Council house entitlement!!!

clutton_2

Mrs E ""Come on now, a lot of people have made loads of money letting.
If I won the lotto, I think I would buy a loads of houses (after the crash) & let.""

well that just shows how little you know about economics and the rental business.

You only have to do a minimal amount of research to discover that apart from a few small areas - such as the north east, parts of scotland and some parts of south wales - it is almost impossible to buy a house at market value and make a decent profit on a BTL.

many new amateur landlords are buying and subsidising their "investment" - if it aint making a profit its known as a liability in my circles- so why buy ?

the only landlords who are currently making hefty profits in the current climate are those who bought years and years ago, have not remortgaged and are now owning the majority of their property with a very small mortgage.

So if you do intend to buy now - do make sure you have a hefty wedge of dosh to see you through the lean times ....... otherwise repossession calls and darned fast ..... as we see here every day

MrsE_2

clutton wrote: »

You only have to do a minimal amount of research to discover that apart from a few small areas - such as the north east, parts of scotland and some parts of south wales - it is almost impossible to buy a house at market value and make a decent profit on a BTL.

I wouldn't dreamof buying in any of those areas.

I'm from the south, I have no knowledge of lettings in those areas.

real1314

clutton wrote: »

Mrs E ""Come on now, a lot of people have made loads of money letting.
If I won the lotto, I think I would buy a loads of houses (after the crash) & let.""

well that just shows how little you know about economics and the rental business.

You only have to do a minimal amount of research to discover that apart from a few small areas - such as the north east, parts of scotland and some parts of south wales - it is almost impossible to buy a house at market value and make a decent profit on a BTL.

many new amateur landlords are buying and subsidising their "investment" - if it aint making a profit its known as a liability in my circles- so why buy ?

the only landlords who are currently making hefty profits in the current climate are those who bought years and years ago, have not remortgaged and are now owning the majority of their property with a very small mortgage.

So if you do intend to buy now - do make sure you have a hefty wedge of dosh to see you through the lean times ....... otherwise repossession calls and darned fast ..... as we see here every day

Erm, why would her houses get repossessed if she uses lottery winnings to buy them? Why would it be hard to make a profit?

Given that the investment will pretty much keep itself inflation proofed in the long term, the rental income less costs will be a reasonable profit.

minxtress

council question but slightly different.... I live in a house that has a joint mortgage with my ex, I cant afford to buy him out, ie transfer the equity, and after a lot of soul searching have decided we will have to sell I a devestated as have worked bloody hard while bringing up my 3 kids to keep paying the mortgage and have managed fo the last 6years. Im backed into a corner though he wants off mortgage and selling is my only option.
I know I not ENTITLED to a council house but will I be able to apply for one? And how will it work with paying rent etc, I cant pay rent and motgage if it overlaps. I will have some equity from sale of house when i sell, will this count against me or anything? I so dont want to do this i love my house and have managed just about fine,

tigtag02

minxtress wrote: »

council question but slightly different.... I live in a house that has a joint mortgage with my ex, I cant afford to buy him out, ie transfer the equity, and after a lot of soul searching have decided we will have to sell I a devestated as have worked bloody hard while bringing up my 3 kids to keep paying the mortgage and have managed fo the last 6years. Im backed into a corner though he wants off mortgage and selling is my only option.
I know I not ENTITLED to a council house but will I be able to apply for one? And how will it work with paying rent etc, I cant pay rent and motgage if it overlaps. I will have some equity from sale of house when i sell, will this count against me or anything? I so dont want to do this i love my house and have managed just about fine,

How old are the children?

Are they his?

I'm pretty sure that he cant force you to sell if they are still dependent.

minxtress

tigtag02 wrote: »

How old are the children?

Are they his?

I'm pretty sure that he cant force you to sell if they are still dependent.

They are 14,11 and 8 and all his, we split up 7 years ago, and i have continued paying the mortgage, couldnt transfer equity back then due to my credit rating. he wants to get house with his new wife now, which i totally appreciate but cant bear to lose our home. When i think back to what I have gone through to keep it going on my own!! Also tried to remortgage to buy him out but found out he has a charging order against the property for £13 grand loan he took out just before we split and didnt pay, so I would have to borrow that aswell. Its an impossible situation. Not being snobby either but there are no "nice" council areas near me where I want to raise my children.

Air-Wolf_2

minxtress wrote: »

council question but slightly different.... I live in a house that has a joint mortgage with my ex, I cant afford to buy him out, ie transfer the equity, and after a lot of soul searching have decided we will have to sell I a devestated as have worked bloody hard while bringing up my 3 kids to keep paying the mortgage and have managed fo the last 6years. Im backed into a corner though he wants off mortgage and selling is my only option.
I know I not ENTITLED to a council house but will I be able to apply for one? And how will it work with paying rent etc, I cant pay rent and motgage if it overlaps. I will have some equity from sale of house when i sell, will this count against me or anything? I so dont want to do this i love my house and have managed just about fine,

Like tigtag says I don't think he can force you out as you are the 'main' carerer. But all that legal stuff is well out of my scope.

But if you did have some equity after selling the house and wanted to stay in the property market but can't afford a full market price have you considered shared ownership - or new build homebuy as it's now called?

Buy a share of the house using savings or a mortgage from a Housing Association. Sahres are normaly 50% ut can be lower or higher. In addition you will have to pay rent on the part you don't own - this should be around 2.75% or 3% of the bit you don't own. There may also be a service charge to pay.

It is not always the 'cheapest' option but in a growing market your share grows as does that of the Housing Association - obvioulsy if your share falls so does theirs.

The rented part can be paid by Hiousing Benefit if you are eligible. For more information follow this link:-

http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/contactyourlocal/

There are pros and cons as with all things in life. Hope the info helps.

tigtag02

minxtress wrote: »

They are 14,11 and 8 and all his, we split up 7 years ago, and i have continued paying the mortgage, couldnt transfer equity back then due to my credit rating. he wants to get house with his new wife now, which i totally appreciate but cant bear to lose our home. When i think back to what I have gone through to keep it going on my own!! Also tried to remortgage to buy him out but found out he has a charging order against the property for £13 grand loan he took out just before we split and didnt pay, so I would have to borrow that aswell. Its an impossible situation. Not being snobby either but there are no "nice" council areas near me where I want to raise my children.

I would seek legal advice asap.

Most law firms do a free clinic once a week.

I am almost certain that he cannot force you to sell until your youngest leavs full time education at which point you sell, agree the % of equity and you downsize.

HTH
tt
x

neverdespairgirl

keelyjrs wrote: »

I got struck down with a muscular illness and as a result of which can no longetr work. I instead am a stay at home Mummy and my husband is self employed, working his behind off so we don't need to take hand outs from the state.. not that there is any shame in accepting help if you genuinely need it.

Sorry to hear this - my mother in law developed multiple sclerosis in her early 40s, and I know how miserable such illnesses can be.

neverdespairgirl

margaretclare wrote: »

From what I've seen about me, the optimal time to move into somewhere smaller and more manageable OR to do home adaptations and alterations would be in your mid-60s and up to mid-70s. After that, I would guess, it all becomes too much hassle.

My grandmother did that, about 3 years after she was widowed. She sold the 4 bed (well, 3 and a boxroom, really!) family house, where my mother and uncle grew up,a nd moved to a bungalow down the road. It was a great decision for her; when she died in her late 80s, she couldn't possibly have coped with the larger house, the stairs, huge garden, etc.