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Another Right to Buy thread

Mrbonduk
Mrbonduk Posts: 15 Forumite
in House buying, renting & selling
Afternoon all,
I'm aware of the conflicting opinions regarding the right to buy scheme, and appreciate that some people are dead against it and others are for.
I currently live in a 2 bed maisonette and have 3 children, I'm looking at buying this property and doing a loft conversion to gain 2 more bedrooms and a bathroom. The question I have is whether I am able to borrow above the discounted price to pay for the modifications? From my research I would be getting the full £75k off on a £160000 property. I was looking at borrowing £100000 to fund the conversion. Is there anyone on here who has any past dealing with this, or who knows about the feasibility of it?
Many thanks in advance.
«13

Comments

  • notanewuser
    notanewuser Posts: 8,499 Forumite
    Mrbonduk wrote: »
    Afternoon all,
    I'm aware of the conflicting opinions regarding the right to buy scheme, and appreciate that some people are dead against it and others are for.
    I currently live in a 2 bed maisonette and have 3 children, I'm looking at buying this property and doing a loft conversion to gain 2 more bedrooms and a bathroom. The question I have is whether I am able to borrow above the discounted price to pay for the modifications? From my research I would be getting the full £75k off on a £160000 property. I was looking at borrowing £100000 to fund the conversion. Is there anyone on here who has any past dealing with this, or who knows about the feasibility of it?
    Many thanks in advance.

    No, you won't be able to borrow more than the value less the discount.
    Trying to be a man is a waste of a woman
  • Mrbonduk
    Mrbonduk Posts: 15 Forumite
    You sure? As some places are saying yes, and others no. What experience do you have in this area?
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    I suspect this plan will fail for a number of reasons, excluding any questions about the actual borrowing.

    The Number One reason is that when you buy a flat or a maisonette you rarely, if ever, actually end up owning the roof-space to convert.
  • Mrbonduk
    Mrbonduk Posts: 15 Forumite
    I do, the whole estate is ex council, and there are numerous conversions. So that's not an issue. The ownership isn't a problem.
  • Excited13
    Excited13 Posts: 299 Forumite
    Mrbonduk wrote: »
    I do, the whole estate is ex council, and there are numerous conversions. So that's not an issue. The ownership isn't a problem.

    Are you sure the other people have got the correct planning consent? People do things but that doesn't mean they have permission or it's legal.
  • julieb1987
    julieb1987 Posts: 246 Forumite
    Go and see a mortgage advisor...they should be able to tell you for definite.
    First Time Buyer: Mortgage Offered, Searches complete, Exchanged 21/12/2012, Completion 04/01/2013! :beer:
  • Mrbonduk
    Mrbonduk Posts: 15 Forumite
    Roof is in the ownership deeds for the other properties so I don't see any issues. Plus if the ownership of the roof was in question then there would be no way of putting solar panels up like others have. I'm sure with 99% certainty that I would have ownership of the roof.
  • ILW
    ILW Posts: 18,333 Forumite
    Who would own the freehold?
  • Mrbonduk
    Mrbonduk Posts: 15 Forumite
    It would be lease hold, so I would guess the land owner, the council. Might be wrong tho.
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    If I had a choice I would not buy a leasehold and I would most certainly never, ever buy a leasehold where the freeholder is the Local Authority.
This discussion has been closed.
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