Right to Buy (RTB) MEGATHREAD

[LJB23 10]

I picked up the forms yesterday and you get 32% discount off the house price plus 1% for every year, up to a max of 24k off. So for instance if they valued my house at 70k I'd get it for 46k. I'd most likely not be paying much more in a mortgage at that price as what I do in rent. My rent is £55 a week. I could either make alterations and stay there or sell on in a few years time and most likely double my money. I think it's something to seriously consider.

[Phylis 10]

I picked up the forms yesterday and you get 32% discount off the house price plus 1% for every year, up to a max of 24k off. So for instance if they valued my house at 70k I'd get it for 46k. I'd most likely not be paying much more in a mortgage at that price as what I do in rent. My rent is £55 a week. I could either make alterations and stay there or sell on in a few years time and most likely double my money. I think it's something to seriously consider.

 

You would still have to find a very competitive mortgage deal for it to work out cheaper. Finding a mortgage may well be difficult as well with the current financial climate. Good luck if you decide to go for it.

[craig12 10]

does anyone know how the council value right to buy houses, had someone round today, is it the market value or what they want to sell it to you for to what they seem as their value to them

[LJB23 10]

does anyone know how the council value right to buy houses, had someone round today, is it the market value or what they want to sell it to you for to what they seem as their value to them

 

It's supposed to be market value and then they write to you with this value and knock the discount off.

[Ms Macbeth 73]

It's supposed to be market value and then they write to you with this value and knock the discount off.

 

Thats right - here's some info about it:http://www.sheffield.gov.uk/in-your-area/housing-services/rtb-leaseholders/buying-your-council-home/the-rtb-process/valuationsection-125#workingouthepurchaseprice

[kaymarie 10]

Generally, RTB valuations are lower than the market - but comparables from the market are taken. If youre not happy with the price then you can ask for the district valuer to come and revalue. Beware though - if the second valuation comes in higher then you have to pay that and cant go back to the original valuation!! Stick to a high street lender for a mortgage!!!

[kimberley123 10]

Has anyone bought there council flat recently? If so i am in the process and was wondering what people have had issues with or no anything i need to be mindful of. And just generally peoples experiences.

thanks :help:

[Lisalashes 10]

Just wondered if people would share their experience of Right to Buy and their valuation expectations.

[chem1st 10]

Through social homebuy I could have my rent reduced massively!

[muckymurphy 10]

Just wondered if people would share their experience of Right to Buy and their valuation expectations.

 

council house valuations are often much lower than the market would value at.

take off your discounts and it seems a good buy, a 65k house for say 35k. mortgage repayments seem affordable but dont forget you will need home and contents insurance and life insurance which are expensive and not optional. all sorted?

now consider if you lost your job and could not pay the mortgage or became ill and could no longer get life insurance, or the interest rate goes up ( ours has doubled from 2.5% to 5% in the 2 years that the bank of england base rate has stayed at 0.5%)

if it goes sour, you lose the house and anything you cant take out of it because you dont have somewhere to store your stuff. you may have someone lined up to buy your house before it is reposessed but the bank will stop the sale and flog it to who they like for much less than it is worth. then they will send you a bill for the difference which you still have to pay.

we took bad advice and still have ten years left on our mortgage when we should be thinking of retiring. at the end of it all, the care home we end up in will sell our home to pay for our care. so it will all come to nought.

ten years ago everything seemed so rosy.

still want to buy a house?

good luck.

[chem1st 10]

council house valuations are often much lower than the market would value at.

take off your discounts and it seems a good buy, a 65k house for say 35k. mortgage repayments seem affordable but dont forget you will need home and contents insurance and life insurance which are expensive and not optional. all sorted?

now consider if you lost your job and could not pay the mortgage or became ill and could no longer get life insurance, or the interest rate goes up ( ours has doubled from 2.5% to 5% in the 2 years that the bank of england base rate has stayed at 0.5%)

if it goes sour, you lose the house and anything you cant take out of it because you dont have somewhere to store your stuff. you may have someone lined up to buy your house before it is reposessed but the bank will stop the sale and flog it to who they like for much less than it is worth. then they will send you a bill for the difference which you still have to pay.

we took bad advice and still have ten years left on our mortgage when we should be thinking of retiring. at the end of it all, the care home we end up in will sell our home to pay for our care. so it will all come to nought.

ten years ago everything seemed so rosy.

still want to buy a house?

good luck.

 

You can get SMI after 13 weeks.

 

Funnily enough in some parts of Yorkshire the majority of SMI claimants are people who have exercised their right to buy!

[muckymurphy 10]

You can get SMI after 13 weeks.

 

Funnily enough in some parts of Yorkshire the majority of SMI claimants are people who have exercised their right to buy!

 

what is SMI ?