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Right to buy - finding good tenants

(48 Posts)
FlatRat Tue 11-Aug-15 07:53:14

DP has a council flat which he has been renting for years. We've decided we want to live together, which means we have an empty flat. We could give it up, or buy it through the right to buy scheme for £19,000, which it seems stupid not to do.

The plan is for him to buy his flat, move into our house full time, then let it out.
But how do we find good tenants? We don't need to get market rent for it; it's enough to cover the bills and the mortgage payments. If we offered it at a lower price over a longer period, would we be able to pick and choose a better tenant? How would we find such a person?

VodkaValiumLattePlease Tue 11-Aug-15 07:56:01

Really?

MummaMeerkat Tue 11-Aug-15 07:56:19

You aren't able to use the right to buy for buying to let.

IAmAPaleontologist Tue 11-Aug-15 08:03:49

or he could give it up so that someone else can access social housing and the safety net your dp has benefited from for years.

LIZS Tue 11-Aug-15 08:04:52

Aren't there restrictions on reletting/reselling a rtb property? The scheme isn't intended to be used for profit of the purchaser but to provide a home for a long standing tenant. hmm

Superexcited Tue 11-Aug-15 08:06:03

You can't rent out a property bought under RTB for at least 5 years.
Why not do the decent thing and give the property back to the council so a needy family can rent it from the council.

Pixi2 Tue 11-Aug-15 08:06:10

You cannot sublet a council property. He can get into a lot of trouble. He needs to give it up right now.

FlatRat Tue 11-Aug-15 08:21:33

Wow, I'm glad I changed my name before I asked this question!

We've been together for quite a while. But we are both realists. It may not work out when we move in. So there's no way we're giving up this flat. Either we would keep paying the rent and let it sit empty(one of the neighbours did that for years), or buy it and let it out to someone who needs it.

To answer your questions, there are no restrictions on renting out a property once you have bought it. If you sell it within five years, you have to give your discount back, but that's it.

Singleandproud Tue 11-Aug-15 08:24:36

No you can't leave it empty and you can't let it out. The tenant has to live init for the 5 years. You need to read through his Tenancy Agreeement again and the RTB documents.

LIZS Tue 11-Aug-15 08:26:37

If it continues to be leasehold you can't relet without the council's permission and mortgage company knowing.

SylvanianCaliphate Tue 11-Aug-15 08:26:54

You can't leave it empty, it still has to be main/primary residence.

Why don't you move in there?

milliemanzi Tue 11-Aug-15 08:29:14

Leave it empty?! Jesus.

Baddz Tue 11-Aug-15 08:29:30

You cannot let rrb for 5 years
Ditto selling up

EssexMummy123 Tue 11-Aug-15 09:42:27

Actually you can rent it out if purchased through RTB, you just can't sell it unless you pay back some of the discount. A high street letting agent would be able to help you rent it out, just make sure you get rent guarantee and landlords insurance.

specialsubject Tue 11-Aug-15 11:07:33

...and have a lot more of a clue as to what you are doing regarding the business of being a landlord. Especially tricky in a flat.

This is a demonstration why right-to-buy is so wrong. The OP would be nuts not to buy the place at the massive discount, but due to that yet another council property will disappear. They don't get replaced.

incidentally there is a rumour that Corbyn wants to extend right to buy to private tenants. Should this happen (lots of ifs) there are going to be a lot of evictions.

PigletJohn Tue 11-Aug-15 11:11:11

RTB is somewhat lunacy.

If you were in any other business, how would you like to be forced to sell your assets at less than their value, and less than it would cost you to build or buy replacements?

lalalonglegs Tue 11-Aug-15 11:32:55

How could a (democratic) government force LLs to sell their properties to their tenants at a huge discount? Seriously, how could they legislate for that any more than they could force you to sell your car for scrap value to your next door neighbour or donate your fridge to a soup kitchen? I would genuinely be stunned if that rumour had any substance.

PigletJohn Tue 11-Aug-15 11:59:45

Maybe if private landlords were unpopular, and there were a lot of hard-done-by tenants around, and the nation had no concern for the young, the poor or for future generations, and it looked like a vote-winner?

A bit like when the thatcher did it to local authorities.

FlatRat Tue 11-Aug-15 12:24:58

incidentally there is a rumour that Corbyn wants to extend right to buy to private tenants. Should this happen (lots of ifs) there are going to be a lot of evictions.

Not going to happen.

It is madness. We don't like it, we know it's not healthy, and taking a property from someone who needs one, but we have to make sure we are going to be OK when we are old. That trumps any moralisng from others here.

I'm reluctant to go to a letting agent because dealing with one was a bloody nightmare.

GeorgeYeatsAutomaticWriter Tue 11-Aug-15 12:26:08

We don't like it, we know it's not healthy, and taking a property from someone who needs one, but we have to make sure we are going to be OK when we are old. That trumps any moralisng from others here.

No it fucking doesn't. If I knew you in RL, I'd report you.

lalalonglegs Tue 11-Aug-15 12:27:26

I'm not in favour of RTB but there is an argument that council-owned houses were originally funded by central government and, as central government also largely provides the funding for local authorities to operate on an annual basis and controls aspects of their spending, they can dictate what happens to their housing stock - it's not an argument that I agree with and I think it's an argument that becomes even more specious with HA properties which they have now decided come under RTB. But I really can't see how a government can seize private property in the same way, no matter how unpopular BTL has become. They could of course tax it until it becomes so unprofitable, LLs are forced to sell on the open market...

FlatRat Tue 11-Aug-15 12:28:50

Sorry, pressed send too soon. Our experiences with them have not been positive. They seemed to allow anyone into the privately owned flat above him.

lalalonglegs Tue 11-Aug-15 12:34:55

Sorry, last comment addressed to Piglet - I'm aware I'm derailing.

FlatRat Tue 11-Aug-15 12:34:56

No it fucking doesn't. If I knew you in RL, I'd report you.
Just as well you don't, then.

Besides which, we are not breaking any rules. DP was going to buy his flat anyway(he's inherited some money, we won't have a mortgage). It's just that we have also decided that we wanted to live together.

specialsubject Tue 11-Aug-15 13:31:04

I challenge anyone to be in the OPs position and NOT take advantage.

do you all pay more tax than you should because that's what this country needs? I'd be impressed if you do.

thanks for the comments re Corbyn. I can't see it either.

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