Right To Buy & No Deposit

hdr

The RTB scheme ends in January and our home is going for a great price. We have one opportunity.

AnotherJoe

OK fair enough


Is that RTB in general or just this one?

margaretclare

You can use the discount as your deposit and not need to put in any deposit for most lenders when looking at the RTB.

Earlier this year my GD exercised her RTB. There was a discount, but she also needed a deposit, which I gave her.



I would warn against anyone who is so un-credit-worthy putting themselves into the situation described in this thread. Unexpected repairs and you're deeper in debt than you were to begin with.

chelseablue

hdr wrote: »

The RTB scheme ends in January and our home is going for a great price. We have one opportunity.

Are you in Wales by any chance?

Right to Acquire will end in Wales for all Council and housing association tenants on 26 January 2019.

csgohan4

hdr wrote: »

Our home is an end terrace and the only council property left in row. We have recently had a new roof (last year). So I would think those two links doesn’t apply to us?
Thanks for the heads up though.

And the boiler, storm damage? Service charges if leasehold ? extension of leasehold e.t.c? No more HA/Council to go to if things go wrong, think carefully but ultimately you decide

hdr

All I think?? I am located in Wales.

hdr

chelseablue wrote: »

Are you in Wales by any chance?

Right to Acquire will end in Wales for all Council and housing association tenants on 26 January 2019.

Yes we are.

spadoosh

csgohan4 wrote: »

Be careful with RTB, if you don't have a deposit, you have to factor in repairs.


Also you lose your secured tenancy




https://forums.moneysavingexpert.com/discussion/5789909/new-roof


https://forums.moneysavingexpert.com/discussion/5856039/service-charge-being-billed-for-5000-major-works

Theyre a tennant now, you get your repairs in now!!

hdr

csgohan4 wrote: »

And the boiler, storm damage? Service charges if leasehold ? extension of leasehold e.t.c? No more HA/Council to go to if things go wrong, think carefully but ultimately you decide

Property is not leasehold. Boiler and central heating was put in earlier this year so all brand new. Will take out boiler cover of course anyway.
Yes, we lose the backup of the council should anything bad happen but we have started an emergency fund which we are putting money towards each week.

Yes it is a risk but again, the opportunity will only come once as the RTB is ending soon and the price of the house is very very cheap. Calculated risk!

easter65

It didn't affect us either we are also end terraced and ours has come back with no problems and we had had several repairs done

hdr wrote: »

Our home is an end terrace and the only council property left in row. We have recently had a new roof (last year). So I would think those two links doesn’t apply to us?
Thanks for the heads up though.