To get your opinions on my mutual exchange

[Changednameadviceneededxx]

I know there are a few of you against the right to buy. I understand but really just need your advice.

I've done a name change as this is very outing but really needed advice.

I live in an area of London I'm not happy in. Zone 5. It's a 2 bed house with a garden. Owned by the council with full right to buy.

I've been on homeswapper and found someone to swap with.

they have a 2nd floor period flat just outside of zone 1.

It's nice, good enough for my small family, but its not perfect being on 2nd floor. However for the location and proximity to central London, it's good.

The thing is, as its a period flat, I suspect that there is no right to buy, given that the housing association probably owned it before 1997.

I am nowhere near ready to buy and doubt I will ever be.

But

I'm wondering whether I'm making a huge mistake giving up my right to buy.

I could justify losing a house and a garden (even though i know that most would move OUT of london, not further in. Me, I want to be as close to zone 1 as possible.

But losing the right to buy, sounds a step too far.

What would you do?

Do you or someone you know have an experience of this?

Yabu - move
Yanbu - stay and wait for a better match on honeswapper with rtb

Thanks

What are the chances of you being able to afford a mortgage OP? You could do a rough calculation of what discount you might get and the property valuation.

Oh god, missed that out

Discount up to a max of 16000

Flat - £400,000 easily simply due to location

Not necessarily worried about the value of the discount but the actual right to buy itself

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Edit - would not be able to afford it for a long time but what if I can in 20 years? I want the option

It's true though that the government may remove the right to buy but as it stands its still there

Keep in mind that the mortgage length usually needs to tally with your working years. So if you’re 40 now and intending to retire at 65, they’re not going to give you a mortgage in 20 years time (when you’re 65) unless you will be able to pay it off in the space of 5 years.

Im early 30s but see exactly what you mean 😕

Here's my thinking

I like the flat. But might want to swap again for somewhere in zone 1, or with someone in one of the best boroughs - not having rtb would put many off?

I honestly think being a flat in zone 1 would mean it wouldn't be difficult tbh swap, right to buy it not!

It's zone 2 but close to zone 1 - you think it's worth it?

Genuinely stressed, it was all sorted and then got the email

I'm leaning towards moving as well - a bird in the hand is worth 2 in the bush, kind of thing

Bumping super shamelessly

I would choose the property that suits your needs now and for the foreseeable future rather than some hypothetical situation at some point that might happen one day.

I would do it. Life is too short for what if's.

You could ask to see a copy of the tenancy agreement to see if there's a Right to Buy in there.

Okay will do this tomorrow, thank you x

Kinda think the same

I've been on homeswapper for ages and not one person living in a period flat in zone 2, wants my zone 5 location 😭 (or a new build)

Apart from this lovely lady who hates being so central.

We're a perfect match. This rtb thing has thrown me 🥺

This is true, it is completely hypothetical

I will confirm that they have a lifetime tenancy that can be passed onto dc and really might have to just go for it

Wouldn't you be able to get the right to acquire on the new property if you decided to purchase in the future?, also I highly doubt the right to buy in 20 years time anyways.
I did a swap with my mum around 3 years ago, so I'm now in the house that I had been brought up since birth. Most of my siblings had moved out so the house was to big for my mum and brother and I lived in a two bedroom house a street away so we decided to exchanged. My mum lost her right to buy by doing so ( Max Discount as she had been in since 1982 )but she wasn't interested in buying anyways. We both have a life time tenancy.

If you take the RTB out of the equation do you like the flat and would it suit your needs ?

That’s all you should focus on for now , worry about tomorrow .. tomorrow !

I've asked but I suspect it was owned by the housing association pre 1997 so doesn't qualify x

I like it

It's far from perfect - 2nd floor maisonette rather than first floor flat on one level like I'd hoped for

Great location although the ideal location is further central/west

I've been searching since January I think. It's only March now

Something better could come along. But there's no guarantee 😕

The flat is "far from perfect".
I'll go against the grain here and say wait.
Why move into a 2nd floor flat that isn't perfect for your needs and lose your right to buy?
In your position, I'd stay put and see if anything else comes up.
All the time you're waiting, you'll be accruing more discount.
It's your chance to get on the housing ladder.
Otoh 16k discount on a 400k property isn't a lot, not even near what you'd need for a deposit.
I'd still wait thought, it's only been a couple of months

Agree the discount really isn't worth much, it's more than I'm giving up so much and it not being the perfect (or even close to perfect) home for me

Needs lots of work doing to it, that I'd do, very much plan to treat it like my own home

If I'm doing all of that for a home that isn't 'the one' with no 'rtb selling point' for a future swap... not sure

You need a pros and cons list.
You've only been looking for 8 weeks!

Take the right to buy out of it, as you are no where near being in a position to buy.
and the discount offered anyway is peanuts compared to the value of the property ? so would you ever afford a mortgage on it ?

do you like the property
do you like the area
what about the commute to work / do you work
what are the schools like / do you need school
do you drive / is there free parking / a residents car park
do you have family / do you need to travel to visit family if you move/stay where you are
same applies to/for friends

me - I'd be in the lowest zone possible, or not at all

p.s. down here I know some of the Housing Associations offer/have the right to buy.

You'd be as close to zone 1 as possible?

Like the area, near a huge park. Really like the area. It's zone 2 rather than 1 but I liked it

Good parking.

Dc going back to same school they're in now. Early stages of education, sen needs

Commute by car is approx 1hr 10 mins, compared to 20/30 mins now

Dc like the car so would cope well

The flat is okay. Bedroom slightly lower than the rest of the flat, so there are stairs in the flat

It's got my beloved high ceilings and I would put back in the period features. Good views

Let's be honest, someone living in a chelsea or westminster isn't gonna want to move to a 2 bed house in zone 5, on a, surprisingly nice and safe, housing estate

This might be my best shot, but it absolutely is quite soon, only having been 8 weeks

Such a short time 🥺

But I've scoured that website, no-one has been interested in my location

I wouldn't assume you'll be able to swap the new flat for another one actually in zone 1 or in one of the better boroughs. Why would someone in one of those want your new flat? Wouldn't you be more likely to find someone who wants a house and a garden?