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Buying council property
linda_chan
Posts: 52 Forumite
Hi, I need as much advice as I can get from you people. Me and my DH just got right to buy our council property. We got the price and for London price is ok plus we got discount(council also gave as appr. price for future works on building). For us this is the only chance to get on property ladder. Now can you give me advice what I should be careful of(as this is council flat), which morgage would be good for first time buyer and does anybody know how much a morgage of 115 000 would be a month. Thanks very much for help as we are very confused.
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Comments
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you might prefer to ask this in the mortgage section x:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
With a council flat be careful of hidden extras like service charges. If the council decides to to a major overhaul you will be charged a share.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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You will be tied into staying there for a min of 3 yrs.Debt free and plan on staying that way!!!!0
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Worth checking - it may be 5 years now.mummytofour wrote:You will be tied into staying there for a min of 3 yrs.
However you will be able to rent the property out in that period or sell and pay back the discount to the council pro rata
Worth looking into whether the council is planning major renevations (lots of properties are having new windows/heating/kitchen/bathroom) to meet governement decent housing rules and you will have to pay your share it is generally not possible to opt out.
In December I bought an rtb paying 20k deposit (plus 16k discount) and am paying £425pm interest only on a 112k mortgage - service charges are about 430pa, plus now have to pay water (250pa) which was included in rent before.I think....0
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