It is important to note that your URN will only last for four weeks from date of receipt. After this it will no longer work. You therefore need to make sure you contact us straight away if you have been allocated a URN by the Government in order to start the process of buying your home.
Buying a home is a big decision. You will need to think very carefully how you will afford this purchase. If you are successful in the ballot, as part of the application process you will need to provide us with evidence of your current income and your ability to fund the purchase.
It is important that you think carefully about all the responsibilities, costs and other commitments that buying your home will bring.
These can include:
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.
If you decide to sell your property 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:
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:
It is important to note that your URN will only last for four weeks from date of receipt. After this it will no longer work. You therefore need to make sure you contact us straight away once you have been allocated a URN by the Government in order to start the process of buying your home. Please see our Apply for VRTB page if you have already been allocated a Unique Reference Number by the Government.
The Government gateway (website) for registering your interest into the ballot to receive a unique reference number (URN) was open from 16 August to midnight on 16 September and is therefore now closed. The Government will decide when/if to re-open the ballot entry on their online gateway. You can keep up to date with the latest developments by looking on the Government’s Voluntary Right to Buy website.