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Discount for sale houses
fgaughan
Posts: 252 Forumite
Discount houses for sale what’s the pros and cons?
Has anyone on this forum bought houses this way from the council?
Discount houses for sale only applies to people who are from or work in the area
You pay 60% and when you sell the house you only get back 60% of the value.
Lenders tend not to give you mortgages this way, as they get nothing back if house is reposed. (The council gets the house )
But now the rules have changed
If the house to be reposed the council have to find a buyer within 8 weeks if not the then house get handed over to the lenders
So now you are more than likely to get a mortgage.
This day and age it’s impossible for us to buy decent houses in a nice area so we are thinking of going along this route
Anyone got any advise
P.S is my spell checker working :-(
Has anyone on this forum bought houses this way from the council?
Discount houses for sale only applies to people who are from or work in the area
You pay 60% and when you sell the house you only get back 60% of the value.
Lenders tend not to give you mortgages this way, as they get nothing back if house is reposed. (The council gets the house )
But now the rules have changed
If the house to be reposed the council have to find a buyer within 8 weeks if not the then house get handed over to the lenders
So now you are more than likely to get a mortgage.
This day and age it’s impossible for us to buy decent houses in a nice area so we are thinking of going along this route
Anyone got any advise
P.S is my spell checker working :-(
While I breathe.... I hope
0
Comments
-
Nefer fund a speil chequer on ear, mait!! :rotfl:
Quick thoughts:
Are you settled and happy with the house & area?
Can you afford mortgage & any rent on the part you don't own?
Is your job/earnings as secure as any are these days?
How long before you can sell privately without repaying the discount?
If you want to sell in the future is the area seen as OK or a problem by other buyers?
Has there been any history of private sales of ex-LA houses in the vicinity?
From what I've seen [but not experienced 1st hand] a lot of ex LA houses are difficult to sell on because of the area having a bad name. But as more are owned privately that tends to change, but it can take a long time. If you're happy there for the forseeable and it works for you financially, fair enough. If you're just buying to wait out any period you have to repay the discount, then move to a "nicer" area you may find it very difficult to sell.
Best of luck - whichever you decide0
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