Is it good to buy ex council house?

Is it worth buying an ex council house?

There are two big advantages to buying ex-council property: space and money. … As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS) reckons ex-local authority property is about 20% cheaper than comparable private properties.

Is it hard to sell ex council house?

Ex local-authority homes don’t rise in value as quickly or as much as their neighbours, says Dogger. And they are harder to sell if the market falls.

Are ex council houses well built?

Let’s not forget that an ex-council house will usually be of a good-build quality (which is why there are so many concrete ex-council houses), as local authorities had no interest in ongoing maintenance costs, plus, they were designed to comfortably and safely house families, so they are usually surprisingly spacious!

Can I rent out my council house after I buy it?

Can I sell or let my property straight away? You can rent out your property as soon as you complete the purchase. However, you must let us know and give us an alternative contact address for you. You must also notify the council’s Legal service team who may charge a one-off sub-let fee.

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Are ex council houses freehold?

While most former council houses are freehold properties, almost all ex-council flats are run on a leasehold basis. Day-to-day maintenance of a block – lift servicing, minor structural repairs, cleaning communal areas – is usually undertaken by the freeholder, be it a council or a housing association.

How long after buying my council house can I sell it?

Reselling the property

You’ll have to repay some or all of the discount if you sell your home within 5 years of buying it. If you sell within 10 years, you must offer the property back to the council or a housing association before you can sell it on the open market.

How do you know if a property is ex council?

So how do you find out? There are two ways to determine whether a house or flat is ex council (Local Authority). If the property is for sale, the estate agent will have details on the history of the property. If the property is not for sale, you can purchase a copy of the title deed from Land Registry for a small fee.

Do local authorities buy back ex council houses?

No. The Council is not obliged to buy back properties that are offered in this way. However the Council will consider whether or not to buy back a property on an individual basis. The Councils decision whether to buy back a property or not will be determined by the following factors; a) Capital funds available.

Is it bad to live in a council house?

There’s nothing “wrong” with living in a council house. I lived in one for 10 years. I’m married, have always worked, kept my properties nice and minded my own business. Several of my friends live in council houses and are decent, hard working, kind individuals.

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Can I sell my council house after 5 years?

After five years, you can sell your home without having to pay back any money. If you sell your home in the discount repayment period (the first five years of owning it), you will have to pay the council back 20% of £120,000 for each year or part year left in the discount repayment period.

Are council houses free?

Council housing pays for itself either through rents or by the building of some new private homes for open market sale. This is what many councils have to do in the absence of government funding. It doesn’t.