Buying a council property

Riddar

I agree, it is completely unfair.

However, for those able to take up the offer, like myself, would be stupid not to.

This opportunity allows me to afford a really nice home in years to come. Somewhere for my family to grow up in. Somewhere for me to grow old in. Eventually, be worth a tidy sum that when I leave this world, my children have got something left to them to give them a boost financially in their life. For this, I am very grateful.

leveller2911

Riddar wrote: »

This opportunity allows me to afford a really nice home in years to come.
Somewhere for my family to grow up in. Somewhere for me to grow old in.
Eventually, be worth a tidy sum that when I leave this world, my children have
got something left to them to give them a boost financially in their life. For
this, I am very grateful.

As I said previously I don't blame anyone for taking up the offer,you have to look after number 1.

Having said that I really don't understand the discount perks.If any Government is hell bent on reducing the numbers of Social housing then at the very least the taxpayer should reap the benefit too. So for instance the RTB should be at a market value or if not when the property is sold the original discount is paid back to the Government , if the profit is less then a percentage of the profit.

Giving people up to 68% discount on the market value of a property was never right even in the boom years.I also think it would be a good idea that when someone buys their Social Housing they should forego any future right to Social housing rights. They have chosen to give up a long term secure tenancy for the private sector .Why the Government haven't introduced more stringent rules via an Act Of Parliament is beyond comprehension. Unless the scheme was/is a bribe for votes.

I wish you luck

steve4mandy

Right Pickledonionspaceraider and Riddar hear goes......


No previous work the council had carried out to my property was added to the price or deducted from the discount


They did deduct £10000 from market value for work I had carried out, which was a nice bonus.


The discount of 52% was used as a full deposit by Nationwide, giving me an LTV of 48%, as my broker keeps telling me its a baby mortgage.


All visits, valuations, and the Energy Performance Survey the seller(council) has to carry out are free.


My only fees have been legal/mortgage/broker related......coming in at approx. £1350 pounds. If you are in the position to source your own mortgage, and get one with fees, conveyancing and surveys included, your legals will be considerably less


I hope this helps, keep us informed.

pickledonionspaceraider

Thank you so much for doing that steve4mandy, really helps to see things in black and white, especially if you have no clue like me. massive appreciation for that