Council house advice

konni1

Was just wondering if I could get some advice. We bought our council house in 2003 and I was under the impression we could sell (if we choose to) after 3yrs, but my friend has told me this isnt the case we have to own the house for 6yrs before we can sell. Can anyone help. Thanks

Artofdookie

konni1 wrote:

Was just wondering if I could get some advice. We bought our council house in 2003 and I was under the impression we could sell (if we choose to) after 3yrs, but my friend has told me this isnt the case we have to own the house for 6yrs before we can sell. Can anyone help. Thanks

You can resell but you will lose your nihe discount if you sell within 5 years


Taken from the nihe site
This is calculated on the number of completed years tenancy in public sector, registered housing association or other qualifying accommodation. A secure tenant of a house with the required five years tenancy shall be allowed discount of 20%, with an increase of 2% for each additional completed years tenancy up to a maximum of 60%. The cash value of the discount is subject to a Discount Ceiling of £24,000 which applies to all dwellings sold under the House Sales Scheme. It is also subject to the Historic Cost proviso mentioned earlier. All of the discount must be repaid if the house is resold within 5 years.

mspig

If you bought the property before the new rules were brought in the rules are still 3 years not 6 years.

We sold ours in December as soon as the three years was up and we lost no discount.

kazi_2

Yeah the rules changed last year if you bought it before that you should be grand but phone your local office and they will set u straight