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Selling back to HA after buying

RainbowChild_2
Posts: 1,219 Forumite
Sorry but but I did a search and couldn't find anything...
has anyone any experience of buying their Housing association property under the right to buy scheme?
I bought mine some years ago but am now under the deepest fog and must consider selling my house to pay off some debts.
Under the rules if it is less than 10 years then I must give the HA first refusal which they say will offer me current market value which they will then rent back to me
Apologies if this message is incoherent but I'm not thinking very straight atm and just wondered if anyone had any experience of this
Thanks in advance
RC
has anyone any experience of buying their Housing association property under the right to buy scheme?
I bought mine some years ago but am now under the deepest fog and must consider selling my house to pay off some debts.
Under the rules if it is less than 10 years then I must give the HA first refusal which they say will offer me current market value which they will then rent back to me
Apologies if this message is incoherent but I'm not thinking very straight atm and just wondered if anyone had any experience of this
Thanks in advance
RC
Choose a job you love, and you will never have to work a day in your life. ~Confucius
0
Comments
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Are you sure you have this right, I think you may be mixing two things up.
Firstly - if you sell a former RTB property you have to give the original landlord the opportunity to buy this back at market value. This is not a guarantee they will buy it from you (and why should they when you have benefitted from the discount ?)
Secondly - there are a range of mortgage rescue shemes curently. One of these is where a Housing Association buys the property - but then rents it back to the current occupiers. Or the HA can provide an equity loan.
There are eleigbility criteria for these schemes. and the are administered by local authorities. You first step should be to contact your local council and ask to speak to the homlessness section.0 -
Aye, as squinty says there Mortgage rescue schemes - talk to CaB
http://www.citizensadvice.org.uk/
or Shelter
http://england.shelter.org.uk/
0808 800 4444
Both are charities, have too much demand for their services so you may/probably will need to be patient to get their help/...
HAs usually (dunno about your HA..) are quite patient about waiting for owner/tenants to sort themselves out as long as they are told what is going on. So go see 'em/give 'em a call & tell them of your problems, maybe not yet ask them to buy it back.
They may give you a little breathing space..
Hope it works out...
Lodger0 -
If it's a former Housing Association property, then it will have been purchased under the Right to Acquire, not RTB. As the OP says, if s/he then wants to sell within 10 years she must first offer it back to the HA at market value (and if they don't wish to purchase, she would be free to sell on the open market.)
RainbowChild - have you already spoken to the HA/ had any written information from them which refers to you being able to remain and pay rent, and under what circumstances?
Your best bet is to see here for info on advice services in your area.
Before you pursue this one ,however, have you considered all other options - is the property big enough for you to be able to let a room out to a lodger? You can currently take a rent up to £4250 per annum tax free.
Have you been over to the "Debt Free" board for suggestions or made use of local debt counselling agencies?0
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