Buying a council house

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Buying a council house

Postby Hammer1983 on Wed Mar 07, 2018 11:38 am

Hi All,

Has anyone ever bought a council house on here and can give any advice? Do you have to get a special Mortgage? Can you use your discount as a deposit.

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Re: Buying a council house

Postby Greatest Cockney Rip Off on Wed Mar 07, 2018 11:51 am

There’s a website that government run that will give you a valuation on your property. Be warned. It vastly undervalues your house. I was all set to buy one in Kent and when the actual council (housing trust) gave their valuation, it was 50,000 higher. Scuppered my plans big time.
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Re: Buying a council house

Postby WHU Independent on Thu Mar 08, 2018 7:59 pm

I bought my council flat and - at the time - it is the best thing I ever did. It was relatively easy to do under the right to buy scheme, and it all just fell into place. I owned it for 26 years. Mine was a flat though, so I feel unqualified to give you advice on a house. Just be wary of service charges and any mandatory building works that the council are planning, if any.
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Re: Buying a council house

Postby 3times on Thu Mar 08, 2018 8:28 pm

No special mortgage needed. Some lenders will allow the discount as the deposit so you don't need to find your own. RTB valuations done by the LA tend to be a little under market value. If you sell within the first 5 years you will have to pay back some of the discount - because of this I advise most of mt RTB clients to have a 5 yr fixed rate.

Best thing is to apply for the RTB to see what figures come up.
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