Looking for any stories for people that may have some experience in Flexible Ownership of a council property.
My DH and I took redundancies last year, whilst I'm still looking for a job, DH has secured a good income. Along with some money left from the packages, my MIL has offered us a gift of £200k to help buy our council property.
It's a 2 bed flat in a central London, desirable area and we put an application for RTB in last year which has valued the flat at £600k minus the full discount so the offer has been made at £487,700.
We can't afford that so we looking at buying a share of 40%.
We have a DD3 and our intention was to always leave central London by the time she needs secondary school.
So, the plan was to buy now, sell in around 6 years by which time we won't have to pay the discount back.
This was all based on RTB. But, I'm at a loss as to how straightforward the flexible share process is. I can't get through to anyone to ask advice as the scheme is run by my council (Westminster) and it's taking around a week to even ask someone to email me back.
Before going to solicitors, has anyone been through this? Any success or horrow stories to report?
For reference, it's a new build 2 bed but in a listed building that has been refurbished. It's by Paddington so crossrail is due completion next year too.
Thank you!