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Mutual exchange & RTB discount
deanybee
Posts: 7 Forumite
Hello
Apologies if this question has been raised before but i am looking for clarification on being able to carry over my RTB 75% discount onto another council property via a mutual exchange. I know i will still attain the RTB but I am unclear wether i will be able to carry over the discount earned over a 15 year tenancy. The main reason i am looking to exchange is because i live in a high rise & have been unsuccessful obtaining a mortgage due to lenders not lending on the type of property i live in currently. any advice will be greatly appreciated
kind regards
Dean
Apologies if this question has been raised before but i am looking for clarification on being able to carry over my RTB 75% discount onto another council property via a mutual exchange. I know i will still attain the RTB but I am unclear wether i will be able to carry over the discount earned over a 15 year tenancy. The main reason i am looking to exchange is because i live in a high rise & have been unsuccessful obtaining a mortgage due to lenders not lending on the type of property i live in currently. any advice will be greatly appreciated
kind regards
Dean
0
Comments
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Yes, all your years in either housing association or council property will count towards your discount. You do need to check that the property you exchange to does have the RTB though. If the stock has been transferred then it'll have the 'preserved RTB' which ends with the current tenant. You should only exchange with a council tenant who has a secure tenancy where the stock hasn't been transferred. Housing Association properties have the RTA (right to acquire) and the discounts are lower. HTH0
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The Government seem to think the maximum discount (er... subsidy from decent hard-working taxpayers..) is 70%...
https://www.gov.uk/right-to-buy-buying-your-council-home/discountsThere are different discount levels for houses and flats.
Houses
You get a 35% discount if you’ve been a public sector tenant for 5 years. The discount goes up by 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £77,000 across England and £102,700 in London boroughs (whichever is lower).
Flats
You get a 50% discount if you’ve been a public sector tenant for 5 years. The discount goes up by 2% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £77,000 across England and £102,700 in London boroughs (whichever is lower).0 -
theartfullodger wrote: »The Government seem to think the maximum discount (er... subsidy from decent hard-working taxpayers..) is 70%...
https://www.gov.uk/right-to-buy-buying-your-council-home/discounts
The implication being that council tenants aren't or can't ever be 'decent hard-working taxpayers'?0 -
Well thank you for advice vintagebrighton that is what i was hoping to hear. I can now explore new possibilities armed with new information.
I shall pay no attention to that insinuation Mr dodger, other to remind you that council tenants are not the ones stealing your earnings.0 -
vintagebrighton wrote: »The implication being that council tenants aren't or can't ever be 'decent hard-working taxpayers'?
Of course they can be and usually are: And they too, under this "scheme" end up subsiding the M Thatcher memorial bribe bung... just like all other decent hard-working taxpayers...
Cheers!0
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