What happens when I have bought my home?

Buying a home is a big decision. It is important that you think carefully about the responsibilities, costs and other commitments that this will bring. 

These can include:

  • Repairs & maintenance to the property - we will no longer be responsible for maintaining your property.
  • Possible service charges - where applicable - we will let you know if this applies when you enquire about purchasing the property.
  • Insurance costs – you must have buildings insurance for the property and we would recommend having contents insurance as well.
  • Legal costs – including costs of solicitor and conveyance
  • Other costs – Land registry fee, removal costs etc.

We recommend that you look into the costs of home ownership before you get too far into the VRTB process. You are responsible for arranging how you finance your purchase and obtaining the necessary advice on this. Make sure whoever you get advice from is regulated by the Financial Conduct Authority (FCA) You will be asked to confirm that you can afford the property that you are looking to purchase. 

What happens if I sell my home after I have purchased it?

If you decide to sell your home within 10 years of buying it through the VRTB, we will have the first right of refusal, i.e. you must first offer the property to us.  We will let you know whether we wish to buy the property within eight weeks of you getting in touch. 

You will also be required to pay back some or all of the discount if you sell your property on within the first five years as below:

  • 100% of the discount in the first year
  • 80% of the discount in the second year
  • 60% of the discount in the third year
  • 40% of the discount in the fourth year
  • 20% of the discount in the fifth year

What happens if I sub-let my home after I have purchased it?

You will also be required to pay back some or all of the discount if you sub-let the property within the first five years, as below:

  • 100% of the discount in the first year
  • 80% of the discount in the second year
  • 60% of the discount in the third year
  • 40% of the discount in the fourth year
  • 20% of the discount in the fifth year