Can I rent out my Right to Buy House

mrt04

I do understand the moral and ethical concerns regarding this subject but i did not intentinally set out to make money out the RTB scheme, Initially it was the only way i could afford to get onto the property ladder and now 2 years on me and my wife are alot finacially better off with us both training to acheive a better career. In a perfect world I would offer the house back to the council but they are not interested in buying it back and me losing some of the discount, hence me wanting to rent the property and untimatley I will make some profit on the house which will help finance my childrens future, which im sure any parent would do the same. In regard to the comment about getting my deposit for free is totally incorrect as for both RTB house and new house I have saved for the deposit and no capital in my RTB house is going towards my new house.
Every person has the freedom of there own opinion which im sure not everyone will agree.

Gorgeous_George

mrt04, filter the vicious posts of envy and extract the information that you need.

As a MoneySavingNewbie, you will learn that RTB and BTL are two TLAs that cause much anger from people with their 'holier than thou' attitudes.

The Tories bought extra years by introducing RTB. History will show that they made a huge mistake. Only the good tenants bought under RTB - leaving the council with a higher proportion bad tenants.

On the BTL, don't get carried away with the idea of huge profits. £110 per month is little reward when there are voids, insurances, tax returns and sub-prime tenants to deal with. On top of that, by the time you are allowed to sell the house, it may be worth less than the mortgage secured against it.

I really wish you well.

GG

mrt04

Thanks for you comments GG now I know why the negative comments now, and I still aint got the real answer to my original question. I just hope that things run smoothly for me and I can enhance not only my own life but my child and child on way.

Gorgeous_George

Which Local Authority are you with? Might be worth googling.



GG

p.s. the Thanks button is bottom right

dmg24

and I still aint got the real answer to my original question

You were given the answer in several of the first posts. Your right to rent out the property will depend on the terms of the right to buy, and therefore you need to check your own documentation, contact your solicitor, or contact the relevant council.

mrt04

Im going to contact my solicitor in the morning, im pretty sure I will be allowed as the only requirement was not to sell within 5 years of purchase.
As a new member i know for future what subjects to avoid.

Again many thanks to all comments regarding my question and not the political and moral replies which i now fully understand peoples feelings

dolce_vita

mrt04 wrote: »

Im going to contact my solicitor in the morning, im pretty sure I will be allowed as the only requirement was not to sell within 5 years of purchase.
As a new member i know for future what subjects to avoid.

Again many thanks to all comments regarding my question and not the political and moral replies which i now fully understand peoples feelings

Whatever you do , please don't avoid discussing something controversial on here.

It's what makes things interesting.

Gorgeous_George

dolce_vita wrote: »

Whatever you do , please don't avoid discussing something controversial on here.

It's what makes things interesting.

But I'd avoid the "I BTL'd my RTB and have gone bankrupt with Northern Rock - who do I sue" threads.



GG

mrt04

I will bear that in mind, but im not a person whom stirs up controversy I just wanted some advice with me not being a expert,

Cheers

Gorgeous_George

My BTL was a RTB repossession - but I keep that to myself

GG