Right to buy

Norman_Castle

volvo240 wrote: »

For a flat after 15 years the discount is £82,200 no matter what the market value is. So if a flat is currently worth £140,000, with discount the mortgage would only have to be for £58,800.

140,000 minus 82,200 is 57,800.


Why not buy your council house?

volvo240

You know after being awake all after being at work, an odd spelling mistake is allowed. All I get from you Norman is just hostility, considering I came on here for advice.

I have not misinterpreted the right to buy as I had already checked the prices of the flat's.

No it would still be secure as we have been on social housing since 2004 so it carries across

[Deleted User]

volvo240 wrote: »

You know after being awake all after being at work, an odd spelling mistake is allowed. All I get from you Norman is just hostility, considering I came on here for advice.

I have not misinterpreted the right to buy as I had already checked the prices of the flat's.

No it would still be secure as we have been on social housing since 2004 so it carries across

Do check that because wasn't so with a friend of mine. She had terrible rows but was told because she was moving to a new HA with the exchange they could! She's been in HA property with assured tenancy since the mid 90s yet was given an introductory tenancy.

da_rule

Personally I would never surrender a secure tenancy, especially not for a leasehold property. I can’t see how you think it’s offering you more security.

In 6 years time you could get a massive service charge demand through the door which essentially makes your property worthless and could bankrupt you.

Rosieandjim

I also think you need to find out from your council that you did not break you secure tenancy by going into a HA property. Also agree with above that most councils are giving introductory tenancies first to make sure you are able to pay your rent and are a responsible person.


Your discount would then only start when you move back into the council property. Please check!!


Also don't under estimate the costs involved in LA flats if you are having to pay for any major works. Is it a low rise or high read this first to make yourselves aware


https://www.theguardian.com/money/2017/jul/31/owners-ex-local-authority-homes-bills-thousands

Rosieandjim

Just to add you may be better going into sheltered accommodations for over 50s as another has said if you every become unwell or unable to work your rent would be paid for you.

cattie

Personally I'd never switch from a secure tenancy to become a home owner in later years. You never know what is around the corner & could end up losing your home if unable to keep up mortgage payments & here I speak from experience.

Six months after moving into a new home & a new mortgage, I suffered one of the worst tragedies any parent could & consequently, due to my mental health suffering a downward spiral I lost my job, where I'd been employed for many years & was in jeopardy of losing my home due to then struggling with the mortgage payments.

I still remember the terror I felt at the thought of losing my home & probably ending up in a hostel for the homeless. At that time how I wished I were living in a council or housing association rental property & able to claim housing benefit & keep a secure roof over my head.

Fortunately I didn't lose my home, but it did make me realise how lucky folk who rented were compared to home owners when they lost their main source of income.

Norman_Castle

volvo240 wrote: »

For a flat after 15 years the discount is £82,200 no matter what the market value is.

Should read, "the flats we are interested in are worth £140,000 which we would get an £82,200 discount". Your original statement is only valid for you buying this flat but for others it is factually incorrect.

There's nothing hostile in my posts. Wait until the anti rtb crowd turn up.

Why not buy your council house?

Rosieandjim

Norman_Castle wrote: »

Should read, "the flats we are interested in are worth £140,000 which we would get an £82,200 discount". Your original statement is only valid for you buying this flat but for others it is factually incorrect.

There's nothing hostile in my posts. Wait until the anti rtb crowd turn up.

Why not buy your council house?

Because he is in a Housing Association Home

Lioness_Twinkletoes

Rosieandjim wrote: »

Because he is in a Housing Association Home

And the discount simply isn’t enough at only £16k. Some people are greedy...

This could go horribly wrong. Exchanging a house for a flat is a huge risk and the OP could end up with all manner of issues. Then, he buys and has to live in the flat for five years minimum or pay back the discount. Any works could end up in a huge bill that he’ll have to pay which could well end up costing him the dream of the house by the coast.

Not a risk I’d be prepared to take.