We found the house we r buying is ex-council just a week before exchange. What to do?

Davesnave

I think the OP is just suffering from pre-exchange jitters.

Despite all the disparaging comments on here, I bet most contributors have worried about making the wrong choice, or paying too much when half way through a house purchase. Such worries focus on marginal concerns and have the potential grow out of proportion, unless checked.

If the OP hadn't discovered some council history, it could have been finding there's an abbatoir in the next road, a nearby primary school with a bad Ofsted, or maybe a Volkswagen dealership, spewing out toxic particulates.....

Judging from a few of their comments, it seems that the OP realises they could and should have done more research first. However, they like the area and view it as improving, so there's probably nothing that a few stiff drinks and a curry won't fix.

alchemist.1

LittleMax wrote: »

Come on let us know where it is and those of us familiar with the area will be able to comment without making much of Brum sound like a no go area!

I'm guessing somewhere like Northfield

LittleMax

alchemist.1 wrote: »

I'm guessing somewhere like Northfield

better than West Heath

greenface

This just means its well built by tradesmen . enjoy your house .

brightontraveller

Ex local authority housing tends to achieve lower price than non (like for like) Multitude of reasons some justified many not My considerations would be,,,
Some lenders won’t lend on them,
Markets rents achieved ex la and the rent by the same private housing probably 5- 10 % variation.
In a slow market ex LA tend to take longer to sell.
Building construction concrete etc works can be costly (This is same as any home but more likely in LA housing).
Is LA looking at large scale sell offs.
If LA, trust etc actively maintains its stock (unlike private were you may get odd houses in streets tatty etc you can have entire roads, estates etc tatty if they don’t maintain).
There are others but above would be my biggest
If its same price as non authority in same area (it should be 20 - 40 % less) I’d say its overpriced and either negotiate it down or walk away…

If its London your buying and market doesn’t crash soon none of the above really matter you’ll make a profit….

Crime, drugs etc you can get them anywhere so ex La is no different in that respect ....

MM64

I'm going to go against the tide here and say I agree with the OP.

If I thought I was buying a private house and found out at a later stage it was ex-council I would pull out as well.

For me it's a matter of principle, - I fail to see how it is fair that a tenant can buy at a massive discount and then sell on, pocket 10s of thousands and walk away.

I would have no problem whatsoever if the tenant purchased at "market rate" from the council or the discount was paid back when sold.

I know of someone who lived in a council house who was a single mum, paid no rent for over 10 years (no problem so far). She met a new partner who had a well paid job. (You know what's coming). They had the house valued, THEN got it done up at our expense and bought it at the ORIGINAL discounted price.

5 years down the line sold it for a massive profit. (Well over £150k) and emigrated to Australia.

It is for this reason alone that I personally would never entertain buying an ex council house.

csgohan4

Principle or not, it's business. If you don't buy it, there are others who will buy.


If you want to blame someone, blame the government that introduced the Right to buy scheme.


Either way, At least I can sleep better at night because the money I earned is not from sitting around rent free. Good for those that can and sell their council house at a massive profit, but it's supply and demand, it's life.

MM64

Csgohan4 I agree with all of your comments.

I can also sleep soundly at night knowing that I have not lined someone's pocket at taxpayers expense.

I sincerely hope D C sees sense and doesn't exacerbate the problem with regards to housing association properties.

Landofwood

I didn't realise ex-council was considered a negative. Live and learn I guess.

alchemist.1

csgohan4 wrote: »

Principle or not, it's business. If you don't buy it, there are others who will buy.


If you want to blame someone, blame the government that introduced the Right to buy scheme.


Either way, At least I can sleep better at night because the money I earned is not from sitting around rent free. Good for those that can and sell their council house at a massive profit, but it's supply and demand, it's life.

Indeed. And make sure you don't ever pop into Starbucks, buy anything from Amazon, have a contract with Vodafone etc etc.