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  • FIRST POST
    • bri70123
    • By bri70123 6th Jan 18, 4:38 PM
    • 8Posts
    • 9Thanks
    bri70123
    Selling Right to buy home
    • #1
    • 6th Jan 18, 4:38 PM
    Selling Right to buy home 6th Jan 18 at 4:38 PM
    hi

    4 years and 10 months ago we bought our RTB house, and want to sell it as soon as the 5 years is up (to avoid paying back any of the discount). But, at what point do we contact the council to offer it back to them (if selling within 10 years we have to give them first refusal) as they can take up to 8 weeks to respond...

    So do we do it now or in 2 months?

    Thanks
Page 1
    • patman99
    • By patman99 6th Jan 18, 7:27 PM
    • 8,206 Posts
    • 9,671 Thanks
    patman99
    • #2
    • 6th Jan 18, 7:27 PM
    • #2
    • 6th Jan 18, 7:27 PM
    I hope the Council want it back, but are only going to pay the market value discounted by the same % as they discounted it by when selling to you.
    Never Knowingly Understood.

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    • bri70123
    • By bri70123 6th Jan 18, 8:14 PM
    • 8 Posts
    • 9 Thanks
    bri70123
    • #3
    • 6th Jan 18, 8:14 PM
    • #3
    • 6th Jan 18, 8:14 PM
    i didnt come here for sympathy

    I paid full rent for 21 years and this was the only way i could get on the property ladder at the time, Mortgage was half the rent, so, honestly what would you have done?
    • Norman Castle
    • By Norman Castle 6th Jan 18, 8:16 PM
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    Norman Castle
    • #4
    • 6th Jan 18, 8:16 PM
    • #4
    • 6th Jan 18, 8:16 PM
    Offer it to the council now explaining the earliest sale date. They will advise if it needs to be done differently.
    Last edited by Norman Castle; 06-01-2018 at 8:19 PM.
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
    • Samsung_Note2
    • By Samsung_Note2 6th Jan 18, 8:22 PM
    • 449 Posts
    • 180 Thanks
    Samsung_Note2
    • #5
    • 6th Jan 18, 8:22 PM
    • #5
    • 6th Jan 18, 8:22 PM
    They took the opportunity to buy there home and if they make a profit then fair play to them.

    It sounds as if the council will be buying it back so really whats the harm.

    I made a very good profit on my house when we went bankrupt (OR wasn't interested in it...mortgage company didn't want it and part of mortgage was unsecured loan)...does that mean i should give away any profit to charity..
    Last edited by MSE ForumTeam3; 17-01-2018 at 10:24 AM. Reason: Quoting deleted post
    If my appalling spelling offends you that much...dont read my posts.
    • Samsung_Note2
    • By Samsung_Note2 6th Jan 18, 8:24 PM
    • 449 Posts
    • 180 Thanks
    Samsung_Note2
    • #6
    • 6th Jan 18, 8:24 PM
    • #6
    • 6th Jan 18, 8:24 PM
    I hope the Council want it back, but are only going to pay the market value discounted by the same % as they discounted it by when selling to you.
    Originally posted by patman99
    Pretty sure after the 5yrs is up the council pay market value...hence waiting the 5yrs to sell.


    OP id give the council a call and ask them...probably get less abuse also.
    If my appalling spelling offends you that much...dont read my posts.
    • bri70123
    • By bri70123 6th Jan 18, 8:30 PM
    • 8 Posts
    • 9 Thanks
    bri70123
    • #7
    • 6th Jan 18, 8:30 PM
    • #7
    • 6th Jan 18, 8:30 PM
    Pretty sure after the 5yrs is up the council pay market value...hence waiting the 5yrs to sell.


    OP id give the council a call and ask them...probably get less abuse also.
    Originally posted by Samsung_Note2
    It ok i can see where they are coming from in a way,but, "hoping i get what i deserve" - really?!?!?!?! its not like i want to buy a second home and rent this one out to somone
    • davidmcn
    • By davidmcn 6th Jan 18, 8:33 PM
    • 7,837 Posts
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    davidmcn
    • #8
    • 6th Jan 18, 8:33 PM
    • #8
    • 6th Jan 18, 8:33 PM
    hi

    4 years and 10 months ago we bought our RTB house, and want to sell it as soon as the 5 years is up (to avoid paying back any of the discount). But, at what point do we contact the council to offer it back to them (if selling within 10 years we have to give them first refusal) as they can take up to 8 weeks to respond...
    Originally posted by bri70123
    Wasn't this explained by your solicitor at the time you bought? If not, ask them now (since they'll need to be involved in any sale anyway).
    • Cakeguts
    • By Cakeguts 6th Jan 18, 8:35 PM
    • 4,424 Posts
    • 6,358 Thanks
    Cakeguts
    • #9
    • 6th Jan 18, 8:35 PM
    • #9
    • 6th Jan 18, 8:35 PM
    You may want to think quite carefully about this. Ex council houses don't sell on the open market for as much as houses that have not been owned by the council so you may find that if you sell it you can't afford to buy anything else. At least at the moment you have got somewhere to live.

    Depending on the area some ex council houses sell for about half a what a non council house would.

    So before you decide to do this you may like to do some research.
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 18, 8:38 PM
    • 2,784 Posts
    • 7,434 Thanks
    Red-Squirrel
    It ok i can see where they are coming from in a way,but, "hoping i get what i deserve" - really?!?!?!?! its not like i want to buy a second home and rent this one out to somone
    Originally posted by bri70123
    If 'the system' allows a person to do something unethical easily and legally, are they off the hook for the unethical action? Difficult one.
    • Samsung_Note2
    • By Samsung_Note2 6th Jan 18, 8:46 PM
    • 449 Posts
    • 180 Thanks
    Samsung_Note2
    You may want to think quite carefully about this. Ex council houses don't sell on the open market for as much as houses that have not been owned by the council so you may find that if you sell it you can't afford to buy anything else. At least at the moment you have got somewhere to live.

    Depending on the area some ex council houses sell for about half a what a non council house would.

    So before you decide to do this you may like to do some research.
    Originally posted by Cakeguts
    My current place is ex council and market value is same as any other house of the same era.

    Always understood that ex council houses were good investment due to being solid builds (probably due to the time they were being built in) as opposed to the new thrown together houses which are poorly built and really small but with hefty price tag.

    I've watched a single chippy erect a second storey in a house on his own in a morning on a persimmon site (I was the forkie supplying the panels)...so id say the ex local authority houses would be a much safer investment.
    If my appalling spelling offends you that much...dont read my posts.
    • Samsung_Note2
    • By Samsung_Note2 6th Jan 18, 8:49 PM
    • 449 Posts
    • 180 Thanks
    Samsung_Note2
    If 'the system' allows a person to do something unethical easily and legally, are they off the hook for the unethical action? Difficult one.
    Originally posted by Red-Squirrel
    The Fact the OP has payed rent for 21 yrs isn't relevant then..council has not had a good wedge of cash from that tenant then.

    And lets be honest..who"s to really blame the OP or the council who just want to make some quick easy cash,if anyone is to blame its the council.
    If my appalling spelling offends you that much...dont read my posts.
    • BorisThomson
    • By BorisThomson 6th Jan 18, 8:54 PM
    • 1,586 Posts
    • 3,424 Thanks
    BorisThomson
    i didnt come here for sympathy

    I paid full rent for 21 years and this was the only way i could get on the property ladder at the time, Mortgage was half the rent, so, honestly what would you have done?
    Originally posted by bri70123
    Do you expect a reward for paying rent? Do the rest of us get a bonus for paying private rent, or how about the people that are homeless or unable to leave abusive relationships because people are buying up social housing that might otherwise have gone to someone in genuine need?

    Yes, government policy is at issue here, but you take the choice to take advantage and deprive someone else. Please think about that next time you hear about the ever increasing rates of homeless and domestic abuse, and how your own actions affect those people.
    • Samsung_Note2
    • By Samsung_Note2 6th Jan 18, 9:06 PM
    • 449 Posts
    • 180 Thanks
    Samsung_Note2
    Do you expect a reward for paying rent? Do the rest of us get a bonus for paying private rent, or how about the people that are homeless or unable to leave abusive relationships because people are buying up social housing that might otherwise have gone to someone in genuine need?

    Yes, government policy is at issue here, but you take the choice to take advantage and deprive someone else. Please think about that next time you hear about the ever increasing rates of homeless and domestic abuse, and how your own actions affect those people.
    Originally posted by BorisThomson
    So what would you have done..the OP asks a valid question.

    Mortgage was half the price of the rent...would you have carried on renting despite it being more expensive,hardly very MSE is it...lol

    Selling back to the council,surely that means it will go back to just the people you mentioned...or ofcourse it could get snapped up by someone who has been in the UK for a matter of a few weeks,please dont say that doesn't happen as it has two doors down from me.
    If my appalling spelling offends you that much...dont read my posts.
    • Cakeguts
    • By Cakeguts 6th Jan 18, 9:18 PM
    • 4,424 Posts
    • 6,358 Thanks
    Cakeguts
    My current place is ex council and market value is same as any other house of the same era.

    Always understood that ex council houses were good investment due to being solid builds (probably due to the time they were being built in) as opposed to the new thrown together houses which are poorly built and really small but with hefty price tag.

    I've watched a single chippy erect a second storey in a house on his own in a morning on a persimmon site (I was the forkie supplying the panels)...so id say the ex local authority houses would be a much safer investment.
    Originally posted by Samsung_Note2
    It depends on the area. The first one below is not an ex council house the second one is.

    http://www.rightmove.co.uk/property-for-sale/property-60179608.html

    http://www.rightmove.co.uk/property-for-sale/property-63185428.html This is

    This is the kind of thing I mean.

    And this ex council house http://www.rightmove.co.uk/property-for-sale/property-67725209.html
    and this non ex council house http://www.rightmove.co.uk/property-for-sale/property-63120418.html

    You can see the difference in price.
    • silvercar
    • By silvercar 6th Jan 18, 9:21 PM
    • 37,308 Posts
    • 157,163 Thanks
    silvercar
    Discussion on the rights and wrongs of selling off council homes would be better placed in the Arms discussion board.

    Here OP is entitled for his question on when and how to deal with the council to be heard.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
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    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of moneysavingexpert.com.
    • Mutton Geoff
    • By Mutton Geoff 6th Jan 18, 9:29 PM
    • 1,139 Posts
    • 1,243 Thanks
    Mutton Geoff
    our Government seem unable to build more social housing?
    Originally posted by sevenhills

    It does, Maggie Thatcher just convinced everyone to jump on the bandwagon/ladder and got Barratt/Taylor Wimpey to start building them.
    Compensations/Refunds from Banks & Institutions - 4,165 | Stooz Profits - 7,636 | Quidco - 4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 18, 9:30 PM
    • 2,784 Posts
    • 7,434 Thanks
    Red-Squirrel
    The Fact the OP has payed rent for 21 yrs isn't relevant then..
    Originally posted by Samsung_Note2
    No, why would it be?
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 18, 9:34 PM
    • 2,784 Posts
    • 7,434 Thanks
    Red-Squirrel
    Mortgage was half the price of the rent...would you have carried on renting despite it being more expensive,hardly very MSE is it...lol
    Originally posted by Samsung_Note2
    I would have, council housing is the most secure way to live. I don't earn enough that I would have sacrificed that security for short term profit.

    That's another issue with RTB, it encourages people to make bad decisions because they see s and don't consider the value of what they already have.
    • bri70123
    • By bri70123 6th Jan 18, 9:49 PM
    • 8 Posts
    • 9 Thanks
    bri70123
    we never did it to make a profit, but now there are 4 of us living in a 2 bedroom house one son 22 year old and one 9 sharing a room, thats the only reason we want to move...
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