RTB selling within three years

allhappy111

Hi,

I almost scared to post my question because I know it gonna cause contraversy so I really only looking for constructive advice and not a political debate as I understand that the subject of RTB has previously brought up some quite strong opinions and feelings.

I was fortunate enough 2 years ago to get my foot on the property ladder by purchasing my council house. I am aware that if I sell the property now I will have to pay back some of the discount. Due to unforseen and unfortunate circumstances I need to move area and cant wait the other year. If I rent the house out rather than sell it do I still lose the discount?

I would really appreciate any constructive advice on this cos I really stuck with this one?

Thanks for taking the time to read my first post!

Guy_Montag

Call your local council, you can be vague about your identity, but ask them what the situation is. You may only have to repay a small amount of the bribe discount, on the other hand it may be better to keep it as your official residence for a year, while you rent elsewhere & flog it in another year (though you could probably start at nine months since it seems to take about three months to go through completion). Or stick it on for such a stupid amount that you don't care about having to pay back the discount, reducing at the amount you would need to pay back until such time as it's sensibly priced (& there's no discount to pay back) or it sells.

Now that I've given you some useful advice, time to start the general rant

Of course this is exactly why RTB is an awful idea, a dwelling has been removed from the social housing pool, you no longer need it, had it not been sold, you would have moved on & a needy (or wastrel) family would have been moved in. As it is you will now sell it on for a tidy profit to some poxy "property developer" who will let it to some needy (or wastrel) family, but this time they will get, at best 12 months security of tenure, while said property developer pockets their housing benefit. Should something major need done he'll evict them before doing it & get in some, more compliant, family. Of course, none of this is your fault, you used the system to your best advantage - we all should.

hobo123

I was in a similiar situation and when I contacted the council to ask this the answer was a bit vague but was told basically what they don't know can't hurt them. When I was looking into it there were certain clauses in the housing act which may apply depending on the reason for having to sell ie. due to health or personal circumstances they are at the discretion of the local council if you search online for the exact info and see if it is relevant. I did have this info but have now deleted it sorry.

allhappy111

Thanks to both of you for your quick, helpful and relevant replies. Thats some really good common sense ideas that I hadn't thought of yet and you have both helped point me in the right direction.

Cheers for advice cos it is much appreciated.

hazelbunny

allhappy111 wrote: »

Hi,

I almost scared to post my question because I know it gonna cause contraversy so I really only looking for constructive advice and not a political debate as I understand that the subject of RTB has previously brought up some quite strong opinions and feelings.

I was fortunate enough 2 years ago to get my foot on the property ladder by purchasing my council house. I am aware that if I sell the property now I will have to pay back some of the discount. Due to unforseen and unfortunate circumstances I need to move area and cant wait the other year. If I rent the house out rather than sell it do I still lose the discount?

I would really appreciate any constructive advice on this cos I really stuck with this one?

Thanks for taking the time to read my first post!

If you bought the property after january 2005 then you can't sell for 5 years without a penalty.

martinbuckley

Will the council not buy it back at the original purchase price + a few grand for your trouble?

Andy_Hamilton

Rent it out to cover the mortgage. You may have to remortgage with a buy to let policy. In the last 2 years, how many times has the council asked you about the house? They have there money and they don't care.

I'm not condoning it but I know this sort of thiing goes on all the time

david29dpo

It dont matter what others think. You only did what you did because you could. Was it your fault? No. Many on here did not get the change, hence there bitterness. Its 3 or 5 year by the way, depending when you bought. Or rent it out.

Triker

I would second what others have said re renting out however make sure you have a legal tenancy agreement drawn up in order to try to protect you in case of future issues with your tenants.
Ask for a deposit.
I speak from bitter experience.