Can I rent out my Right to Buy House

seven-day-weekend

Right, at least I understand why you are all getting so heated.

So would you think it was OK for him to sell or rent OUTSIDE the discount period?

seven-day-weekend

I personally have always thought that if the house is sold EVER to buy something else on the open market, then the discount should be paid back. (In fact I have never seen why a big discount in the first place).

But those are not the rules that the Government in its wisdom has made.

Graham_Devon

seven-day-weekend wrote: »

Right, at least I understand why you are all getting so heated.

So would you think it was OK for him to sell or rent OUTSIDE the discount period?

If he bought another house and sat in this one just to roll out of the discount period, it would still grate me.

If he's now able to buy a bigger house, he should sell up and give something back.

Not take as much as possible. Renting it out and making money while waiting for the discount period to end so that he get's even more money....its just so wrong, hence why I called it sick.

margaretclare

I agree with what Graham Devon says in post #69 above. That really does explain it all in words of one syllable.

Further, I disagree with someone on the previous page, post #59, that 'buying a house is always about profit'. It isn't, it hasn't been historically, and it shouldn't be. It should be about having something of your own, a place to live, be comfortable and happy, to live the way you want to live, to have it how you want to have it without a landlord telling you what colour you can paint the front door.

House prices have gone absolutely crazy, especially in the last few years. I can't believe that the 1930s bungalow where I live is really worth £175K. That's £100K more than its real value. 'Buying to let', fuelled by TV programmes implying that anyone at all can be a property developer, can take that up as a career and make fortunes, may be one of the reasons these crazy values have arrived.

Someone else said 'who needs 2 of anything?' True. Why should anyone need 2 cars, 2 TV sets, and 2 homes? There are many rural areas where the local sons and daughters cannot find anywhere affordable to live because they happen to have grown up in beauty spots where labourers' or fishermen's cottages have been snapped up as 'holiday homes'.

I cannot see why the OP's former council house is really too small for him, his wife and baby? I know many people who raised families in council houses and didn't think they were 'too small'. I've even delivered babies in council houses as well as in cottages - that was in my former career.

We were listening to a news item on Saturday morning on BBC Radio 4 'Moneybox' and comments from a property development exhibition at ExCeL in East London. I asked DH if he'd ever thought of going into the BTL game. He said he'd once tried it, but was forced to sell at a loss to a sitting tenant, had lost money and 'once bitten twice shy'. I think it was a flat in Nottingham, in a previous life he doesn't want to remember. But he certainly doesn't think it is a game to get into at all, a lot of work and responsibility, and certainly not the licence to print money that many people appear to think.

Margaret

mrt04

In response to the large text, to put you straight im not using any profit to fund my new house its my own savings for the deposit and a 95% mortgage so get your facts right before you mouth off

Graham_Devon wrote: »

Right, i'll explain.

When you go to work, you get money taken off you. 22-40%. You go to work to try and look after yourself, better yourself. Millions struggle to get on the ladder, and to pay rent.

The OP had it slightly different. He paid less rent, which we all pay for. He then got up to 30k just GIVEN to him, THIRTY THOUSAND, as a deposit to buy his house. That money came straight out of the pot others are going to work to pay into. The others do not get that, only a select few who have already had it easier in the first place.

Now, he's realised that he can make a profit on this house out of charging those very same people who don't have those chances, but do pay into that pot, a rental fee. Not lower, same as everyone else.

He's realised he can buy another house with their payments contributing to his bigger home.

It's sick, because he was one of the select, lucky few who got given, not loaned, an amount to try and better themselves because apartently they were worse off than the rest.

He's now abusing that by using it to gain even further, charging those who still cannot afford to get onto the ladder a rental fee, and the only reason he can do that, is yes, us, the taxpayer, the exact same people that helped him get there.

In my mind, it is exactly the same as benefit cheats.

He should sell the house like everyone else would. Not start a rental business and have 2 houses, one of which was funded partly by the tax payer.

If he wants to start renting out, he can do it the same as everyone else.

It's nothing to do with green eyed monsters. It's all to do with what is morally right and wrong. He obviously doesnt care, so long as he benefits.

izzybusy23

tr3mor wrote: »

You paid subsidised rents and then bought at a subsidised price. That is pretty much tantamount to claiming benefits.

Now you want to take your subsidised house and rent it out at market rates?

I hope, and believe, that your council tell you where to stick your BTL!

Well said. Can't believe the OP had the cheek to come on and even ask the question!!!!

He should pop over to HPC and see what response he would get on there!! :rotfl:

poppy10_2

Very disgusting attitude from the OP

dmg24

mrt04 wrote: »

In response to the large text, to put you straight im not using any profit to fund my new house its my own savings for the deposit and a 95% mortgage so get your facts right before you mouth off

Yes you are, albeit indirectly, because I doubt very much that you would be able to get a mortgage for a second property, if you had a 100% mortgage on the first property.

mrt04

I totally disagree, I feel like im a victim in this, I just found myself in the right place at the right time, and with my 2nd child on the way I need a bigger house which I can now afford and to keep this house, so why shouldnt I. I dont disagree with peoples comments as i respect everyone opinons and i admit not everyone will see the same. All im wanting to do is provide stability and security for my family, which any decent parent would do the same.

I get the impression people think i dont work for my money, 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.

mrt04

To dmg24

I agree it could have helped but both mine and my wifes wages would have secured our new house even without the discount taken into account. Im not talking hundereds of throusands of pounds as my new house is only 81grand.