Is it a good idea to buy 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.
Why are ex-council houses cheaper?
Ex-local authority properties can be attractive. They are cheaper than their privately built neighbours, often have more space, tend to be built with thicker walls and better layouts than private developments, and in many cases are in, or near, desirable locations for city workers.
Can I buy an empty council house?
Compulsory purchase – As a last resort, the local authority has the power to buy a empty property with or without the owner’s permission. Enforced sale – If the owner has debts to the council secured on the property, the council can require the owner to pay them back.
Do ex-council houses go up in value?
Other reason lenders might be reluctant to give you a mortgage is because ex-council houses do not generally go up as much in price compared to normal houses.
If you’ve bought an ex council property then you might be able to sell it back to your local council. Councils have no obligation to buy your property back so it depends as to whether they are actively buying property or not, which is usually subject to how much demand they have for housing in the area.
Do ex council houses have covenants?
If you are buying a former Council House it may have restrictions that limits who can buy the property. It will also be subject to other restrictive covenants. This means you have to ask the Council’s permission to do or not to do certain things with the property or the land.
How long after buying a council house can you sell it?
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.
Do you need a deposit for right to buy?
One of the big advantages of Right to Buy is that you don’t have to save for a deposit because you can use your Right to Buy discount instead. … Even if you use your discount as a deposit, you’ll still need to have some savings to buy your council home.
Are council houses valued less?
Despite a deepening shortage of affordable housing, town halls have sold off more than 130,000 homes in the last decade at discounts of up to 70% of their market value. The price cuts have amounted to almost £4bn.
How can I get a council house fast?
How to get a council house quicker
- Be as open and flexible as you can. …
- Update the council of changes to circumstances. …
- Ensure you’re in the right band. …
- Use all your bids. …
- Ensure you’re bidding for the correct type of property – by this we mean bidding for the type of property you will be given priority for.
How do I find empty homes for sale?
Your local estate agent should be your first port of call. They might not have photographs of empty properties in their shop window, but that does not mean that they have not got some for sale. Auction catalogues are also a good place to find empty properties that are for sale.
How do you buy a house that is vacant?
Inspect the home and make an offer.
- Find an Abandoned Property. In order to buy an abandoned home, you first need to find one — and there are several ways. …
- Make sure it’s abandoned (and not vacant) …
- Track down who owns the property and contact them. …
- Inspect the home and make an offer.