Has any1 bought their council house under the right to buy in the UK?

Question

I am thinking about buying the council house that i live in because it is the only way to get on to the property ladder but would like to hear from other people that have already done this. Is it the right choice can it be sold on easily and so on. Any answers would be great but only if they are sensilble

Answer 1

Go for it. They are sold under market price. You cant resell for I think 5 years but it has got to be good

Answer 2

Don't think about it, do it, we did. Never met anyone who regretted buying their council house. Be careful to select the best mortgage for you and the world will be your oyster. If your neighbours have also bought, the possibility of selling in the future is good. Chances are in the five years that you have to wait without paying anything back to the council, you could make a tidy profit.

Answer 3

Yes we bought our ground floor maisonette from the council 3years ago. Having been in council property for over 20years got full discount and sold it for full asking price in August. Had to get out cos of noise upstairs, best thing we ever did and looking for new property now. Go for it! You can re-sell after 3 years but, if you sell before you have to repay a percentage of discount back to the council.

Answer 4

No - but I've sold and directed the sale of several dozen. It's like shooting fish in a barrel for making money. The discount levels have dropped back in recent years and there are restrictions and claw-backs but if you stay in the dwelling for 3(?) years, these fall away leaving you with a) a place in the property market b) a whacking great tax-free gain. Go for it! (I charge for more advice...)

Answer 5

if its in a nice area go for it.i bought mine and got a big discount for the years i had lived in council.£12,000.we paid.we have had to move into a special needs bungalow as my hubby is ill 8 years after buying it so i sold at a great profit.it sold in 4 weeks.good luck

Answer 6

yes i bought mine in the north east and when i put it up for sale it sold within 4 months and i made a nice profit,but because i had sold it before 3 years i had to pay back the discount that i recieved but they have changed the time limit on that now i believe its been increased to 5 years,if you live in a nice area where many people have bought theirs then you should have no problems in the future if you wanted to move on.

Answer 7

Do not think about it if you are at risk of losing a job or falling ill both of which have happened to me. Perhaps I did not read the small print. Or perhaps it is the fact that she who earns a little & drinks a lot keeps adding things like a Kitchen £7300 Windows £1900 + £2600 CONSERVATORY £15500

Answer 8

you do not say the place this supplies is - the link is to a "purchase-to speculate" website and provides some solid clues on cutting-edge values. not something in English cities decrease than £95k and a few SCottish at £80k. you assert the neighbour offered 2 years in the past at 50% yet in some factors fees have soared. London is rather bigger yet basically Northern eire had fees at extreme as you recommend. Use the secoind link to envision supplies fees on your section - it rather is rather precise yet of course diverse residences sell for various fees for various motives - cost is what a vendor is waiting to purchase for!

Answer 9

i got mine home from the council 10 year ago for 14.000 and now it is wroth 80.000 i say go for it you cant beat it and you can sell it after 3 year

Answer 10

I BOUGHT MY COUNCIL HOUSE FOR 33000 AND SOLD IT THREE YEARS ON FOR 76000 WHICH I PAID OFF DEBTS AND PUT A DEPOSIT ON NEW HOUSE.