House Sales Scheme
Triangle operates the “statutory house sales scheme” approved by the Department for Communities. The scheme offers tenants the opportunity to purchase their home outright or buy a percentage equity share, providing they meet the eligibility criteria set out within the scheme.
Who can Buy?
If you want to purchase your home you must have a minimum of five years tenancy, with Triangle, the Housing Executive or another qualifying landlord. Introductory tenants are not eligible to purchase until they have completed 1 years tenancy. However once completed this year till count towards eligibility and discount.
The price of buying your home will be its current market value, which will be determined by an independent valuer, less if appropriate a discount entitlement. This valuation will stand for 6 months.
From 31 December 2008, eligible tenants are able to apply to purchase part of their home. For further information on the rules and regulations regarding equity sharing contact the housing association before applying under the scheme.
Eligibility of Equity Sharing
Tenants wishing to purchase part of their home under the equity sharing scheme must fulfil all of the criteria and will be subject to the same rules set out in the statutory House Sales Scheme.
Minimum Equity and Staircasing
Tenants are entitled to purchase a minimum initial equity of 25% and can then increase their equity in steps of as little as 5%.
The below Triangle properties are exempt
- Sheltered dwelling units
- Dwellings which are part of a Group Housing Scheme
- Any single storey or ground floor dwelling (other than a flat) with no more than 2 bedrooms
For more information contact your Housing Support Officer at the Association. A leaflet is also available on request ‘Homes for Sales’. You can also find more information in your Tenant Handbook (section 7).