Can I rent out my Right to Buy House

Graham_Devon

mrt04 wrote: »

Thats totally untrue tr3mor

As a tax payer since the age of 17 and worked full time paying all tax and not once claimed any sort of benefits from the government and also renting the property from the local council for 3 years prior to buying do you still think that im profitting from tax payers money, in my eyes as was in the right place at the right time and the house market rising why shouldnt i take this opportunity to furthur myself in the property game

Unfortunately, you got up to 30k from the government.

You also had subsidised rent, which is paid for by tax payers.

You may not think you have had any handouts. Most of us can see you have.

The whole reason for the right to buy scheme was to better yourself, even though I disagree with it. However, your taking it to a complete new level, wanting to profit 2 or 3 times, with only yourself in mind.

YOU can now afford a better place. OTHERS who were struggling when you got your handout are probably still struggling. They have to continue paying into pots to give people like you a headstart. They don't get one. You want to profit from those very people. Disgusting.

You've had your MASSIVE headstart. Don't try and profit further from those who have not got the same opporunity based on a very unfair rule.

margaretclare

seven-day-weekend wrote: »

I must admit I never understood why the massive discounts were applied. The properties are already valued lower than a similar house on the open market.

But that is hardly the tenant's fault and you can't blame people for making the most of the opportunity.

It is not the tenant's fault that the discounts were offered. Many people are now living in former council properties that they probably never hoped to own before the scheme - you can always see which they are, different doors and windows, a porch built on, whatever. My daughter lives in one - it's the end of a row of 4 terraced properties and the ones at either end now have a conservatory, the 2 in the middle are still council-owned and have had their roofs replaced courtesy of the council.

The 'opportunity' to own one's own home as a place to live and feel secure - together with all the responsibilities that brings, paying for maintenance and improvements etc - is different from the opportunity to make a fast buck, as I said before. Either you can see the difference, or you can't!

If the OP now finds the house is too small for his needs and those of his family then I would suggest he does what most of us would do in those circumstances - sell, and buy something more suitable.

Margaret

silvercar

The place for political discussion on the failings of the RTB policy is in Moneysaving arms board.

The OP came here for specific advice not policy discussion.

Graham_Devon wrote:

YOU can now afford a better place. OTHERS who were struggling when you got your handout are probably still struggling. They have to continue paying into pots to give people like you a headstart. They don't get one. You want to profit from those very people. Disgusting.

And some people benefitted from house price inflation, and others had an inheritance to get them started..... all wrong becuase they didn't help you personally???

Sounds like the green eyed monster to me.

JasonLVC

!!!!!! wrote: »

Stop being so simplistic. That may well be the reason that you bought but this doesn't apply to everybody.

I bought for the simple reason that after 30 years of moving around the country, living in the carp housing that the Forces provide, I decided that I wanted somewhere where I could settle and actually call home. Somewhere where I could knock a nail into a wall without worrying about the consequences on leaving.

After 30 years of moving, I will probably stay in this house until my children have completed their education and established themselves. My wife and I will then probably downgrade to a smaller house. Yes we will possibly make a profit but that is a by-product of downsizing.

House buying is always about profit. If not now or tomorrow, then an inheritance for the kids, a step-stone to a larger property, a fund for retirement, downsizing as you say is profit realisation on an asset. Even if you kept the house until you die...someone will gain from it and therefore that gain is a profit to someone. That's why 125% mortgages are so prolific, because people are speculating on profitable growth in the housing market. The OP is in it for profit, nothing else...despite their 'all innocent' approach and nor would anyone else borrow £150k over 25 years with an eventual total loan re-payment of about £300k just becuase they want to hang pictures on walls without comeback.

I do see what you are saying and I buy a house to live in and move when I feel it is right for the family - but I'm still counting on my house being worth more than I paid for it to offset the total loan cost to the bank and to reduce the overall cost of the new property I'm buying. Still profit.

Merton

What an utterly outrageous thing to do. I'm staggered at the amorality of it.

seven-day-weekend

margaretclare wrote: »

It is not the tenant's fault that the discounts were offered. Many people are now living in former council properties that they probably never hoped to own before the scheme - you can always see which they are, different doors and windows, a porch built on, whatever. My daughter lives in one - it's the end of a row of 4 terraced properties and the ones at either end now have a conservatory, the 2 in the middle are still council-owned and have had their roofs replaced courtesy of the council.

The 'opportunity' to own one's own home as a place to live and feel secure - together with all the responsibilities that brings, paying for maintenance and improvements etc - is different from the opportunity to make a fast buck, as I said before. Either you can see the difference, or you can't!

If the OP now finds the house is too small for his needs and those of his family then I would suggest he does what most of us would do in those circumstances - sell, and buy something more suitable.

Margaret

And why is that more ethical than renting it out? He has made an even faster buck if he sells it!

adouglasmhor

Council rents are not subsidised, the reason they are usually cheaper is economies of scale and housing benefits/rent allowance where applied. The reason a lot of council housing stock became too expensive for local authorities to maintain was a combination of mismanagement, gullibility and corruption amongst the councils and their officers.

mrt04

Having not read any comments about my question since last night, I do take in everyones views and opinions, Having spoke to my solicitor and Local Council I they are quite happy for me to rent my house out to the open market with no comeback, in regard to a earlier comment from someone regarding the council buying the house back, having asked them again today they are not interested as they are trying to sell off as much stock to people like me so they dont have the resposibility of the maintenance. In my mind im in a position now (albeit some profit from my RTB, and my own savings which have hugely contributed.) to puchase my bigger house to accomodate my growing family, which im sure im will be doing in the future.

seven-day-weekend

Good news mrt04, now you know it is all legal and above board carry on. The Council don't want it so you are depriving no-one of a home.

I wish you well.

mrt04

Thanks seven-day-weekend ! !
Originally I only posted this thread for some advice, never in the world did i expect this kind of response and reading everyones different views, I agree not everyone will agree what im going to do but I need to look after my family and unborn child, which im sure any other parent would do.