Right to buy discount diminished

Notmyrealname

duckylaw wrote: »

If I was buying a regular property, I would not expect to pay the asking price and then the vendor sends me a list of what all their improvements cost so i could pay for them again.

But if you were buying a regular property, you'd not be offered a statutory 30% off....

duckylaw

and if I was buying a "regular" property I would not have already paid around £60,000 in rent over the last 20 years.

Oh, and I am a tax payer too, but being widowed at a young age with three young children, I am only just in the financial position now to buy my house.

But this is not my reason for posting. I came on here to ask about other's experience of the process and for information, not to hear your views on the rights and wrongs.

Thanks to: mrs motivated and seven-day-weekend for the useful information.

I will try elsewhere for information rather than judgement. didn't realise it was a sin to want to save money on moneysaving expert.

Lou

Fire_Fox

duckylaw wrote: »

and if I was buying a "regular" property I would not have already paid around £60,000 in rent over the last 20 years.
Lou

:rotfl: Really? Where would you have lived rent free/ cheaper then? You have to be trolling.

SavvyStudentSaver

My apologies for seeming judgemental, my intention was to point out that it isn't unfair on you if you're getting a house for less then it's value.

Also, most renters buying a property who aren't with the council have no option to buy their house, let alone at a discount, and could be paying well over £6000 a year- which would work out at £120,000 over 20 years. Once again, not tryng to be judgemental, just pointing out that the council are giving you a much better deal then you'd get anywhere else, even with the upgrades being counted twice. Don't look the gift horse in the mouse, as they say.

Running_Horse

Is the discount not higher than it used to be?

Swings and roundabouts.

If you don't like the deal, don't buy it.

seven-day-weekend

Yes I think you just seemed a bit ungrateful. Anyone who pays rent has paid for their house several times over after many years (in many cases they have paid someone else's mortgage!). And most don't then get the chance to buy it with a large discount.

You are getting a very good deal and are very fortunate. There is nothing wrong with asking for advice. Just using terms like 'it's not fair' tends to leave a bit of a nasty taste.

theartfullodger

Ducky: If you don't think whatever property you are looking at ain't worth the price then don't buy..

Can't see why the honest, hard-working tax-paying decent working man should subsidise your purchases (or indeed anyone else's...).

I would have thought any sensible government would in these troubled times be trying to reduce unnecessary public spending but this shower don't seem to have their heads screwed on ... I'd rather see the money spent of something that will boost the economy & lead to more jobs...

Cheers!!!

slscarborough

slscarborough wrote: »

I am very interested in this as I have just applied for RTB. My property has recently gone through the decent homes programme - do you think we will lose alot of the discount? Does anyone have any experience of this?

Still wondering if anyone has any experience as having the house valued tomorrow?

moneyistooshorttomention

I can only speak of my own personal experience of "right to buy". I was told I had the "right to buy" and could use it if I wished, but would be awarded the discount towards buying a place of my choice on the open market.

I couldn't believe my luck - as I'm not normally someone who gets something just by "luck" (much more likely to be as a result of plan/work as much as others have to for the same thing - and then a LOT more planning/working on top of that...).

Whilst I would have liked an even bigger discount (obviously...) - I was very glad of the chance of the one I got and grabbed it with both hands fast before they had the chance to change their minds (you've never seen me "move" so fast in my life......). Just as well I did - as they DID "change their minds" - but they'd already "given me mine" and I was well on my way by then:D

Richard_Webster

I used to work for a local authority years ago so the situation may have changed. Certainly "cost floor" used to apply.

So if a house cost £300 to build in 1930 and £30,000 worth of improvements have been carried out on it and it is now worth £110,000 then the cost floor floor for that would be £30,300. Say you were entitled to a 40% discount on it then you would get it for £66,000 which is more than the cost floor.

However if the house was built in 1990 and cost £50,000 to build and they have spent another £25,000 on it then the regardless of your discount entitlement they wouldn't sell it to you for less than £75,000.

The rules may have changed but that's the way it used to work - so people who were buying fairly new houses were more likely to suffer.