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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 2
    • cjdavies
    • By cjdavies 6th Jan 18, 10:01 PM
    • 3,365 Posts
    • 3,594 Thanks
    cjdavies
    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...
    Originally posted by bri70123
    Don't understand this as they always (I assume) shared a room.
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 18, 10:01 PM
    • 2,796 Posts
    • 7,463 Thanks
    Red-Squirrel
    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...
    Originally posted by bri70123
    Surely when you bought 5 years ago you also had the same number of family members? Your sons would have been 17 and 4, no?
    • bri70123
    • By bri70123 6th Jan 18, 10:11 PM
    • 8 Posts
    • 9 Thanks
    bri70123
    Surely when you bought 5 years ago you also had the same number of family members? Your sons would have been 17 and 4, no?
    Originally posted by Red-Squirrel
    My older son had moved out with his girlfriend before the RTB but it didnt work out so he came back home 2 years ago.

    anything else you want to know?
    • Cakeguts
    • By Cakeguts 6th Jan 18, 10:15 PM
    • 4,424 Posts
    • 6,359 Thanks
    Cakeguts
    Selling one house and buying another is expensive so I would have thought that the most sensible thing would be for the 22 year old to move out and rent their own place? He probably won't want to carry on sharing with his younger brother for much longer anyway.
    • gettingtheresometime
    • By gettingtheresometime 6th Jan 18, 10:15 PM
    • 3,727 Posts
    • 9,238 Thanks
    gettingtheresometime
    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
    I donít get this I paid rent for x number of years hence I deserve the discount argument.

    You had to live somewhere....thereís a cost associated with that whether that be rent, mortgage payments or a hotel bill.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • bri70123
    • By bri70123 6th Jan 18, 10:28 PM
    • 8 Posts
    • 9 Thanks
    bri70123
    I donít get this I paid rent for x number of years hence I deserve the discount argument.

    You had to live somewhere....thereís a cost associated with that whether that be rent, mortgage payments or a hotel bill.
    Originally posted by gettingtheresometime
    where did i say i DESERVE the discount
    • da_rule
    • By da_rule 6th Jan 18, 11:13 PM
    • 2,689 Posts
    • 2,367 Thanks
    da_rule
    You should serve the notice on the Council before you offer it for sale on the open market (if they opt to take you up on the offer this also saves estate agent commissions).

    The notice is served under the Housing (Right of First Refusal) (England) Regulations 2005 (http://www.legislation.gov.uk/uksi/2005/1917/made). Regulation 12 sets out what must be in your notice for it to be valid.

    In terms of the 5 year repayment, the Housing Act 1985 allows the Council to recover discount if a sale was agreed before the expiry of the 5 year period even if contract exchange/completion did not occur until after.
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 18, 11:21 PM
    • 2,796 Posts
    • 7,463 Thanks
    Red-Squirrel
    My older son had moved out with his girlfriend before the RTB but it didnt work out so he came back home 2 years ago.

    anything else you want to know?
    Originally posted by bri70123
    He moved out when he was still school age? And you assumed he wasn't going to come back?

    I think it was unwise to buy the place at all, but what's done is done. I hope that the council are able to buy it back but with shrinking budgets and rocketing house prices, what are the chances? Sadly it will probably end up as a private BTL.
    • glasgowdan
    • By glasgowdan 6th Jan 18, 11:32 PM
    • 2,895 Posts
    • 3,247 Thanks
    glasgowdan
    I find some of the replies here laughable. Most peiple would have done the same as the OP.

    Ethics or not, saving hundreds evert single month and then making a good few grand one day years down the line trumps these "morals" some are babbling on about! The OP isn't being bad, or making someone homeless. They aren't drowning kittens or punching a baby. Just making sensible decisions in the best interests of their wee family unit.
    • Red-Squirrel
    • By Red-Squirrel 7th Jan 18, 12:09 AM
    • 2,796 Posts
    • 7,463 Thanks
    Red-Squirrel
    The OP isn't being bad, or making someone homeless.
    Originally posted by glasgowdan
    Not directly, but RTB is a huge contributory factor in the current housing and homelessness crisis.
    • Gwendo40
    • By Gwendo40 7th Jan 18, 3:37 AM
    • 124 Posts
    • 131 Thanks
    Gwendo40
    My current place is ex council and market value is same as any other house of the same era.
    Originally posted by Samsung_Note2

    Can you show us some Rightmove links to back up that claim?
    • glasgowdan
    • By glasgowdan 7th Jan 18, 8:30 AM
    • 2,895 Posts
    • 3,247 Thanks
    glasgowdan
    Ex council houses in central scotland aren't any cheaper than similar non ex council houses.
    • csgohan4
    • By csgohan4 7th Jan 18, 9:14 AM
    • 4,553 Posts
    • 2,841 Thanks
    csgohan4
    Ex council houses in central scotland aren't any cheaper than similar non ex council houses.
    Originally posted by glasgowdan
    I would chose non ex council house any day however
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • kingstreet
    • By kingstreet 7th Jan 18, 9:19 AM
    • 33,575 Posts
    • 18,212 Thanks
    kingstreet
    Not directly, but RTB is a huge contributory factor in the current housing and homelessness crisis.
    Originally posted by Red-Squirrel
    Quite.

    However on here we tend to hate the player more than we hate the game.

    RTB is an anachronism which should have been consigned to history twenty plus years ago when MIRAS and the married couples' allowance were abolished. If it's still around, it's around for party political reasons.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • da_rule
    • By da_rule 7th Jan 18, 9:29 AM
    • 2,689 Posts
    • 2,367 Thanks
    da_rule
    However on here we tend to hate the player more than we hate the game.
    Originally posted by kingstreet
    I agree completely. There is something obviously wrong with right to buy, but it is still the law.

    Scotland has scrapped it, Wales has reduced the discount to £8,000 and is consulting on scrapping it and Northern Ireland has set the discount at £24,000. Yet in England we offer discounts of up to £78,600 (£104,900 in London). If you are truly angry at this then petition your MPís to bring England inline with the devolved legislatures.
    • sevenhills
    • By sevenhills 7th Jan 18, 11:34 AM
    • 1,268 Posts
    • 476 Thanks
    sevenhills
    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
    I bought my council house, 3 months ago. Is it more unethical to sell an ex-council house compared to a private house?
    Neither myself, nor the OP can do anything about homelessness; or maybe the buying and selling of houses generates house sales and building?

    • sevenhills
    • By sevenhills 7th Jan 18, 11:36 AM
    • 1,268 Posts
    • 476 Thanks
    sevenhills
    Scotland has scrapped it, Wales has reduced the discount to £8,000 and is consulting on scrapping it and Northern Ireland has set the discount at £24,000. Yet in England we offer discounts of up to £78,600 (£104,900 in London). If you are truly angry at this then petition your MPís to bring England inline with the devolved legislatures.
    Originally posted by da_rule
    That is really good, I didn't know that. I wonder if the Tories will go down that route?

    • sevenhills
    • By sevenhills 7th Jan 18, 11:38 AM
    • 1,268 Posts
    • 476 Thanks
    sevenhills
    Not directly, but RTB is a huge contributory factor in the current housing and homelessness crisis.
    Originally posted by Red-Squirrel
    Dont they now have a duty to build another house, if a local authority or housing trust sells one?

    • ProDave
    • By ProDave 7th Jan 18, 12:50 PM
    • 905 Posts
    • 1,014 Thanks
    ProDave
    The problem with right to buy is there was no coresponding policy to spend the money building replacement social housing. If that had been the case it would have been a sustainable policy and a way to help people into home ownership.

    If you have rented for 20 years I will bet the rent you have paid is more than the purchase discount.
    • troffasky
    • By troffasky 7th Jan 18, 1:52 PM
    • 70 Posts
    • 42 Thanks
    troffasky
    That is really good, I didn't know that. I wonder if the Tories will go down that route?
    Originally posted by sevenhills
    The chance of the Tories repudiating one of the central planks of Thatcherism seem unlikely, but never say never, eh? The politically expedient thing for them to do would be to hobble RTB by [somehow] mandating 'one planted for every one cut down', or allowing the local authority to set the discount rate.
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