Can I rent out my Right to Buy House

mrt04

Hi I bought my ex council house 1 year and 7 month ago through the Right to Buy Scheme. I want to know if i can rent this house out as im wanting to move to a bigger house but dont want to sell this house, Can i do this or is there any rules to stop me doing this.

dmg24

Individual councils have different rules, so you need to check with them (your paperwork should contain any such clause).

mrt04

DO you know of any webites which may have any info on regarding this

dolce_vita

mrt04 wrote: »

Hi I bought my ex council house 1 year and 7 month ago through the Right to Buy Scheme. I want to know if i can rent this house out as im wanting to move to a bigger house but dont want to sell this house,
Can i do this or is there any rules to stop me doing this.

In answer to your questions in bold:

I hope not and I hope so.

mrt04

DOLCE VITA

What do you mean by I hope not and I hope so ! ! !

dolce_vita

mrt04 wrote: »

DOLCE VITA

What do you mean by I hope not and I hope so ! ! !

exactly what I said

poppy_f1

mrt04 wrote: »

DO you know of any webites which may have any info on regarding this

try your local councils website

mrt04

dolce_vita wrote: »

exactly what I said

I have looked all over the internet and cant find any info about, i would really appreciate if anyone has done this as with a baby on the Way i need a bigger house.

JasonLVC

I'm not aware of any specific rules within Right To Buy that prevents you from renting the property out as ultimately, you now own the house - although if you purchased from a housing association the rules may be different.

Your contract papers will detail if any covenants or clauses have been put in place by the Council - your solciitor should know the answers I am sure.

Your bigger issue is obtaining two mortgages. You would need to convert your current right to buy mortgage into a buy to let mortgage in order to class the income from rental as the security against the mortgage loan. Then you'll need another mortgage for your new property...unless you have huge earnings and savings and can obtain mortgages with relative ease and large deposits.

You could always sell the house back to the council and/or sell privately and repay any discounts.

RabbitMad

Check with your local council if there were any clauses in your purchase contract. I suspect there won't be and that you'll be free to rent it out if you wish but I have no knowledge in this area.

mrt04

JasonLVC wrote: »

I'm not aware of any specific rules within Right To Buy that prevents you from renting the property out as ultimately, you now own the house - although if you purchased from a housing association the rules may be different.

Your contract papers will detail if any covenants or clauses have been put in place by the Council - your solciitor should know the answers I am sure.

Your bigger issue is obtaining two mortgages. You would need to convert your current right to buy mortgage into a buy to let mortgage in order to class the income from rental as the security against the mortgage loan. Then you'll need another mortgage for your new property...unless you have huge earnings and savings and can obtain mortgages with relative ease and large deposits.

You could always sell the house back to the council and/or sell privately and repay any discounts.

Many Thanks

I will get in contact with my solicitor in the morning, to make things easier my current mortgage aint a right to buy mortgage ( Just bought the house off my local council) its just a normal repayment mortage which I am porting to my new house and i am currently going through a buy to let mortgage for this house, so fingers crossed there shouldnt be a problem, i dont fancy selling back to the council as i stand to lose alot of money as i currently have about 45 grand capital in the house. i want to keep it till the discount repayment period is over then possible sell, Thanks again