You can get very good value for money because ex-council houses are often solidly built and in convenient locations. The residents on such estates have often lived there for long periods of time. Many may have purchased their houses under the Right to Buy scheme.
Is it worth buying an ex-council house?
There are two big advantages to buying ex-council property: space and money. … As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS) reckons ex-local authority property is about 20% cheaper than comparable private properties.
Are council houses valued lower?
Despite a deepening shortage of affordable housing, town halls have sold off more than 130,000 homes in the last decade at discounts of up to 70% of their market value. … The price cuts have amounted to almost £4bn.
Is it hard to sell ex-council house?
Most lenders won’t give loans on ex-council properties more than five or seven storeys high. Many high-rise blocks were built cheaply – prefabs in the sky – and are not robust. Even if you buy for cash, such a property will be hard to sell on.
How long after buying a council house can you sell it?
You’ll have to repay some or all of the discount if you sell your home within 5 years of buying it. If you sell within 10 years, you must offer the property back to the council or a housing association before you can sell it on the open market.
Are you poor if you live in a council house?
W hen Octavia Hill launched the social housing movement in London she defined it briskly as “to provide better homes for the poor”.
Do ex-council houses have covenants?
If you are buying a former Council House it may have restrictions that limits who can buy the property. It will also be subject to other restrictive covenants. This means you have to ask the Council’s permission to do or not to do certain things with the property or the land.
Can you sell your house to the council and still live in it?
That you can continue to live in the house without hindrance and without paying rent until either your demise or when you chose to move out. That the property isn’t sold, as long as you are still alive and living in it.
What’s the maximum discount on a council house?
Houses. You get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years. After 5 years, the discount goes up 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £84,600 across England and £112,800 in London boroughs (whichever is lower).
Can my son buy my council house for me?
Can my children buy my home for me? Family members may be eligible to join in the Right to Buy with you. However, if they are not named on the tenancy agreement, they will need to have lived in the property for the past 12 months. There is nothing in law that specifies how a Right to Buy purchase should be financed.
Will Council buy back my ex council house?
Does the Council have to buy my property? No. The Council is not obliged to buy back properties that are offered in this way. However the Council will consider whether or not to buy back a property on an individual basis.
Can I sell my council house after 5 years?
If you sell your home within the first five years of owning it, you will have to pay money back to the council. The amount you have to pay back will depend on the sale price of the property. After five years, you can sell your home without having to pay back any money. …
Can I sell my house after 2 years UK?
The general rule is six months — because that’s how long many lenders will need a property to be registered before they’ll issue another mortgage on it — but it’s all down to your individual circumstances.
Can I be refused Right to Buy?
The Right to Buy (RTB) process is managed by various legal time limits. Failure to act timeously may result in the landlord being forced to sell the property to the tenant even if the tenant did not actually have the right to buy in the first place. …
Is Right to Buy ending?
Right to Buy in Northern Ireland
Once you’ve been a tenant for five years you might be able to buy your home. The amount of discount you’ll get increases depending on how long you’ve lived in the property. … You’ll get an extra 2% discount for every extra year, up to a maximum discount of 60% of the valuation or £24,000.
Is Right to Buy ending in England?
RIGHT to Buy was originally introduced by Margaret Thatcher through the Housing Act 1980. It allows eligible council tenants to buy their property at a discount. The rules are different for England, Wales and Northern Ireland. … Scotland abolished Right to Buy in 2016.