You can apply for a home through your local council. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. The scheme has been around for over 40 years, having been originally been introduced by Margaret Thatcher in the Housing Act 1980. 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. It is likely that you will need a larger deposit too. They were easy to assemble and build. . 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. 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 . Buying an Ex Council House. 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. 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. 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. A lot of council houses (around here anyway) have concrete cancer. The property must also be your main and only home. Thread starter redtaped; Start date 20 Feb 2009; R. redtaped Guest. They might also call it 'social housing'. I'm sure there are many decent ex-council areas around the country, houses where it's not immediately obvious of the history. If the property is not for sale, you can purchase a copy of the title deed from Land Registry for a small fee. 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. 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 . 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. 2 minutes drive to . We are purchasing an ex council house to let and would like to turn it into a HMO. There was virtually no housing, either council or private, built during the Second World War from 1939 to 1945. Follow Us. Move into the council house and continue to save. Getting a council home. you've had a . Buying Ex Council Stock. Annual rental income / property value (x 100) = 7.2%. If you're buying outside London and the Southeast, the property must be valued at over 100,000. Show the Council a contract of sale of the old house and then they issued consent to sale of the ex council house. Some council estates do still have serious social problems, so high-risk estates are to be avoided. his mother died and he inherited the ex-council house . Buy your council home. I am assuming the lender will want the deeds changed before lending. How can I get a mortgage on an ex-council house? 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. Many of the PRC properties were originally built as local authority or council housing, over the years many have been purchased privately. If you qualify, you can buy your home: by yourself. Loans; Personal Loans. 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. Registered with the Regulator for Social Housing (Reg No LH4087) VAT No (675 646 394). 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. 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. 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. 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. Select the one that looks best to you and work with a broker to submit a mortgage application including information on your incomings, outgoing, deposit and credit score. Whether you are married, in a civil partnership, or cohabiting, both you and your ex-partner have a right to stay in the home, as you are both legal owners. 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 . Yes, you can get a mortgage on an ex-council house made of concrete. Wide tree-lined roads, tidy gardens, good solid houses. Buying ex council stock is often a good investment. 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. The property's design. 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. Just Retirement Mortgages. 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. My brother viewed a house today. However, it was during the post-war period that production stepped up a gear. 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. DO YOUR RESEARCH. The 21-year-old only needed 24,470 home loan but he'd just . This surcharge could be refunded on a later claim if the ex-council flat is sold within 36 months of purchasing your new dwelling. Over in Hackney, ex-council houses in Shepherdess Walk have been selling for between 1m and 2m. In a lot of cases, buying an ex-council house is the only way to upgrade from a small flat. Some of the names of the building companies and types include: Trusteel MkII, Trusteel 3M, Telford (1920s), BISF, Nissen-Petren, Falkiner-Nutall, Birmingham Corporation, Arrowhead, Keyhouses Unibuilt, Steane and British Housing among others. This is immediately preceding their application to purchase a property. This is . 20 Feb 2009 . 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. with a spouse, civil partner or other joint tenant. About Us; Blog; Speak to an expert on ex-local authority flats. I wonder if I may seek your opinions. 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. The earliest system-built houses date back to the inter-war period, when around 50,000 non-traditional dwellings were built. This is because they want to protect themselves from potential value . Housing, mortgages, debt and related issues. Crystal Gate House 28-30 Worship Street London EC2A 2AH. CGT is all due on her if you do not have a share in the property. The Council will then assess the evidence and prepare . Flats and houses built by local authorities can be twice the size of modern new-builds, which can be ridiculously small. However, it adds additional complexity. They were cheap and therefore affordable to many. A similar sized flat in a private 1960s block in the same area however will be priced between 430,000 and 450,000. Between 1945 and 1955 around 20% of new housing was system-built, amounting to some 500,000 units, with a further 750,000 units being . If it's leasehold, you may find it harder to get a mortgage if there isn't long left on the lease. Thirty years . Hello fellow PH people. 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. Ex-local authority If you want more space, an ex-local authority flat or house could be the answer. 101 Smart Ltd is a registered limited company in England (Reg No 5294196). 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. Since the Right to Buy Scheme was introduced in 1980, around 2.6 million council homes have been sold to tenants. Mum's house - ex council was practically rebuilt but plenty on the estate haven't been. 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 . Postby Jholm Wed Jun 09, 2021 9:53 am. As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS . 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. You own the home jointly with your ex-partner. Get free advice and best rates from Lending Expert when you apply >> Loans. Council house. . There are very many types of steel frames from many different manufacturers. 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 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. Both are close to the same London tube station. How does the process work when purchasing with a mortgage. The most common type of concrete housing was Pre-Cast Reinforced Concrete. . 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 . Why do I need consent? You both also have the right to return to the property, even if you have agreed that one of you will leave. If your application is accepted, you'll go on to a waiting list of people who need a council home. 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. 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. Our advisors can help you to get the best deal possible on your buy-to-let . Mortgage lender Halifax reports that the average price in the village jumped from 339,912 to 501,638 in the 12 months to January 2021. . A two bedroom ex-local authority property in good condition in Southfields will typically sell for between 380,000 and 400,000. 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 . The information update date is May 17, 2022. 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. FCA authorised and regulated mortgage experts. you're a secure tenant. Remortgaging your ex-council property. 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. Plus, if you are already a tenant of a council house or housing association, The Right to Buy policy, introduced in the . A young man managed to buy his 46,000 ex-council house by taking out a mortgage - with his mother. It is a nice 2 bed semi with a garage, pretty perfect for his current needs. Im trying to talk to the council about it but the relevant . right to buy for secure or flexible council tenants. It is very expensive to treat. 4) Ex-council houses. Under the Right to Buy scheme, you can apply to buy your council home if: it's your only or main home. 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.
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