you want to sell your home within 5 years of buying it you will have to repay the discount you got when you bought your home from Sadeh Lok.

The amount of discount you have to repay is the same proportion of the sale price as the discount was of the purchase price. So if the discount represented 10% of the property's value when you bought it, you have to repay an amount which is 10% of the property's current value when you sell it.  The rate at which you repay the discount changes from 100% in the first year after you purchased, to 20% in the fifth year.

If you sell your home within the first ten years of buying it under the right to acquire you will have to offer it to Sadeh Lok to buy back from you at the current market value before you can sell it on the open market.