apples24

iTrader: (1)

was told today they changed it to 5 yrs after purchase till you can re sell?


that cant be right can it?

means i will have to rent my one out for 5 fookin years before i can even think of getting another mortgage

dsmith

PMSL

Ex council house - bought to make a quick buck - to fund your "Huge 4x4", speedboat, jetski and car trailer.

Screw the next generation - so long as you can make a quick profit (and park wherever the hell you please!) eh ?

imi

whay do people have the right to buy ex-council properties anyway....? If they want to buy it, they should pay the FULL price of the property....otherwise they DONT have the right to buy...

apples24

iTrader: (1)

What is it with you lot for fuc ks sake, if they dont help them onto the ladder they wont bother going will they


your all quick enough to slate everyones posts, slag everyones questions and actions, this site is soo clicky its unreal, and yet i regularily see posts from you lot ie o crap just ot a nip etc how do i get away with it, your all two faced, you love to jump on the band wagon and place SIAL everytime you see somin thats been posted before as it makes you special

this site has gone downhill in the last couple years





im buying this place because they offered me 45% discount, fookin right im gonna buy it thats one hell of a step onto the ladder, i didnt ask for it they fookin wrote to me, surely its better for a british resident to get a helping hand for a change as apposed to a fookin imigrant who doesnt desrve it

teknobod

A mate of mine bought his council flat in the last 6 months and he has to keep it 3 years, but he thought he might rent it out until the time was up.

Andy

tmo

Apples24,

Think around here its the £15k 3 year penalty, it reduces by £5k per year.
So if you sell in the 1st year you owe the council 15k, second year 10k 3rd year 5k.
Day after the third year ...... nothing

Also the law has changed in relation to the valuation and discounts available, think it now works off full market value.

Wish

iTrader: (2)

Lets hope they have changed the rules.

Mate of mine bought his council flat for £10k sold it last year for £75k
No one has given me £65k for fuc all !

Its wrong, plain wrong

davegtt

think the rule is a good thing, its more than fair, they've let you buy a house at a price you can afford, superb. theyve helped you out in the way they should but its way too unfair for you to sell the house straight away and pocket the cash, your just fleecing the rest of us IMO.

Henrik

iTrader: (5)

That's the thing though, they're there to help people get on the ladder, not for someone to make a quick buck!


I think you'll find that not everyone does that, and that it is mostly frowned upon anyway.


Gee, thanks!

dsmith

You clearly deserve it - after all you did the decent thing and were born in this country - what more justificaton could be needed for doing wtf you want ?

johnfelstead

You are definately a "the glass is half empty" type of person arnt you.

blueone

Some right tools on here that think that the World owes them something and that they are the only ones that serve the economy well Social housing is there for a reason, it is there to try and alieviate the exploitation of people for their labour by the lazy class. It also serves the purpose of allowing a family unit to be exploited for its labour with the woman providing a reserve of labour to be used as and when it is needed. I think a few people will find that the average working class joe costs the Welfare state less over the cause of their lifetime than the middle classes do. Can the people on here moaning honestly say that being in the same position and given the same oportunity that they would not take advantage of the situation that exists for them to become homeowners?
It is not the fault of the Micro level that the Macro level have not allowed the Mezzo level to reinvest by building more council housing. Unless they are of course built by a Housing association. Which obtains its funds from a mixture of sources, one of which is the capital receipts that local authoritys hold from the sale of social housing stock. It is actually cost efficient for local authoritys to sell these propertys before they are met with a large bill for repair and modernisation. Which as a landlord they are obliged to carry out. Some people would also be moaning if their Council tax bills had to increase to fund the repairs or modernisation of this stock. The sale of these propertys is actually saving Council tax payers money while releasing funds to go towards Housing associations which currently are not allowed to sell off any propertys under the right to buy scheme.

Andrew Timmins

http://www.odpm.gov.uk/stellent/grou...csp#P163_16437

The relevent section:
Repayment of discount
If you have bought your home under the Right to Buy, you can sell it whenever you like. But if you wish to sell within the 'discount repayment period' specified below you will usually have to repay some or all of the discount. The amount you repay will depend on when you made your application to buy.

If you applied for the Right to Buy before 18 January 2005 and sell within 3 years of buying your home.

If you sell within the first year after your purchase, the whole of the discount will have to be repaid. Two thirds must be repaid if you sell in the second year, and one third in the third year. After 3 years, you can sell without repaying any discount. The discount is the sum you actually received when you purchased your home.

If you apply for the Right to Buy from 18 January 2005 onwards and sell within 5 years of buying your home.

If you sell within the first year of purchase, the whole discount will have to be repaid. Four fifths must be repaid if you sell in the second year, three fifths in the third year, two fifths in the fourth year and one fifth in the fifth year. After 5 years, you can sell without repaying any discount. In addition, the amount of discount to be repaid if you sell within 5 years of purchase will be a percentage of the resale value of the property, disregarding the value of any improvements.

PeteT

The whole thing's a scandal if you ask me, council houses should be rented not sold to tenants at a ridiculous discount.

antera309

Remember, once a council property is sold to a private individual, the taxpayer is no longer responsible for paying the maintenance and upkeep on it.

And whenever it's sold on, the Government get more money back in Stamp Duty.

In the long run, the taxpayer ends up better off from the deal, despite the discount given to the initial buyer.

Let's not forget also how people take much better care of houses that they own. Nasty, run-down streets of Council houses have been transformed into very nice places after most of the tenants have bought their houses and done them up.

It does a little bit towards improving the supply of properties on the market (the major driver of house price inflation) as well, although it is no substitute for building more new homes.

pbee

apples, if you are planning to rent the house to a 3rd party and buy a different house for yourself, you will probably find you will also have to pay the discount back.

_Meridian_

iTrader: (1)

antera309


It's not that straightforward. AFAIK receipts from council house sales go to the local council, who paid to build the things in the first place, AND who effectively subsidise the sale. But national government gets the Stamp Duty.

And Stamp Duty is (IIRC) 5%, whereas max discount is (again, IIRC) 60%. So it has to be sold several times to make money for taxpayers as a whole.

And the "private buyer looks after the place" argument is grossly simplified too: in poorer areas the new owner is so extended on the mortgage that they can't afford even DIY (or in many cases just don't care). The result is that in many mixed streets you can go along and look at the houses and bet money that the ones in good nick are actually the council owned ones: with fewer to look after, maintenance is now affordable.

M

imi

Thats my view as well, they should be able to rent it out which could be heavily subsidised but no way should they be able to buy the property and sell it off for a profit....thats simply unfair...

mind you antera raises some interesting points in his post...