Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Right to buy - finding good tenants

47 replies

FlatRat · 11/08/2015 07:53

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?

OP posts:
VodkaValiumLattePlease · 11/08/2015 07:56

Really?

MummaMeerkat · 11/08/2015 07:56

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

IAmAPaleontologist · 11/08/2015 08:03

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 · 11/08/2015 08:04

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 · 11/08/2015 08:06

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 · 11/08/2015 08:06

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

Original poster
FlatRat · 11/08/2015 08:21

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.

OP posts:
Singleandproud · 11/08/2015 08:24

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 · 11/08/2015 08:26

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

SylvanianCaliphate · 11/08/2015 08:26

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

Why don't you move in there?

milliemanzi · 11/08/2015 08:29

Leave it empty?! Jesus.

Baddz · 11/08/2015 08:29

You cannot let rrb for 5 years
Ditto selling up

EssexMummy123 · 11/08/2015 09:42

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 · 11/08/2015 11:07

...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 · 11/08/2015 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 · 11/08/2015 11:32

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 · 11/08/2015 11:59

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.

Original poster
FlatRat · 11/08/2015 12:24

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.

OP posts:
GeorgeYeatsAutomaticWriter · 11/08/2015 12:26

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 · 11/08/2015 12:27

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...

Original poster
FlatRat · 11/08/2015 12:28

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.

OP posts:
lalalonglegs · 11/08/2015 12:34

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

Original poster
FlatRat · 11/08/2015 12:34

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.

OP posts:
specialsubject · 11/08/2015 13:31

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.

RandomFriend · 11/08/2015 13:41

To answer the question:

Getting "good" tenants depends on how good ("desirable") the area is. If your DPs property is a good one in a "desirable" area, it will be easy to get good tenants.

Using a letting agent can help reduce the risk that the tenants will turn out to be "bad", and will help you go through the legal steps if you are unlucky.

Swipe left for the next trending thread