I am on the process of buying my flat by mortgage under the Right to Buy rules in England, I just want to know if it possible to rent it right after I bought the flat; Thank you for all your effort to answer my question.
2006-09-01 02:42:58 · 9 answers · asked by Anonymous in Business & Finance ➔ Investing
I think it's 5 years before you can rent out your ex-council house. I might be wrong, but it should all be explained in the paperwork you have off the council. If you sell up too soon you also have to pay back some of the discount. To other answerers- Right to buy is a scheme whereby council tenants can buy their house or flat at a discounted rate to encourage home ownership. It is a government initiative in the UK.
2006-09-01 02:50:14 · answer #1 · answered by Oracle Of Delphi 4 · 0⤊ 0⤋
You will have to check your Right to Buy Scheme Rules. It should be possible to let it in a short time, but not sell it. Each Council seems to have a different take on it. So check your terms of sale with the Council.
2006-09-02 04:12:16 · answer #2 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
i guess you have to check the contract you signed when you availed of the mortgage, there maybe some sections that explicitly provides for a no rent policy, exclusively for personal residential use, not for business etc...
however, if no such provisions were made, i guess you can rent it out as long you get good tenants whose obligation does not end in paying the rent alone but also has concerns in the proper maintenance of your flat....
2006-09-01 02:50:24 · answer #3 · answered by sheikaella 4 · 0⤊ 1⤋
Yes you can, the property is your and you can do it providing the property full fill all the criteria for renting i.e. health and safety etc.
2006-09-01 02:50:51 · answer #4 · answered by sharon e 1 · 0⤊ 1⤋
yes I have done very many times. Make sure you get the right tenant, it could be very costly.
2006-09-01 02:45:41 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Nope!
2006-09-01 02:44:33 · answer #6 · answered by dosyposie 2 · 1⤊ 0⤋
Yes, as long as you have the tenant lined up.
2006-09-01 02:48:48 · answer #7 · answered by scallywag 4 · 0⤊ 1⤋
yes once you buy it it is yours you can rent it if ya want
2006-09-01 02:48:22 · answer #8 · answered by misty_51273 4 · 0⤊ 1⤋
no
2006-09-01 02:47:57 · answer #9 · answered by d,mouse 1 · 1⤊ 0⤋