Joke

Tiglet2

AnotherJoe I believe you can once you have actually purchased the property, though you would need the consent to let from the lender as well as advising the Council of your new correspondence address. The Council may also charge a "Sub-let" fee.

MEM62

_shel wrote: »

Why did you buy a flat in an area you hate with nightmare neighbors?

Because the OP wanted the rather substantial discount on the purchase price and now wants a way out of the terms and conditions of the sale.

Comms69

TrappedMother wrote: »

I bought the flat due to the discount which I fully well earned as i have lived in this property over 25 years! And The property can be given to my kids when I’m gone, did you expect me to leave after 25years and rent a property in the private market? As a single parent.

Frankly - yes.


RTB is a travesty, and the attitude of earning a discount and selling shortly after buying for a quick buck is one of the biggest issues with it.

davidmcn

TrappedMother wrote: »

And The property can be given to my kids when I’m gone

Do they want to live next to your nightmare neighbours?

CarrieVS

TrappedMother wrote: »

I bought the flat due to the discount which I fully well earned as i have lived in this property over 25 years!

Certainly. You're under no legal or moral obligation to have intended to live there for the rest of your days, to take advantage of right to buy. But you're only entitled to the full discount if you keep it for at least a minimum number of years - that is unfortunately the terms you signed up to.

da_rule

TrappedMother wrote: »

However, in terms of the 5 years you are talking about the 5 years, I can sell after 5 years but before that you have to pay back discount and nobody would do that considering its just 5 years im simply asking is there any ways to leave before the 5 years!

If you can’t afford to buy or rent another property so that you can rent this one out then no there is no way to leave in the 5 years without triggering the repayment.

There is also no way to leave within 10 years without first offering the property back to the Council.

Pixie5740

TrappedMother wrote: »

Thanks for your reply but I would like to add your point that its a 'Expensive Mistake' how could this be if the mortgage is lower than my rental payments?

There is more to the cost of home ownership than just the mortgage payments. This could also work out to be an expensive mistake because if the neighbours are as bad as you say then who would want to buy or rent this property?

If you really hate the area I'm surprised you didn't get a transfer to another property and use your RTB discount on it instead. C'est la vie.

TrappedMother wrote: »

However, in terms of the 5 years you are talking about the 5 years, I can sell after 5 years but before that you have to pay back discount and nobody would do that considering its just 5 years im simply asking is there any ways to leave before the 5 years!

It is possible to let properties purchased using RTB but you will need consent to let from the mortgage lender and possibly the council as well if they are the freeholder. Could you afford to pay both the mortgage, council tax, etc on this property as well as the rent somewhere else should you have a void period or tenants who do not pay?

parkrunner

TrappedMother wrote: »

I bought the flat due to the discount which I fully well earned as I have lived in this property over 25 years and if i have to stay here then at least i can pass it down to my kids when I’m gone. Or should I have left after 25 years and found a property in the private market and rent that until forever?



This is in response to why I bought the property with nightmare neighbours*

You didn't earn anything, you were simply given a discount, don't make it something it isn't.

Gwendo40

It's quite obvious (to me at least) that the OP had no intentions of making this RTB property their long term home, the plan all along was to rent it out and use the equity and income to fund the purchase of a further property.

Mela322

Your ignorant attitude and feeling of entitlement is the reason you are getting the responses that you are. You didn't earn anything and aren't entitled to anything. You just happen to be fortunate that the council wants to help people like you get on the property ladder. The property was good enough for you for 25 years and the moment you buy it, you can't wait to get out.

The RTB scheme was meant to help people not give them a profit. Nothing but greed from the majority. You see it day in and day out here, people trying to get their hooks in the RTB. You got a hefty discount to live in it. You want to move then sell it and give the discount back to the council.