Letting a Right to Buy house

daft_k

If I buy a house through Right to Buy, I know I can't sell the house within 5 years without repaying some of  the discount. But can I let the house during those 5 years?

[Deleted User]

daft_k said:

If I buy a house through Right to Buy, I know I can't sell the house within 5 years without repaying some of  the discount. But can I let the house during those 5 years?

Proving the mortgage lender, if you have a mortgage, gives you consent to let. There’s nothing under the terms RTB itself to stop you. 

freesha

So you are in social housing, buying it (taking it out of the affordable housing stock), only to rent it back out privately?

csgohan4

freesha said:

So you are in social housing, buying it (taking it out of the affordable housing stock), only to rent it back out privately?

I think taking morals aside, OP will need Consent to let as above if they have a mortgage. Unless stipulated in their deeds not to rent, they may have options

[Deleted User]

freesha said:

So you are in social housing, buying it (taking it out of the affordable housing stock), only to rent it back out privately?

About 40% of housing purchased under RTB is now in the private rental sector. In areas such as Milton Keynes, the RTB capital of the UK, it’s over 70%. 

Don’t hate the player, hate the game. Whilst Scotland stopped RTB years ago and Wales more recently, in England it has been extended to Housing Association tenants. If you don’t like it then contact your MP. 

daft_k

Thanks everyone. It was actually a theoretical question. I'm not in Council property myself.

It was something that came up in conversation and I knew some of you wonderful folk would know the answer

Julz94

The amount of hate I have noticed on people that exercise their  RTB. 

My misses boss who now owns a multi million pound company , his first house was council which he bought. 

All due respect Social housing is not only designed for Stacey with 6 kids and 6 different fathers. 

In my borough, if you have roots to the borough  and your actually favoured if your working to get a place. 

That tells me some councils have had enough of people that just sit at home and have housing benefit pay their rent. Which is essentially all coming from the tax paper.  

It’s also designed to help working class people get on the property ladder , its listed as a scheme similar to help to buy. 

I think some councils would rather sell the property to a well behaved tenant  then give it out to someone that prefers to stay on the “dole” 🤷‍♂️

HampshireH

Julz94 said:

The amount of hate I have noticed on people that exercise their  RTB. 

My misses boss who now owns a multi million pound company , his first house was council which he bought. 

All due respect Social housing is not only designed for Stacey with 6 kids and 6 different fathers. 

In my borough, if you have roots to the borough  and your actually favoured if your working to get a place. 

That tells me some councils have had enough of people that just sit at home and have housing benefit pay their rent. Which is essentially all coming from the tax paper.  

It’s also designed to help working class people get on the property ladder , its listed as a scheme similar to help to buy. 

I think some councils would rather sell the property to a well behaved tenant  then give it out to someone that prefers to stay on the “dole” 🤷‍♂️

Why get personal with Stacey, what about Dave and his drug dealing mates😕

Of course I'm joking - however social housing is there to serve a purpose and it's not designed to be sold off to people who just aim to make money out of it 

Its purpose is to support society by offering affordable housing to those working or not who meet the criteria l.

The more sold, the less opportunity there is for those who cannot afford alternative housing who are waiting up to ten years on a list.

It's why people get frustrated with those who wish to buy and not use it.

[Deleted User]

Julz94 said:

The amount of hate I have noticed on people that exercise their  RTB. 

My misses boss who now owns a multi million pound company , his first house was council which he bought. 

All due respect Social housing is not only designed for Stacey with 6 kids and 6 different fathers. 

In my borough, if you have roots to the borough  and your actually favoured if your working to get a place. 

That tells me some councils have had enough of people that just sit at home and have housing benefit pay their rent. Which is essentially all coming from the tax paper.  

It’s also designed to help working class people get on the property ladder , its listed as a scheme similar to help to buy. 

I think some councils would rather sell the property to a well behaved tenant  then give it out to someone that prefers to stay on the “dole” 🤷‍♂️

Your borough must have a glut of social housing available or operate differently to other councils. 

I think most councils would prefer to keep hold of the social housing they have because only a fraction of the proceeds from selling a home under RTB goes to the council, and councils with high waiting lists are now being forced to buy back the properties they sold for buttons in the first place.