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Should I pull out of RTB due to Corona and Economy?
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Some social landlords are allowing rent to be deferred, but it's deferment only (sometimes with interest). This would therefore mean that you have rent arrears, and under the Housing Act 1985 you cannot complete on a right to buy with rent arrears.sho_me_da_money said:2. Whilst this is all going on im paying rent, which is dead money when it can be contributing towards the mortgage. Is there any COVID relief available for renters where they get a break on payments?
You probably want to make your mind up and do something, as the housing association can serve a delay notice on you which will, if you do not meet their deadline, cancel the right to buy and you'll have to start again.
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Don't think you are going to get a better deal than the one you've already got. Either from the Landlord or the Mortgage Lender.0
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Yup. Only last year, I set up a standing order to pay 1.5x of the rent each month, meaning the balance in my rent account is very healthy and therefore unable to fall into arrears regardless of the current climate.da_rule said:
Some social landlords are allowing rent to be deferred, but it's deferment only (sometimes with interest). This would therefore mean that you have rent arrears, and under the Housing Act 1985 you cannot complete on a right to buy with rent arrears.sho_me_da_money said:2. Whilst this is all going on im paying rent, which is dead money when it can be contributing towards the mortgage. Is there any COVID relief available for renters where they get a break on payments?
You probably want to make your mind up and do something, as the housing association can serve a delay notice on you which will, if you do not meet their deadline, cancel the right to buy and you'll have to start again.
I recall trying to go for an RTB a while back only to be told I was in arrears by a few hundred quid. From there, I just over paid it and refused to be pushed back on this clause ever again. Good thing I did. They actually owe me every month as opposed to the other way around! Think my balance has accumulated to £1000+
I have decided to go ahead and buy.
Thank you all for your help.0
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