Right to Buy

davemorton

MalMonroe said:

HampshireH said:

House or flat?

Hi, thanks for responding. It doesn't really matter because I have read all the council's information and advice about the differences between house and flat purchase, leasehold or freehold, etc. - and have also checked with the council about my property and have received positive news in the first instance.

I just really wanted to get an idea, from someone who has actually done it or who is going through it at the moment, about hidden costs and fees or any niggles or worries. Whether to consult a mortgage advisor or not, things like that. 

Responses I've received so far have been very helpful and have given me food for thought.   

It does matter for additional advice.  If buying an ex-council flat, if renovations are planned, you could be getting a huge bill in the near future. 

strawb_shortcake

I went through the process 6 years ago, it's very long winded and took me 9 months to become a home owner. I've heard post covid it's longer but nice to think that may reduce back down soon as things return to normal.

As a tenant, I don't think you always appreciate the cost of maintenance and repairs as you have no sight of costs, but if you've owned before this shouldn't be such a shock. That said if you have concerns about a water bill then I'd be given consideration to affordability. 

You have been vocal about your age on other posts, how realistic is a mortgage for you? Our neighbours recently tried to buy with their joint tenant Son, but as he (not the Son) is 70 they were limited to a 5 Yr mortgage rendering the house unaffordable. 

Ethics on RTB? Yes, it's not the greatest thought-out idea, but I did what was right for my family and I have no intention of apologising for my choice and have zero regrets.

Mildreds_Earrings

MalMonroe said:

HampshireH said:

House or flat?

Hi, thanks for responding. It doesn't really matter because I have read all the council's information and advice about the differences between house and flat purchase, leasehold or freehold, etc. - and have also checked with the council about my property and have received positive news in the first instance.

Hello @MalMonroe

Just to let you know that it makes a massive difference whether it is a house or a flat because although it's the same RTB procedure, with a flat, you will be responsible for contributing towards major works and service charges and you would be a leaseholder, whereas with a RTB house, you would become the freeholder and not be subject to service charges and major works. There are some anomalies where Council tenants purchase a house and they are still leaseholders but I'm talking generally. 

Regarding the RTB procedure, it is pretty straightforward. The Local Authority has government guidelines and timescales they need to follow, all of which is available on the website gov.uk.

As you want to leave your home to your daughter, personally I think you're doing the right thing. However if it is a flat then she will be subject to major works and service charges too and that may be why @HampshireH asked the question. Hope you are successful, all the best. 

AFF8879

If it’s a flat, I probably wouldn’t go through with it due to the fear of being hit with a massive bill for Section 20 works. If it was a freehold house then I would be tempted.

Even if you didn’t buy, couldn’t your secure tenancy be transferred to your daughter once you pass?

Gycraig

Flat or house is the main thing, if you can afford to buy a house you like living in with a discount it’s a no brainer, if it’s a flat they could decide next year it needs 30k of work and your paying whatever percentage you are liable for 

london21

Not that complicated, just start the process if you are interested in buying. 

Jude57

I'd echo the point about ongoing costs for flats. My block has had extensive refurbishment done in the time I've lived here as a tenant but one thing really stood out. If you're above first floor level and want to replace windows, you'll be looking at full scaffolding and the costs will be major. When the windows here were replaced, leaseholders had to pay over £15000 each (over 10 years ago) and they couldn't opt out because their leasehold ownership included agreement to maintain the external appearance of the building. The Housing Association would not permit a hodgepodge of different window styles, then of course they would want to be satisfied that the work and installation itself was safe.

More recently, the communal areas have been refurbished, including roof, water supply, lifts, entrances, door entry systems, CCTV, hallways and stairs, all windows to communal areas, redecorating etc Costs to leaseholders must have been huge and these works are not optional.

This is, in part, why buying a flat may not be a good idea, unless you can guarantee to have tens of thousands of pounds available at relatively short notice for this type of thing. It's over and above service charges and really must be factored into the cost of buying a flat in a social housing block.