Over 1072 mortgage products. Since its introduction in 1980, the Government's Right to Buy scheme has helped millions of people living in council housing to purchase the homes they currently rent and start to store equity in their property by paying off a mortgage rather than continuing to pay money to their landlords. with a spouse, civil partner or other joint tenant. FCA authorised and regulated mortgage experts. with up to 3 family members who have lived in your home for the last 12 months. This is . If you're buying outside London and the Southeast, the property must be valued at over 100,000. Gibbens adds: "For Londoners, for example, buying an ex-council may well mean their best chance of affordability living in the Zones especially 1 and 2. I want to build a garage, without a garage the house is useless to us. Ex-council house turned into real-life historical wonderland after owner spends 25 years and 700,000 renovating it room by room - but now it's on the market for just 300,000. without permission from the council first. A report from KIS Finance, a bridging loans and development finance broker, has found explains that the scheme places a huge discount, up to 70% of the property value, on the purchase price. Click here to see balcony deck access products. The information update date is May 17, 2022. DO YOUR RESEARCH. We are purchasing an ex council house to let and would like to turn it into a HMO. However I understand that you have to own it for 5 years before you can sell and ex council houses on council estates can be hard to sell. Im trying to talk to the council about it but the relevant . They were cheap and therefore affordable to many. Mum's house - ex council was practically rebuilt but plenty on the estate haven't been. David Hider thought they'd never be able to own the house where they'd lived for 11 years after he was turned down for a home loan by a string of banks and building societies. In actual fact, a lot of ex-council estates are starting to slowly fill up with first-time buyers eager to get on the property ladder any way they can. you've had a . About 300 houses. It is very expensive to treat. The 21-year-old only needed 24,470 home loan but he'd just . Getting a mortgage for an ex-council house might not be as smooth or easy as it would be for a . Right to Buy is an affordable housing scheme open exclusively to council property tenants (and some housing association tenants). However, it adds additional complexity. If the property is not for sale, you can purchase a copy of the title deed from Land Registry for a small fee. we've been viewing some ex-council houses and want to know what are the Pros and Cons of buying this type of property. First time buyers can therefore sometimes save around 40% by buying ex-local authority properties. Areas We Cover. Niche Advice is not a Mortgage Lender but a Broker that offers appropriate advice to mortgage applicants with potentially problematic properties including those with balcony access. Caroline Arslanguloglu is an employee working in Employment and Social Development Canada, according to the data provided by Shared Services Canada (SSC), Minister of Public Services and Procurement. I am assuming the lender will want the deeds changed before lending. If you qualify, you can buy your home: by yourself. In a lot of cases, buying an ex-council house is the only way to upgrade from a small flat. 1,000 - 5,000 Loans; . Both are close to the same London tube station. About Us; Blog; There are two big advantages to buying ex-council property: space and money. council consent to ex council house sale. A lot of council houses (around here anyway) have concrete cancer. Can you get a mortgage on a concrete ex-council house? The position title is Officer, Project Services. The advantages. CGT is all due on her if you do not have a share in the property. I wonder if I may seek your opinions. A young man managed to buy his 46,000 ex-council house by taking out a mortgage - with his mother. If you're looking at purchasing an ex-council property, please be aware that it must be valued at over 150,000 if you're buying in London and the Southeast. It turns out the house were trying to buy is ex council and there is a covenant on it saying that i cant build anything anywhere on the property. Signing a three-year rental agreement with the housing . Give us a call 020 3328 0377. Unfortunately, most lenders are reluctant to grant mortgages on ex-local authority housing because these homes are considered more likely to lose value over time. You're able to secure an ex-council home mortgage with Lending Expert. Council house. The scheme has been abolished in Wales and Scotland. Just Retirement Mortgages. If your application is accepted, you'll go on to a waiting list of people who need a council home. Show the Council a contract of sale of the old house and then they issued consent to sale of the ex council house. East sold two two-bedroom flats this summer, which illustrate his point. This surcharge could be refunded on a later claim if the ex-council flat is sold within 36 months of purchasing your new dwelling. An experienced broker will talk you through a list of lenders offering ex-council house mortgages and the best rates they can find for your financial situation. If the property is for sale, the estate agent will have details on the history of the property. The remortgage pack includes: current service charge account balance and statement (including ground rent) They are also made of sturdy structures but lack the . Plus, if you are already a tenant of a council house or housing association, The Right to Buy policy, introduced in the . Her cost for CGT purposes will be her 50% share of the cost in 1990 plus the value of the other 50% share inherited in 2015. It's usual to find people searching for monthly payment equity release, lump sum life time mortgages or monthly payment equity release, however, Legal and General like AA equity release are keen to see proof of your personal situation in . Since 1969, all council housing has been built to Parker Morris standards, meaning room sizes and floor space have to meet certain minimum standards which are often more generous than in other, similarly . 4) Ex-council houses. Get free advice and best rates from Lending Expert when you apply >> Loans. North London; South London; East London; West London; Helpful Links. As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS . Remortgaging your ex-council property. This is even more of a selling point if you are already renting a council house that offers you the opportunity to buy it, as your previous years of rent are usually taken into account and deducted from the value. 20 Feb 2009 . Ex-council homes If your home used to be owned by the council, but they sold it to another landlord (like a housing association) while you were living in it, you may have the Right to Buy. There are very many types of steel frames from many different manufacturers. I disagree with right-to-buy but it is an option for you. As raising a deposit for a mortgage can take years now for the average first time buyer and even then many potential buyers are priced out of the market, it now seems that many ex-council estates are slowly starting to fill up with first time buyers that are eager to get themselves onto the property ladder at an . Under the Right to Buy scheme, you can apply to buy your council home if: it's your only or main home. If you've applied for a new mortgage or to borrow more money, or if you're a lender or solicitor and your client is remortgaging, then the mortgage provider may need information from us. A two bedroom ex-local authority property in good condition in Southfields will typically sell for between 380,000 and 400,000. Signing a three-year rental agreement with the housing . Yes, you can get a mortgage on an ex-council house made of concrete. If you have been excluded from the . The most common type of concrete housing was Pre-Cast Reinforced Concrete. "The council say the total bill will be 12m and we have to pay another 5,000. This will need to evidence that at least one of the of the purchasers has lived or worked in Cornwall for the last 3 years. Re: CGT on ex. Christian Dugard, founder EXLA London, says: "Ex-council properties are more affordable, with generally lower service charges and in some great locations, for example you could pick up a . 23 Jan 2012. Lenders can also be put off by these properties if they're surrounded by a high concentration of rented council houses (rather than owner-occupied properties). The criteria to be eligible to buy your council house are strict, but if you apply you will qualify for a discount on the value of . Many of the PRC properties were originally built as local authority or council housing, over the years many have been purchased privately. How can I get a mortgage on an ex-council house? It is likely that you will need a larger deposit too. You own the home jointly with your ex-partner. Mon - Fri: 9am - 6pm Sat: 10am - 4pm Sun: Closed. Some lenders are more reluctant to lend for ex-council homes. you're a secure tenant. Buy your council home. The Section 157 restriction is a life-time covenant and stays with the ex-council property irrespective if you are the first buyer or subsequent ones. How does the process work when purchasing with a mortgage. Specialist Mortgage Advice. Mortgages, Mortgage Protection . Buy-to-let mortgages have higher interest rates than residential mortgages and typically have higher fees. The earliest system-built houses date back to the inter-war period, when around 50,000 non-traditional dwellings were built. If you'd like help on getting a mortgage for a buy-to-let, ex-local council property, get in touch on 0808 189 2301 or make an enquiry with Online Mortgage Advisor. Basically my question is as above, ex-council house on a small estate in a desirable (to u Create an account to join the conversation Have your say, get notified on what matters to you and see fewer ads by Mark Johnston Buying an Ex Council House. Getting a council home. Wide tree-lined roads, tidy gardens, good solid houses. The title deed will identify the current . Qualifying tenants upon meeting specified length-of-tenancy requirements are automatically given the right to purchase their home, with discounts available of up to 82,800, increasing to 110,500 for qualifying properties in London. Details of which can be found by visiting www.fca.org.uk. Not to mention unknowns like the Mortgage Help Scheme or whatever they now have in place to prop up delinquent loans, not to mention all the junk the BoE has purchased. . With our finger on the pulse of the London ex-council market, we're perfectly placed to help investors to grow and manage their portfolio. Crystal Gate House 28-30 Worship Street London EC2A 2AH. Ex council houses are usually spacious with plenty of storage space. his mother died and he inherited the ex-council house . Yes, it's possible but mortgages lenders will have more things to consider with ex-council properties, including: Whether the property is freehold or leasehold. Right on the Edge of a country park, 200 yrds within the Birmingham city boundary with Worcesetershire. Interest Only Lifetime Mortgages Ex Council Properties Ex-Housing Association. Bag an ex-council house for a good deal. Loans; Personal Loans. Buying an Ex Council House. If it's leasehold, you may find it harder to get a mortgage if there isn't long left on the lease. This is immediately preceding their application to purchase a property. Move into the council house and continue to save. These properties have been a feature on the market since right-to-buy was introduced in the 80s. Yields tend to be good as the properties can often be bought for less per square foot compared to other property types, but the extra space one often gets means the rents are often higher and therefore so are yields. One of the biggest pros of buying an ex council house is that they tend to be much cheaper in comparison to other similar-sized properties. Thread starter redtaped; Start date 20 Feb 2009; R. redtaped Guest. There are two ways to determine whether a house or flat is ex council (Local Authority). Speak to an expert on ex-local authority flats. . In 1989, we looked at an ex council house and the view here is the communal parking area. Buying ex council stock is often a good investment. We have been in touch with the council to get the restrictive covenant varied and they have come back with a price including legal fees. Right-to-buy put 2.5m former council homes into the property market and many are spacious, well built and a good deal - but beware the traps. We have been in touch with the council to get the restrictive covenant varied and they have come back with a price including legal fees. For example: A mortgage of 115,559 payable over 24 years, initially on a fixed rate for 5 years at 6.99% (and then on a tracker rate for the remaining 19 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of 846.05 followed by 231 monthly payments of 824.52 plus a redemption administration fee of . Crystal Gate House 28-30 Worship . In that case you also need to go through the Land Registry entry for each house in the street to check whether the mortgage is with NR, B&B, A&L, RBS, HBOS, Lloyds etc. The houses were typically clad in brick or . Your council will then prioritise applications based on who needs a home most urgently. The scheme has been around for over 40 years, having been originally been introduced by Margaret Thatcher in the Housing Act 1980. comments/suggestions are much appreciated. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. Some council estates do still have serious social problems, so high-risk estates are to be avoided. An ex-local authority flat or former council house can be a financially attractive prospect to homebuyers and buy-to-let investors alike. This surcharge could be refunded on a later claim if the ex-council flat is sold within 36 months of purchasing your new dwelling. Some of the methods of construction used are unacceptable to mortgage lenders so it is important that surveyors are familiar with the type of construction used on council estates in the area they cover. How does the process work when purchasing with a mortgage. Postby Jholm Wed Jun 09, 2021 9:53 am. Many are undergoing regeneration which could mean . To find out more please complete the Contract Form on this website or call T: 020 7993 2044. A similar sized flat in a private 1960s block in the same area however will be priced between 430,000 and 450,000. Not all mortgage lenders will loan on ex-local authority homes, particularly buildings which have "deck access" to front doors via a vulnerable long communal balcony. It is possible to get a buy-to-let mortgage on an ex-council house. Lenders prepared to take on former council flats include Nationwide, which will lend on most ex-local authority properties on the condition the block is well maintained, and Britannia, which is . Thirty years . Country. Buying Ex Council Stock. The property must also be your main and only home. Gibbens adds: "For Londoners, for example, buying an ex-council may well mean their best chance of affordability living in the Zones especially 1 and 2. Some of the other flats paid 15,000 last year and now have demands for another 15,000," says Whitehouse. The property's design. PPR relief may be available for the small period your wife lived n the property. High rise ex council property mortgage 27-06-2019, 09:03 AM. Hi guys would anybody be able to help a friend of mine is trying to buy his ex council property it's not a high-rise as in the standard meaning it's basically three floors up but too high street lenders have been out and classified it as that and won't lend on it despite it having LTV . They were easy to assemble and build. right to acquire for some housing association tenants. Twitter; Instagram; Office Hours. I'm sure there are many decent ex-council areas around the country, houses where it's not immediately obvious of the history. However, it will be hard to find a mortgage lender as they usually consider ex-council property and structures made of concrete to be difficult to resell. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. If you've applied for a new mortgage or to borrow more money, or if you're a lender or solicitor and your client is remortgaging, then the mortgage provider may need information from us. My brother viewed a house today. Ex council houses for sale can cost as little as 50, 000, depending on the location. Email us enquiries@exlalondon.com. Why do I need consent? Since the Right to Buy Scheme was introduced in 1980, around 2.6 million council homes have been sold to tenants. Many lenders impose a maximum loan-to-value on ex-council homes. Owner John . I am assuming the lender will want the deeds changed before lending. Right to Buy is a scheme in England that allows most council home tenants, as well as some housing association tenants, to buy their council property at a discount. On the sale or assignment of lease of a property to which the restriction applies these rural ex-council houses can only be transferred with the council's consent. Follow Us. #1. Tenants like the extra space and especially the good . The biggest upside to buying an ex-council house is that they tend to be far cheaper than comparably-sized properties, within the same area.