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Should I buy my council flat

(15 Posts)
daisylicious Wed 08-Jul-15 21:48:01

Hi All,
I am after some advise.. We currently have a one bed flat (council flat) with a right to buy discount of £106,000. Flat is valued at 356,000

We were going to.leave the flat and buy our own house, but for.the budget we have, we can't find anything decent within our budget....my question is;

Should we buy the flat and sell on after 5 years, hopefully we would make some profit and be able to buy something bigger,
Even though my flat is in a nice area but my fear is there is no window in the bathroom and kitchen, but there is a huge Glass door in the front room leading to the balcony outside,and there is another double window in the bedroom.
I suppose my main fear is selling on, would I be able to sell the flat on later in the future or would this affect selling on

PettsWoodParadise Wed 08-Jul-15 22:18:12

It could tie you, could you continue to realistically live there for five years, but then the discount is tempting. Do the Council offer you 'key money' if you move on? I know my London Borough did for a friend of mine in the past, but twenty years ago, that equated at the time to twice the amount I'd managed to save as a deposit. My first property I bought was ex local authority so as long as not really bad area it will sell if the price is right. Might need to check how many valuations they got and sale prices of similar on your area to see how genuine the discount is too.

BigTroubleinSmallBoots Wed 08-Jul-15 22:24:15

There's a massive housing crisis in the social rented sector. Leave the flat in LA ownership or with the Housing Association for another person/family to use in the future who will really need to be housed. Buy yourself a house and be thankful for your good fortune and the help up that your current home has enabled you to have e.g. the ability to save for a deposit and the security of a long term tenancy.

cestlavielife Wed 08-Jul-15 22:30:37

How many dc will you have in 5 years? It us on ly one bedroom... no window in bathroom doable but no window in kitchen would put people off.

daisylicious Wed 08-Jul-15 22:53:25

Thanks all for the suggestion . We have two kids and done with having kids. It's a decent part of East London, very close 3 outstanding schools. Am afraid we can't give the property up without having some where to stay and as stated in my post above,we can't afford to buy in london on the open market and we are not ready to move outside london yet

daisylicious Wed 08-Jul-15 22:57:42

@pettswoodparadise, unfortunately my council don't offer incentives for giving up your flat.property in my area sells very well, it's only 12 year old flat and my block has only 8 flats and I will be first leaseholder in my block, lots of leaseholder in.the other blocks

GiddyOnZackHunt Wed 08-Jul-15 22:58:25

Morally no. Financially yes.
You're getting a big discount on the price in the first place. If you sell at a slightly reduced price in 5 or 10 years time because of the flaws then you'll still have made money and most importantly have had somewhere to live that you can call your own.

daisylicious Wed 08-Jul-15 23:01:50

@giddyonzackhunt, I totally agree with u.

fairyfuckwings Wed 08-Jul-15 23:04:33

I don't really understand why you're even questioning this. On the financials then of course you should buy it - you'd be mad not to!

Or are you saying that the problems make you not want to live in it yourself for 5 years? I do see why you'd perhaps not want to live in a flat with children, but even so, it's a good deal.

LynetteScavo Wed 08-Jul-15 23:06:44

What Giddy said.

daisylicious Wed 08-Jul-15 23:24:53

@fairyfuckimgwing, my.problem is.selling om due.to.no window in kitchen and bathroom .just Extractor fan in the bathroom and cooker hood in the kitchen

Applesauce29 Thu 09-Jul-15 09:04:14

One bed flat with two children for five years would put me off!

I currently live in a converted warehouse which has no windows in either of the bathrooms or the kitchen - it would definitely put me off buying somewhere without so much light in the future, but that's only because I've lived!

Applesauce29 Thu 09-Jul-15 09:09:15

Lived it!

Posted too soon. Otherwise I agree with giddy - morally no, financially yes.

Aquadoodle Thu 09-Jul-15 22:38:46

Definitely buy it if you can. Then rent it out if you need more space and rent a suitably larger place until the 5 years are up.

Ipanema01 Fri 10-Jul-15 14:11:23

Completely agree with Aquadoodle and you'd be crazy not to buy it.

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