Buying ex-council flat?

Andreas_3

Hi experts on dodging costs!
I am just about to buy my council flat from the council under the right to buy scheme. the flat is £130.000 and i've got £6000 in cash what is my best option after this?

My flat is on the 14th floor out of 23 and the high st banks tend not to touch it with a barge pole!

I do have a panoramic view over battersea park, big ben, canary wharf , millenium eye and a few other things but it does not count unless it is on the 14th floor in a private development 4 yards away from me on the riverfront!

Help :-/

Fairdo_2

I'm afraid there are not many reputable lenders out there that would be in the market to do this now. Good old Barclays, before being made to use Woolwich for their mortgages, used to be my natural choice for these circumstances. Now I believe it would be more likely to be Niche Lenders only that would entertain you.

It would also depend on how much private ownership there is in the block (Catch 22, if not many lenders are availble in the first place!)

Also, as well as your own personal circumstances, it depends on how much discount you would get from the local authority based on their valuation of your property.

A very important point to consider is, if it is a complete nightmare for you to get the lending on this, if you do plan to move at some point and sell, then, unless things change dramatically meantime, you will also find it very difficult to sell on, affecting Marketable Value.

Greenstuff_2

A word of caution.

My Mum bought her council flat that was in a small block, she took out an indemnity insurance costing £5000 to cover any repairs that could be quite costly.
After 2 years the roof needed replacing and she had to pay a portion but the indemnity didn't cover it.
She was then liable for something else, these were all several thousands of pounds.
She went back to the council as they had assured her that any time in the future she could sell back to them but they said they were no longer doing that.
I'm sure you've looked into it but do make sure you get a top notch solicitor to tell you what you could be saddled with.
Her Mortgage was with Abbey National.

adindas

Hi Guys
How to get council house, where to start with ??
I am currently in full time employment with decent salary. Do you think I stand a good chance to get council house ?

Thank you
ADINDAS

Andreas wrote: »

Hi experts on dodging costs!
I am just about to buy my council flat from the council under the right to buy scheme. the flat is £130.000 and i've got £6000 in cash what is my best option after this?

My flat is on the 14th floor out of 23 and the high st banks tend not to touch it with a barge pole!

I do have a panoramic view over battersea park, big ben, canary wharf , millenium eye and a few other things but it does not count unless it is on the 14th floor in a private development 4 yards away from me on the riverfront!

Help :-/

Yorkie1

adindas wrote: »

Hi Guys
How to get council house, where to start with ??
I am currently in full time employment with decent salary. Do you think I stand a good chance to get council house ?

Thank you
ADINDAS

Not a hope I would say.

They are in very short supply, even for those people in demonstrably greater need than you.