Can I rent out my Right To Buy Flat once purchased

Doreena

Hi
I have purchased my council flat in Manchester on Right To Buy Scheme 6 moths ago. I paid cash so do nor require a mortgage. Can I rent this out privetly

WibblyGirly

*gets popcorn ready*

Comms69

And this is the problem with RTB....

xsor

I believe you are able to let it out without any issues..

There shouldn't be a problem, since there is no lender.

Pixie5740

Yes you can although being a leasehold property you may need to seek permission from the freeholder. Around 1/3rd of properties purchased under RTB are now in the private rental sector.

See G_M's guide for New Landlords: advice, tips and links taken from his Guide to Tenancies in England & Wales.

JoJo1978

Yes I believe so. Make sure that you're aware of what your obligations are as a private landlord though. The buyer of our house wants to let it out but did not do any research as to what it may cost him up front and ongoing. He's now decided against it in the short term.

00ec25

why did you not find out the answer to that question before you bought the property?

now that you have joined the ranks of the rich property owning elite you need to step up your game when it comes to financial management. Also, don't forget to put your tenant's rent up when the multi £thousand share of the repair bill comes in from the council.

Marvel1

Will you be charging the same rent you paid?


Also research what you need to do and tenants rights.

G_M

What did you find in the terms of your RTB purchase when you read them?

Cakeguts

Yes you can but don't expect to get any really good tenants. Good tenants don't rent ex council properties. They prefer to rent properties that have never been owned by any council. So you are going to have to research very carefully the obligations of being a landlord because you are likely to get tenants who don't pay the rent and who wreck the place. If you had wanted a buy to let you should have bought a private property that had never been owned by the council not a council flat. You may find that this particular flat is going to be more trouble to let than it is worth.

Cakeguts

cjdavies wrote: »

Will you be charging the same rent you paid?

I would be surprised if they can find a tenant who will pay any rent. It is an ex council flat in Manchester only someone who has been evicted by the council will want to rent anything like that. Think ex council tenants who have been evicted because of anti social behaviour or rent arrears. Manchester isn't London there is much more affordable housing available without normal working people needing to rent ex council flats.