Right to Buy (RTB) MEGATHREAD

[LJB23 10]

I thought it ment we could buy this one when we'd been in it two years as we have been tenants of association/council for 4 and a bit years and we originally started renting before the new rules came in? I'll propbly look into it.

If we got a discount though it might not be that much different to rent and it would be ours and get us onto the property ladder.

[Phylis 10]

You would still be looking at least 70k which is around £450 pcm. Council rents are around half of that amount.

[LJB23 10]

Has it changed that much? My mates Dad just bought his for £51ish, he has been a council tenant for a good few years though. My sis bought hers for £28ish about 4 years ago, she'd been a tenant for 7 years ish.

[Phylis 10]

House prices have rocketed since then. They have in some areas doubled since 2004. You may well be better off renting. I know it is nice to own but you have a secure tenancy and low rent.

[LJB23 10]

We got a letter about the rent going up and it stated that in 1996 our property was valued at 26K, I know that by now it will have doubled if not more. You know when they come round and value your property is it a realistic figure like an estate agent would do or is it usually a bit cheaper?

[Phylis 10]

It is usually a little low. The last owner of our house bought it from the council in 2002 for 18k which was cheap then. If yours was valued at 26k in 1996 it is going to be at least 70k now im afraid if not more.

[Ms Macbeth 70]

I think that means living in the same property unfortunately. Why not just stick to renting it though. It is much cheaper in this day and age.

 

It actually doesn't mean living in the same property. Someone could have had several public sector tenancies, and as long as they moved from one directly to the next one, they will all count.

 

This is from the weblink:

If your secure tenancy started before 18th January 2005 or you were a public sector tenant before 18th January 2005, and you have been a public sector tenant continuously since that time, you will need to have been a tenant for 2 years before you can apply to buy.

 

Most housing associations are included the same as councils.

From this link: http://www.sheffield.gov.uk/in-your-area/housing-services/the-right-to-buy/who-can-buy/qualifying-landlords

LJB23 - if you didn't have a break between tenancies then according to this you'd be eligible after 2 years. Putting in an application for the Right to Buy isn't binding, but it's the only way you'll find out accurately how much it will cost you.

[LJB23 10]

Many thanks Ms Macbeth, I'll get the forms from howden house next time I'm in town.

[LJB23 10]

I spoke to a lady from the right to buy scheme who told me that you get a 30% discount on a house plus 1% for every year you have been there, up to a maximum of £24,000 discount. If this is correct and my house was valued at 70,000 for example, I would get a 23,800 discount and get the house for 46,200. Bargain!

[Phylis 10]

I spoke to a lady from the right to buy scheme who told me that you get a 30% discount on a house plus 1% for every year you have been there, up to a maximum of £24,000 discount. If this is correct and my house was valued at 70,000 for example, I would get a 23,800 discount and get the house for 46,200. Bargain!

 

Good luck too you but i still think you are barking mad.

[Ms Macbeth 70]

Good luck too you but i still think you are barking mad.

 

I don't understand why you think that. I'm not a supporter of the Right to Buy as it stands, I believe it should be removed from areas where 50% or more of the properties are now privately owned, or where there is huge demand for rented homes.

 

However, I would be surprised if anyone who could afford to buy would turn down a house with a third knocked off the price, especially if they already live in it and like the area. If I'd ever had a council house in a decent area I'd have probably done the same.

 

Right to Buy is good for the people who can buy at a discount, and bad (and getting worse) for people who need social housing because a) they can't get private rented (landlords don't want tenants on benefits) or b) a mortgage.

[Phylis 10]

I don't understand why you think that. I'm not a supporter of the Right to Buy as it stands, I believe it should be removed from areas where 50% or more of the properties are now privately owned, or where there is huge demand for rented homes.

 

However, I would be surprised if anyone who could afford to buy would turn down a house with a third knocked off the price, especially if they already live in it and like the area. If I'd ever had a council house in a decent area I'd have probably done the same.

 

Right to Buy is good for the people who can buy at a discount, and bad (and getting worse) for people who need social housing because a) they can't get private rented (landlords don't want tenants on benefits) or b) a mortgage.

 

Coming from me it probably does sound mad, but for people renting off the council for next to nothing i dont think it makes sense to mortgage yourself up to the hilt. Yes you will never own the house, but you have a secure tenancy for as long as you want it, cheap rent and no big maintenance bills to contend with.