Can I rent out my Right to Buy House

izzybusy23

mrt04 wrote: »

both me and my wife work very hard to achieve and why not make sure my family is protected for the future if anything was to happen to either of us.

And with the added help of our lovely governments RTB scheme of course.. otherwise WOULD you have done so well, hmmm, huh??? :rolleyes:

C'mon, you have to admit that you are damn cheeky even posting this question on here when there are thousands of people living like paupers due to this government and here you are banging on about renting out a property that was virtually handed over to you by the very same government to make EVEN more money out of the poor paupers who can't afford to buy. Nice.

:mad:

Gorgeous_George

We will never agree on this one.

ALL those who castigate the OP for his actions would soon change their minds if they were offered a discount (paid for by the public purse).

The Tories introduced RTB to buy votes. No other reason. Yes, council housing was expensive to run but that was mainly due to the incompetence of local councils and the law that says councils must find accommodation for everybody. Even scum tenants who rack up arrears and trash their properties get re-housed at tax-payers expense. Those who buy under rtb are the good, 'cheap-to keep' tenants. This leaves the scum for the HA who don't have to re-house evicted tenants. Get evicted and the council still have a legal burden to house you - in b&b if necessary.

The cost problem could have been fixed by removing the council's burden to house scum and employing proper, accountable housing managers.

Where the OP has gone wrong is he should have got a larger council house before exercising his rtb (***runs for cover***).

GG

PasturesNew

mrt04 wrote: »

All im wanting to do is provide stability and security for my family, which any decent parent would do the same.

Except in the eyes of many you wouldn't be.

What if you manage to buy property2 and rent out property1 .... then:
1] wife/new baby problem (from depression to special care) means wifey won't be working again
2] house prices drop by 20%
3] interest rates increase by 0.5%
4] tenant is tenant from hell ... and when you finally get them out you need £5000 to put the house straight again - even though you never had a penny of rent the last 5 months
5] property1 then sits empty for 3 months
6] you lose your job
7] find a new tenant for property1 ... and the boiler blows up and needs replacing.

Very secure. Very stable.
Superdad to the rescue

foreign_correspondent

All the people morlising at RTB need to get a grip in my opinion. In principle, I agree, social housing is important and should be help onto by local councils. I have always believed that.

However, in real life things arent so clear cut... I moved into a council house almost a decade ago with my partner. We had no cash and were technically homeless. There was a surplus of council houses at the time in our area, and we were allocated one very quickly.

We took the first one we were offered, despite everyone warning us the estate was like the gaza strip! The house had peeling wallpaper, no kitchen fittings except for a battered sink propped up on legs, and one larder cupboard that was half rotten.

The floorboards in one bedroom stank of pee. The garden had two huge piles of rubbish containing car parts, nappies, old clothes, some very unsavoury items and potentially syringes - (the ex-tenant was a dealer who terrorised the old couple next door till he had been sent down for doing over a post office).

The housing officer refused to help clear this unsanitary junk, until I went bonkers at him and told him if I got pranged on a filthy needle it would be his fault, as i had no safetly gear or transport to shift it.

It took two of us three weeks of solid cleaning, stripping filthy paper and painting till it was habitable. God knows how a young kid or single mum could have made it a home.

We saved up and bought a kitchen, carpets etc and made it habitable. We flattened and grassed the garden. We like the neighbours and have had no real trouble apart from the car being nicked etc, but most people are nice. We are both now professionals, and I have just completed a masters degree, whilst my OH has gone back to uni. We put so much work into the house it I couldnt bear the thought of leaving it and letting someone else (potentially like the last tenant) move in and take over everything we had done, so we bought it.

Do I feel bad? NO. if we had moved out, the next tenants would very likely have bought it and profited from our hard work, or have been like the last tenant, who was apparenty particularly troubling to live next door to.

One advantage of RTB that people often forget, is that it prevents the ghetto-isation of neighbourhoods. I speak about this from a perspective not of knocking council tenants, but of believing that putting lots of very vulnerable people together in a small area does no-one any favours. I have worked with young people for several years and have seen the way they get sent to certain areas, which become breeding grounds for drug use, despondancy and depression. Mixed comunities are more balanced and have more resources.

Unfortunately, we dont live in a utopian society with these little idyllic enclaves of social housing which should be kept just as they are - many areas of social housing are problematic for all sorts of reasons, and enabling people to buy, and invest in the area is not necessarily a bad thing.

right, I will shut up now.

margaretclare

PasturesNew wrote: »

Except in the eyes of many you wouldn't be.

What if you manage to buy property 2 and rent out property1 .... then:
1] wife/new baby problem (from depression to special care) means wifey won't be working again
2] house prices drop by 20%
3] interest rates increase by 0.5%
4] tenant is tenant from hell ... and when you finally get them out you need £5000 to put the house straight again - even though you never had a penny of rent the last 5 months
5] property 1 then sits empty for 3 months
6] you lose your job
7] find a new tenant for property 1 ... and the boiler blows up and needs replacing.

Very secure. Very stable.
Superdad to the rescue

I love this. It may be a bit tongue-in-cheek, but these are all things that could easily happen.

I once thought of renting out this bungalow - it was when I thought of entering a convent (the person who laughs shall leave the room). My then neighbours pleaded with me not to do any such thing. (This was the early 1990s when house sales were really in the doldrums.) They were scared - a house opposite them had been rented out, the woman had gone to bed with a cigarette, thought she'd put out the smouldering mattress with a bucket of water, went to sleep in an armchair downstairs, the mattress went from smouldering to fire, the people escaped with their lives (just), but my neighbours - 2 old ladies - were frightened by burning fragments floating across and endangering their (and my) property.

Fortunately the convent idea didn't last, but that was the only time I ever thought of renting out my home.

Margaret

reformedEffortMaker_2

mrt04, I am sure most people would have taken the opportunity you did if it was offered to them.

Well done in trying to plan for your family.
As you have now learnt, BTL and RTB really really really winds people up on this site. (Wont go into the reasons why I think that is, because quite frankly, I dont want to abusive posts or the denial.)

I have sent you a PM which I hope helps, I would also try contacting your council and mortgage company directly as well as going over all your purchase paperwork. The answer will be there somewhere!

Good luck

dolce_vita

reformedEffortMaker wrote: »

mrt04, I am sure most people would have taken the opportunity you did if it was offered to them.

I have the chance to buy one right now as it happens.

My 70yo auntie has been a council tenant for over 30 years and her husband died last november. They have no children or other dependants and she recently asked me about buying her house under RTB.
She can't afford it so was wondering whether I would like to as a way of getting the house cheaply and then selling it in a few years and thereby getting some sort of inheritance.

My answer?

No.

I refuse to do so on priciple even though I could make some easy money when I come to sell it.





Sometimes, sticking to your principles costs money

Gorgeous_George

PasturesNew wrote: »

Except in the eyes of many you wouldn't be.

What if you manage to buy property2 and rent out property1 .... then:

There are real risks (all those listed and more). A newbie BTLer needs to learn quickly if he is to avoid falling flat on his face. Be prepared for the worst and good luck!

Choose your tenants wisely.

GG

Gorgeous_George

dolce_vita wrote: »

I have the chance to buy one right now as it happens.

My 70yo auntie has been a council tenant for over 30 years and her husband died last november. They have no children or other dependants and she recently asked me about buying her house under RTB.
She can't afford it so was wondering whether I would like to as a way of getting the house cheaply and then selling it in a few years and thereby getting some sort of inheritance.

My answer?

No.

I refuse to do so on priciple even though I could make some easy money when I come to sell it.





Sometimes, sticking to your principles costs money

Yeah right. Not because you think there'll be a crash then.

GG

reformedEffortMaker_2

Gorgeous_George wrote: »

Yeah right. Not because you think there'll be a crash then.

GG

:rotfl::rotfl::rotfl:

Imagine if there was a crash, and people who bought their high rise-one lift that smells of wee-mouse/skag head infested-concrete blocks from a incompetent London Borough Council were faced with negative equity?

I dont think people would be calling those Right to Buyers 'greedy' then?

Then again.....