Selling Right to buy home

Red-Squirrel_2

bri70123 wrote: »

we never did it to make a profit, but now there are 4 of us living in a 2 bedroom house one son 22 year old and one 9 sharing a room, thats the only reason we want to move...

Surely when you bought 5 years ago you also had the same number of family members? Your sons would have been 17 and 4, no?

bri70123

Red-Squirrel wrote: »

Surely when you bought 5 years ago you also had the same number of family members? Your sons would have been 17 and 4, no?

My older son had moved out with his girlfriend before the RTB but it didnt work out so he came back home 2 years ago.

anything else you want to know?

Cakeguts

Selling one house and buying another is expensive so I would have thought that the most sensible thing would be for the 22 year old to move out and rent their own place? He probably won't want to carry on sharing with his younger brother for much longer anyway.

gettingtheresometime

bri70123 wrote: »

i didnt come here for sympathy

I paid full rent for 21 years and this was the only way i could get on the property ladder at the time, Mortgage was half the rent, so, honestly what would you have done?

I don’t get this I paid rent for x number of years hence I deserve the discount argument.

You had to live somewhere....there’s a cost associated with that whether that be rent, mortgage payments or a hotel bill.

bri70123

gettingtheresometime wrote: »

I don’t get this I paid rent for x number of years hence I deserve the discount argument.

You had to live somewhere....there’s a cost associated with that whether that be rent, mortgage payments or a hotel bill.

where did i say i DESERVE the discount

da_rule

You should serve the notice on the Council before you offer it for sale on the open market (if they opt to take you up on the offer this also saves estate agent commissions).

The notice is served under the Housing (Right of First Refusal) (England) Regulations 2005 (http://www.legislation.gov.uk/uksi/2005/1917/made). Regulation 12 sets out what must be in your notice for it to be valid.

In terms of the 5 year repayment, the Housing Act 1985 allows the Council to recover discount if a sale was agreed before the expiry of the 5 year period even if contract exchange/completion did not occur until after.

Red-Squirrel_2

bri70123 wrote: »

My older son had moved out with his girlfriend before the RTB but it didnt work out so he came back home 2 years ago.

anything else you want to know?

He moved out when he was still school age? And you assumed he wasn't going to come back?

I think it was unwise to buy the place at all, but what's done is done. I hope that the council are able to buy it back but with shrinking budgets and rocketing house prices, what are the chances? Sadly it will probably end up as a private BTL.

glasgowdan

I find some of the replies here laughable. Most peiple would have done the same as the OP.

Ethics or not, saving hundreds evert single month and then making a good few grand one day years down the line trumps these "morals" some are babbling on about! The OP isn't being bad, or making someone homeless. They aren't drowning kittens or punching a baby. Just making sensible decisions in the best interests of their wee family unit.

Red-Squirrel_2

glasgowdan wrote: »

The OP isn't being bad, or making someone homeless.

Not directly, but RTB is a huge contributory factor in the current housing and homelessness crisis.

Gwendo40

Samsung_Note2 wrote: »

My current place is ex council and market value is same as any other house of the same era.

Can you show us some Rightmove links to back up that claim?