Right to buy & housing association

barefootlinzi

Hello everyone

We live in a housing association owned house. I got all excited recently when it was annouced the right to buy scheme was being relaunched (in June I believe?). Most people are not happy about council houses being sold off but if we are able to buy our home at discount it would be the best way for us to get onto the property ladder. The question is, will this scheme be limited to council owned homes only or will housing association homes be included too? In our area, the council do not own any homes themselves, all social housing is dealt with my housing associations. It feels really unfair to me that no one in my area will be able to buy their home under this scheme because they are all Housing association homes.
The information available on the internet is rather unhelpful, but I wonder if there are any thoughts on it on this forum?

giddypenguin

Would you get a mortgage with debts of £22k?

BitterAndTwisted

Would it be sensible to get a mortgage with debts of £22k when you have three kids to support and provide a roof over their heads for the foreseeable?

If they are going to re-introduce the RTB legislation it would be pointless to guess at what the conditions might be. Crystal-balls are in short supply at the moment because there has been a run on them recently, mainly in Greece. Has there been a draft of this legislation put before the house yet?

Still, please bear in mind that there is no such thing as a "property ladder". It's a complete myth and for some it has proven to be a huge and very poisonous snake. It's just a rather large debt around your necks for the next 25 years.

My own opinion is that the potential insecurity of property-ownership may not always be a fair exchange for security of tenure for life. Most especially in the current economic climate. Also for those who have proven that they're not the most sensible, cautious or astute ones where running their own finances are concerned.

tbs624

OP - RTB does not apply to HA properties - google "right to acquire"

phill99

One of the major reasons the Uk has a housing crisis is because of the wholesale selling off of social housing.Social housing was always the way society hosed people on lower incomes. Now people see Social housing as an opportunity to make a quick profit.

lighting_up_the_chalice

phill99 wrote: »

One of the major reasons the Uk has a housing crisis is because of the wholesale selling off of social housing.Social housing was always the way society hosed people on lower incomes. Now people see Social housing as an opportunity to make a quick profit.

Utter twaddle. RTB has created a greater shortage in the supply of social housing, but to call it a major reason for the housing crisis is naive in the extreme.

phill99

lighting_up_the_chalice wrote: »

Utter twaddle.

So explain.

lighting_up_the_chalice

phill99 wrote: »

So explain.

The housing crisis has very littler to do with tenure and almost everything to do with those old, familiar bedfellows, supply and demand. There simply aren't enough properties to meet the (increasing) demand, across ALL tenures. Moving any number of properties from one tenure to another won't change that..

kingstreet

Council tenants who saw their homes hived off into HAs by their council landlords may have what's known as a Preserved Right To Buy.

More here;-

Preserved Right to Buy
'Preserved Right to Buy' applies to some tenants who wouldn't normally qualify for Right to Buy. For example, if you are a tenant of a housing association, you don’t usually have the Right to Buy. However, you may have the Preserved Right to Buy if the council sold your home to another landlord, eg a housing association, while you were renting it. Your landlord can tell you if you have the Preserved Right to Buy.

http://www.direct.gov.uk/en/homeandcommunity/buyingandsellingyourhome/homebuyingschemes/dg_4001398

Those who have never been council tenants may have what's known as Right To Acquire instead.

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_066460

ILW

barefootlinzi wrote: »

It feels really unfair to me that no one in my area will be able to buy their home under this scheme because they are all Housing association homes.
?

I would suggest that it is even more unfair that the people who never benefited from subsidised rents were never offered discounts either. Thats life.

mrskpnutz

I am looking into buying my council property and have been offered a discount of 38%.
My credit record is not great have a few defaults on my credit history (poor) but work full time in a good job.
I have been informed i wont be able to get a morgage based on my history?
I havent applied yet just spoken to a morgage adviser of MMT site.
Can anyone offer any advice please?????????
Thank you