Ex-Council Anyone?

monkeydust_2

I have had an offer accepted on an ex-council property and just want to understand the pros/cons of buying such a property – can anyone speak from experience? I know there is a “stigma” associated with ex-council but this is a small block in a very high priced area in London and the views – it seems to be very well maintained and even has a decent sized private garden and is around 30% cheaper than a comparable non-ex council on the same road.

Thanks!

ftbworried

My PERSONAL opinion is that there is nothing wrong with council houses, just SOMETIMES the people in them. I asked EA's to remove ex-council properties when searching for a property to buy because from my experience I'd be worried about the type of neighbours that I'd get. So it somewhat depends on what the neighbours are like, and how well kept their properties are.

It's not a real problem in all areas, especially areas where most of the properties have been sold. However council houses in areas that are still mostly council owned generally sell less well.

With it being in London you probablly won't have a problem since most properties are out of the league of many FTBs so they are forced to consider ex-council. However, in other areas of the country buyers, faced with the choice, probably prefer to buy 'privately-owned' houses.

Red_Elle

I was a first time buyer and bought an ex council house. I was lucky, as it was cheap 6 years ago and I have made about £60k profit from it. From personal experience, the previous poster has a good point about neighbours, but I haven't had any issues and the house is a mixture of owners and council tennants. You get a lot more for you money and the houses are easy to sell on, as they appeal to buy to let investors, FTB's and families on low incomes, so IMO they are a good house to buy. They are also relatively well built, although the walls in mine are in a terrible condition! We don't have double glazing or GCH upstairs. However, in a lot of ex-council houses they have the plumbing upstairs for heating, but didn't put radiators in to keep costs down.

monkeydust_2

thanks for the comments! Its a small block only 20 flats and over half are privatley owned - only prob might be its on the 10th floor so a mortgage might be tricky with some lenders..

Cristy

OP, we bought an ex-council terrace as FTBs almost 4 years ago. Like you, I was worried about the stigma attached to this kind of property, but it was in a very good
part of town and, for the money, pretty decently sized, so we went for it. We have not regretted our decision one bit.

All the houses around us have been privately owned for 20+ years and we have had absolutely delightful neighbours. These people are much friendlier, more civilised and polite than other neighbours we had in 'privately owned' estates where we have rented in the past.

I guess a lot of depends on individual location and ownership make-up, but if you have noticed that the properties around yours are well maintained, then there is a great chance that you will not have a problem.

As an aside, we have just sold our home for £41k more than we bought it for (admittedly we have spent 11-12k redecorating it to a very high standard), we had a lot of interest so I am guessing that not that many people are put off by ex council properties provided they are well kept and offer good value for money!

silvercar

One problem may be maintenance. If the concil decide to "do up" the block in a major way, anyone who owns their flat will have to pay their share. In a private block of flats everyone is in the same boat, here the people renting from the council are only too eager for the council to do major work, those who have bought can be stung with major bills.

tee_pee_2

monkeydust wrote:

thanks for the comments! Its a small block only 20 flats and over half are privatley owned - only prob might be its on the 10th floor so a mortgage might be tricky with some lenders..

I think you will have a problem getting a mort if it is on the 10th floor, a friend of my has just bought his son one and couldn't get a mortgage.

Prudent

Just curious, why is it difficult to get a mortgage for a 10th floor flat?

tee_pee_2

Prudent wrote:

Just curious, why is it difficult to get a mortgage for a 10th floor flat?

I don't know but there is deffo a issue, when I go to work tomorrow I will ask him and if I remember will log on and let you know

goodword

A couple of relevant articles.

http://www.bbc.co.uk/watchdog/reports/home/home_20051129.shtml

http://money.independent.co.uk/property/homes/article300861.ece

amanda40

Prudent wrote:

Just curious, why is it difficult to get a mortgage for a 10th floor flat?

I always thought it was something to do with the firebrigade ladder height.....( Can't reach the 10th floor) Could be hubby taking the mickey of course :eek:

Now I see it written down - I think he is extracting the michael.....