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Right To Buy problem?
Comments
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If works to say the building are planned and completed within the first few years of ownership of a right to buy then the owner is not responsible for a share of the costs although there is a time limit. Internal works would no longer be carried out though.Snootchie Bootchies!0
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The discount is capped by figures which vary according to which area you live in. The most discount you can ever get (if you live in an area where it applies) is £38K.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
It's free money because it's a discount the rest of us don't get for buying a publicly owned asset. There is no entitlement to a bigger discount; it is a gift from the government (taxpayer), that could be withdrawn at any time if they chose so to do.worbikeman wrote: »So where does all this free money come in?
{snip}
But at least when I die my next of kin will be able to pay for my funeral (rather than the council taxpayer).
If you don't like the terms and conditions of purchase, keep renting at a low rate not available to the rest of us.
As for next of kin, you had better hope you never go into care when you will lose the house. If you want to pay for a funeral now, take out a plan, like the rest of us. RTB was not brought in to pay for funerals.Been away for a while.0 -
Running_Horse wrote: »It's free money because it's a discount the rest of us don't get for buying a publicly owned asset. There is no entitlement to a bigger discount; it is a gift from the government (taxpayer), that could be withdrawn at any time if they chose so to do.
If you don't like the terms and conditions of purchase, keep renting at a low rate not available to the rest of us.
As for next of kin, you had better hope you never go into care when you will lose the house. If you want to pay for a funeral now, take out a plan, like the rest of us. RTB was not brought in to pay for funerals.
asset what asset? It's a liability, that's why the council want to sell them.
terms and conditions of purchase These are not known at the time of purchase! You only find out what service charges will be when you get subsequent yearly bills after you have bought the lease. The terms and conditions are this:- you pay whatever bill they send you, whatever it may be. No ifs, no buts. This not only hits your own pocket but invalidates the whole point of owning your own property because you cant sell it!
take out a plan Pay yet more insurance? Dont get me started on that one:rotfl:0 -
Hi
i once bought a flat from a London council and assumed that I would receive the maximum discount. It turned out (this was 2000) that the rules had just changed and the max discount available to me was £39,000. I had the place valued by the district valuer, who I beleive always undervalues compared to esatate agents. So all in all I did ok as he valued it at £125k (an agent would have valued around £145k) and I got it at around £87k. When you come to sell it though if it is before a full 3 years (even by a day) you will have to pay some of the discount back. I sold after 2 years and had to pay back £13k but still made a really good profit on it.0 -
joanna_johnson wrote: »When you come to sell it though if it is before a full 3 years (even by a day) you will have to pay some of the discount back. I sold after 2 years and had to pay back £13k but still made a really good profit on it.
5 years, now.
You have to repay 20% of the discount for every year off 5 years since you bought....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Maggie's gerrymandering never worked on me.
We bought our (tower block) council flat under the RTB in 1989 for £15k (it was valued at £45k) and sold it in 2000 for £87k. We've still never voted Tory (and never will)."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
Maggie's gerrymandering never worked on me.
We bought our (tower block) council flat under the RTB in 1989 for £15k (it was valued at £45k) and sold it in 2000 for £87k. We've still never voted Tory (and never will).
£87k for a flat in a tower block?
I hope it was a very nice tower block!0 -
Fiddlestick wrote: ȣ87k for a flat in a tower block?
I hope it was a very nice tower block!
Not bad, but it was in a very yuppie up and coming area in London.
Flats in the same block are now selling for £225k"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
Fiddlestick wrote: ȣ87k for a flat in a tower block?
I hope it was a very nice tower block!
£380k for high rise LA flat:
http://www.primelocation.com/uk-property-for-sale/details/id/SATL6865382
http://www.primelocation.com/uk-property-for-sale/details/id/WXWE999003997/...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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