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Right to buy
hippocrates1
Posts: 354 Forumite
Hi I can’t seem to find out this info in the Internet. If you’re buying an ex right to buy house at 70% what does that mean? As the current owner already reached bought it at 70% and it selling at 70%. Are there criteria to be able to buy them. Will the next buyer always have to sell at 70% etc.
lots of information on buying them from the council. Nothing I can see about buying them from owners.
lots of information on buying them from the council. Nothing I can see about buying them from owners.
DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/21
0
Comments
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Once it's been bought from the council, any future sales are priced according to the local market - the discount doesn't get handed on to future owners.2
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They’re selling it at 70% market value.Mojisola said:Once it's been bought from the council, any future sales are priced according to the local market - the discount doesn't get handed on to future owners.DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/210 -
Have you asked the sellers?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
No as it’s a Sunday. Going to ring he ES tomorrow. I assume it’s because they’re selling before they’re supposed to.elsien said:Have you asked the sellers?DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/210 -
hippocrates1 said:They’re selling it at 70% market value.That suggests to me that there's something wrong with the property.Who would sell at a discount if they could get the full price?0
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It’s called section 106 right to buy.Mojisola said:hippocrates1 said:They’re selling it at 70% market value.That suggests to me that there's something wrong with the property.Who would sell at a discount if they could get the full price?DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/212 -
I was going to say it sounds like a section 106.
You buy at 70%, you sell at 70%, the person you sell to sells at 70% and so on. There are various S106s but this is one that lenders usually lend against.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yeah they’re pretty rare in this area. Would I need a specialist mortgage advisor?ACG said:I was going to say it sounds like a section 106.
You buy at 70%, you sell at 70%, the person you sell to sells at 70% and so on. There are various S106s but this is one that lenders usually lend against.DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/210 -
I would imagine any experienced brokers would be able to help.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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