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Selling Right to buy home

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bri70123
bri70123 Posts: 8 Forumite
in House buying, renting & selling
hi

4 years and 10 months ago we bought our RTB house, and want to sell it as soon as the 5 years is up (to avoid paying back any of the discount). But, at what point do we contact the council to offer it back to them (if selling within 10 years we have to give them first refusal) as they can take up to 8 weeks to respond...

So do we do it now or in 2 months?

Thanks
«1345

Comments

  • patman99
    patman99 Posts: 8,532 Forumite
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    I hope the Council want it back, but are only going to pay the market value discounted by the same % as they discounted it by when selling to you.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

  • bri70123
    bri70123 Posts: 8 Forumite
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    i didnt come here for sympathy

    I paid full rent for 21 years and this was the only way i could get on the property ladder at the time, Mortgage was half the rent, so, honestly what would you have done?
  • Norman_Castle
    Norman_Castle Posts: 11,871 Forumite
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    edited 6 January 2018 at 9:19PM
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    Offer it to the council now explaining the earliest sale date. They will advise if it needs to be done differently.
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
    edited 17 January 2018 at 11:24AM
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    They took the opportunity to buy there home and if they make a profit then fair play to them.

    It sounds as if the council will be buying it back so really whats the harm.

    I made a very good profit on my house when we went bankrupt (OR wasn't interested in it...mortgage company didn't want it and part of mortgage was unsecured loan)...does that mean i should give away any profit to charity..:beer::beer:
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
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    patman99 wrote: »
    I hope the Council want it back, but are only going to pay the market value discounted by the same % as they discounted it by when selling to you.

    Pretty sure after the 5yrs is up the council pay market value...hence waiting the 5yrs to sell.


    OP id give the council a call and ask them...probably get less abuse also.;)
  • bri70123
    bri70123 Posts: 8 Forumite
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    Samsung_Note2 wrote: »
    Pretty sure after the 5yrs is up the council pay market value...hence waiting the 5yrs to sell.


    OP id give the council a call and ask them...probably get less abuse also.;)

    It ok i can see where they are coming from in a way,but, "hoping i get what i deserve" - really?!?!?!?! its not like i want to buy a second home and rent this one out to somone ;)
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    bri70123 wrote: »
    hi

    4 years and 10 months ago we bought our RTB house, and want to sell it as soon as the 5 years is up (to avoid paying back any of the discount). But, at what point do we contact the council to offer it back to them (if selling within 10 years we have to give them first refusal) as they can take up to 8 weeks to respond...
    Wasn't this explained by your solicitor at the time you bought? If not, ask them now (since they'll need to be involved in any sale anyway).
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    You may want to think quite carefully about this. Ex council houses don't sell on the open market for as much as houses that have not been owned by the council so you may find that if you sell it you can't afford to buy anything else. At least at the moment you have got somewhere to live.

    Depending on the area some ex council houses sell for about half a what a non council house would.

    So before you decide to do this you may like to do some research.
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
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    bri70123 wrote: »
    It ok i can see where they are coming from in a way,but, "hoping i get what i deserve" - really?!?!?!?! its not like i want to buy a second home and rent this one out to somone ;)

    If 'the system' allows a person to do something unethical easily and legally, are they off the hook for the unethical action? Difficult one.
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
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    Cakeguts wrote: »
    You may want to think quite carefully about this. Ex council houses don't sell on the open market for as much as houses that have not been owned by the council so you may find that if you sell it you can't afford to buy anything else. At least at the moment you have got somewhere to live.

    Depending on the area some ex council houses sell for about half a what a non council house would.

    So before you decide to do this you may like to do some research.

    My current place is ex council and market value is same as any other house of the same era.

    Always understood that ex council houses were good investment due to being solid builds (probably due to the time they were being built in) as opposed to the new thrown together houses which are poorly built and really small but with hefty price tag.

    I've watched a single chippy erect a second storey in a house on his own in a morning on a persimmon site (I was the forkie supplying the panels)...so id say the ex local authority houses would be a much safer investment.
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