PB Nitom Blog There are two ways to determine whether a house or flat is ex council (Local Authority). North London; South London; East London; West London; Helpful Links. comments/suggestions are much appreciated. About 300 houses. "The council say the total bill will be £12m and we have to pay another £5,000. Christian Dugard, founder EXLA London . A fee of £350.00 will need to be paid to the Council before the application will be processed. If you qualify, you can buy your home: by yourself. High rise ex council property mortgage 27-06-2019, 09:03 AM. The scheme has been abolished in Wales and Scotland. Loans; Personal Loans. A young man managed to buy his £46,000 ex-council house by taking out a mortgage - with his mother. This advice applies to England. These properties have been a feature on the market since right-to-buy was introduced in the 80s. Thirty years . Right to Buy Mortgages offer discounts to buy your home if you are a council tenant. Gibbens adds: "For Londoners, for example, buying an ex-council may well mean their best chance of affordability living in the Zones especially 1 and 2. So in the last 39 years has made home . Owner John . Hello fellow PH people. Many are undergoing regeneration which could mean . St Marks in Cheltenham was built by the council in 1929. Not to mention unknowns like the Mortgage Help Scheme or whatever they now have in place to prop up delinquent loans, not to mention all the junk the BoE has purchased. As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS . An experienced broker will talk you through a list of lenders offering ex-council house mortgages and the best rates they can find for your financial situation. Remortgaging your ex-council property. Buying Ex Council Stock. Unfortunately, most lenders are reluctant to grant mortgages on ex-local authority housing because these homes are considered more likely to lose value over time. Over in Hackney, ex-council houses in Shepherdess Walk have been selling for between £1m and £2m. I am assuming the lender will want the deeds changed before lending. Postby Jholm » Wed Jun 09, 2021 9:53 am. Yes, it's possible but mortgages lenders will have more things to consider with ex-council properties, including: Whether the property is freehold or leasehold. Why do I need consent? A lot of council houses (around here anyway) have concrete cancer. Mon - Fri: 9am - 6pm Sat: 10am - 4pm Sun: Closed. First time buyers can therefore sometimes save around 40% by buying ex-local authority properties. Re: CGT on ex. If you're buying outside London and the Southeast, the property must be valued at over £100,000. The earliest system-built houses date back to the inter-war period, when around 50,000 non-traditional dwellings were built. They were easy to assemble and build. If you have been excluded from the . We are purchasing an ex council house to let and would like to turn it into a HMO. £1,000 - £5,000 Loans; . It is a nice 2 bed semi with a garage, pretty perfect for his current needs. We have been in touch with the council to get the restrictive covenant varied and they have come back with a price including legal fees. Since 1969, all council housing has been built to Parker Morris standards, meaning room sizes and floor space have to meet certain minimum standards which are often more generous than in other, similarly . 101 Smart Ltd is a registered limited company in England (Reg No 5294196). Interest Only Lifetime Mortgages Ex Council Properties Ex-Housing Association. If you've applied for a new mortgage or to borrow more money, or if you're a lender or solicitor and your client is remortgaging, then the mortgage provider may need information from us. To find out more please complete the Contract Form on this website or call T: 020 7993 2044. This surcharge could be refunded on a later claim if the ex-council flat is sold within 36 months of purchasing your new dwelling. Follow Us. The most common type of concrete housing was Pre-Cast Reinforced Concrete. One property was purchased for £171,000 by the tenant in 2000 and later sold for £1m in 2014, whilst another was purchased through the Right to Buy scheme for £220,000 in 1997 and later sold in 2013 for £1.94m. Her cost for CGT purposes will be her 50% share of the cost in 1990 plus the value of the other 50% share inherited in 2015. Getting a mortgage for an ex-council house might not be as smooth or easy as it would be for a . East sold two two-bedroom flats this summer, which illustrate his point. Registered with the Regulator for Social Housing (Reg No LH4087) VAT No (675 646 394). you're a secure tenant. In 1989, we looked at an ex council house and the view here is the communal parking area. It turns out the house were trying to buy is ex council and there is a covenant on it saying that i cant build anything anywhere on the property. Under the Right to Buy scheme, you can apply to buy your council home if: it's your only or main home. Crystal Gate House 28-30 Worship . Gibbens adds: "For Londoners, for example, buying an ex-council may well mean their best chance of affordability living in the Zones especially 1 and 2. With our finger on the pulse of the London ex-council market, we're perfectly placed to help investors to grow and manage their portfolio. . Many of the PRC properties were originally built as local authority or council housing, over the years many have been purchased privately. Over 1072 mortgage products. I'm sure there are many decent ex-council areas around the country, houses where it's not immediately obvious of the history. Specialist Mortgage Advice. Country. Can you get a mortgage on a concrete ex-council house? The Council will then assess the evidence and prepare . I am assuming the lender will want the deeds changed before lending. In actual fact, a lot of ex-council estates are starting to slowly fill up with first-time buyers eager to get on the property ladder any way they can. One was a 64 sq metre ex-local authority flat for £250,000. The property's design. Email us enquiries@exlalondon.com. You both also have the right to return to the property, even if you have agreed that one of you will leave. Ex-local authority If you want more space, an ex-local authority flat or house could be the answer. Housing, mortgages, debt and related issues. About Us; Blog; Ex council houses for sale can cost as little as £50, 000, depending on the location. One of the biggest pros of buying an ex council house is that they tend to be much cheaper in comparison to other similar-sized properties. Bag an ex-council house for a good deal. PPR relief may be available for the small period your wife lived n the property. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. However, it was during the post-war period that production stepped up a gear. If your application is accepted, you'll go on to a waiting list of people who need a council home. 2 Kiing sized bedroomed house, Assured tenancy with Hyde housing, wheelchair accessible so all good sized rooms, solar panelled for cheaper fuel costs , combi boiler, loft with fixed ladder, double glazed windows..Pets allowed, back garden, own parking.Beautiful quiet village with schools, train station , bus stop thriving village community centre all in walking distance. There was virtually no housing, either council or private, built during the Second World War from 1939 to 1945. Remortgaging your ex-council property. This surcharge could be refunded on a later claim if the ex-council flat is sold within 36 months of purchasing your new dwelling. However, it adds additional complexity. Areas We Cover. Mum's house - ex council was practically rebuilt but plenty on the estate haven't been. Ex-council homes If your home used to be owned by the council, but they sold it to another landlord (like a housing association) while you were living in it, you may have the Right to Buy. Get free advice and best rates from Lending Expert when you apply >> Loans. You can apply for a home through your local council. Our advisors can help you to get the best deal possible on your buy-to-let . his mother died and he inherited the ex-council house . I want to build a garage, without a garage the house is useless to us. It's usual to find people searching for monthly payment equity release, lump sum life time mortgages or monthly payment equity release, however, Legal and General like AA equity release are keen to see proof of your personal situation in . The other was . Ex-council house turned into real-life historical wonderland after owner spends 25 years and £700,000 renovating it room by room - but now it's on the market for just £300,000. Details of which can be found by visiting www.fca.org.uk. #1. Registered office: Level 6, 6 More London Place, Tooley Street, London SE1 2DA. The title deed will identify the current . Since its introduction in 1980, the Government's Right to Buy scheme has helped millions of people living in council housing to purchase the homes they currently rent and start to store equity in their property by paying off a mortgage rather than continuing to pay money to their landlords. Mortgages, Mortgage Protection . This is even more of a selling point if you are already renting a council house that offers you the opportunity to buy it, as your previous years of rent are usually taken into account and deducted from the value. This is because they want to protect themselves from potential value . Move into the council house and continue to save. FCA authorised and regulated mortgage experts. it's self-contained. Tenants like the extra space and especially the good . Example of BTL yield: If you bought your two bedroom council house for £100,000 and charged your tenants £600pcm, the annual rental income would be £7,200. A report from KIS Finance, a bridging loans and development finance broker, has found explains that the scheme places a huge discount, up to 70% of the property value, on the purchase price. Right to Buy is a scheme in England that allows most council home tenants, as well as some housing association tenants, to buy their council property at a discount. The advantages. . Not all mortgage lenders will loan on ex-local authority homes, particularly buildings which have "deck access" to front doors via a vulnerable long communal balcony. you've had a . Wide tree-lined roads, tidy gardens, good solid houses. Buying ex council stock is often a good investment. without permission from the council first. The 21-year-old only needed £24,470 home loan but he'd just . The remortgage pack includes: current service charge account balance and statement (including ground rent) Mortgage lender Halifax reports that the average price in the village jumped from £339,912 to £501,638 in the 12 months to January 2021. . This will need to evidence that at least one of the of the purchasers has lived or worked in Cornwall for the last 3 years. Some of the other flats paid £15,000 last year and now have demands for another £15,000," says Whitehouse. There are very many types of steel frames from many different manufacturers. Council house. However, it will be hard to find a mortgage lender as they usually consider ex-council property and structures made of concrete to be difficult to resell. Click here to see balcony deck access products. How does the process work when purchasing with a mortgage. Your council will then prioritise applications based on who needs a home most urgently. Whether you are married, in a civil partnership, or cohabiting, both you and your ex-partner have a right to stay in the home, as you are both legal owners. Hi guys would anybody be able to help a friend of mine is trying to buy his ex council property it's not a high-rise as in the standard meaning it's basically three floors up but too high street lenders have been out and classified it as that and won't lend on it despite it having LTV . The houses were typically clad in brick or . The introduction of 'Right to Buy' in the 1980s transformed the private market for ex-council housing in the UK and since then, many former council flats and houses have . They were cheap and therefore affordable to many. They are also made of sturdy structures but lack the . If you have questions about buying an ex-council property and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here. The remortgage pack includes: current service charge account balance and statement (including ground rent) If the property is not for sale, you can purchase a copy of the title deed from Land Registry for a small fee. Both are close to the same London tube station. Some of the methods of construction used are unacceptable to mortgage lenders so it is important that surveyors are familiar with the type of construction used on council estates in the area they cover. DO YOUR RESEARCH. Speak to an expert on ex-local authority flats. Buy your council home. However, some people may be put off by the Right to . You're able to secure an ex-council home mortgage with Lending Expert. Give us a call 020 3328 0377. This is immediately preceding their application to purchase a property. It is likely that you will need a larger deposit too. Right-to-buy put 2.5m former council homes into the property market and many are spacious, well built and a good deal - but beware the traps. Some of the names of the building companies and types include: Trusteel MkII, Trusteel 3M, Telford (1920s), BISF, Nissen-Petren, Falkiner-Nutall, Birmingham Corporation, Arrowhead, Keyhouses Unibuilt, Steane and British Housing among others. Lenders can also be put off by these properties if they're surrounded by a high concentration of rented council houses (rather than owner-occupied properties). The position title is Officer, Project Services. I disagree with right-to-buy but it is an option for you. David Hider thought they'd never be able to own the house where they'd lived for 11 years after he was turned down for a home loan by a string of banks and building societies. right to acquire for some housing association tenants. Some council estates do still have serious social problems, so high-risk estates are to be avoided. We are purchasing an ex council house to let and would like to turn it into a HMO. Plus, if you are already a tenant of a council house or housing association, The Right to Buy policy, introduced in the . You own the home jointly with your ex-partner. Between 1945 and 1955 around 20% of new housing was system-built, amounting to some 500,000 units, with a further 750,000 units being . by Mark Johnston Buying an Ex Council House. Getting a council home. It is very expensive to treat. Signing a three-year rental agreement with the housing . Buying an Ex Council House. Right to Buy is an affordable housing scheme open exclusively to council property tenants (and some housing association tenants). . In a lot of cases, buying an ex-council house is the only way to upgrade from a small flat. Yields tend to be good as the properties can often be bought for less per square foot compared to other property types, but the extra space one often gets means the rents are often higher and therefore so are yields. Lenders may request some additional information before deciding whether to make you an offer for an ex-council house mortgage. with up to 3 family members who have lived in your home for the last 12 months. we've been viewing some ex-council houses and want to know what are the Pros and Cons of buying this type of property. In that case you also need to go through the Land Registry entry for each house in the street to check whether the mortgage is with NR, B&B, A&L, RBS, HBOS, Lloyds etc. Signing a three-year rental agreement with the housing . As raising a deposit for a mortgage can take years now for the average first time buyer and even then many potential buyers are priced out of the market, it now seems that many ex-council estates are slowly starting to fill up with first time buyers that are eager to get themselves onto the property ladder at an . It is possible to get a buy-to-let mortgage on an ex-council house. Just Retirement Mortgages. CGT is all due on her if you do not have a share in the property. Yes, you can get a mortgage on an ex-council house made of concrete. Flats and houses built by local authorities can be twice the size of modern new-builds, which can be ridiculously small. This is . 1939 to 1965. The information update date is May 17, 2022. 23 Jan 2012. Since the Right to Buy Scheme was introduced in 1980, around 2.6 million council homes have been sold to tenants. The biggest upside to buying an ex-council house is that they tend to be far cheaper than comparably-sized properties, within the same area. Basically my question is as above, ex-council house on a small estate in a desirable (to u Create an account to join the conversation Have your say, get notified on what matters to you and see fewer ads Show the Council a contract of sale of the old house and then they issued consent to sale of the ex council house. . There are two big advantages to buying ex-council property: space and money. Im trying to talk to the council about it but the relevant . Many lenders impose a maximum loan-to-value on ex-council homes. The property must also be your main and only home. However I understand that you have to own it for 5 years before you can sell and ex council houses on council estates can be hard to sell. Crystal Gate House 28-30 Worship Street London EC2A 2AH. 2 minutes drive to . Ex council houses are usually spacious with plenty of storage space. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. Thread starter redtaped; Start date 20 Feb 2009; R. redtaped Guest. Select the one that looks best to you and work with a broker to submit a mortgage application including information on your incomings, outgoing, deposit and credit score. Caroline Arslanguloglu is an employee working in Employment and Social Development Canada, according to the data provided by Shared Services Canada (SSC), Minister of Public Services and Procurement. A two bedroom ex-local authority property in good condition in Southfields will typically sell for between £380,000 and £400,000. Annual rental income / property value (x 100) = 7.2%. Twitter; Instagram; Office Hours. The scheme has been around for over 40 years, having been originally been introduced by Margaret Thatcher in the Housing Act 1980. 4) Ex-council houses. If the property is for sale, the estate agent will have details on the history of the property. Avoid costly fall-throughs by picking the right lender from the beginning. For example: A mortgage of £115,559 payable over 24 years, initially on a fixed rate for 5 years at 6.99% (and then on a tracker rate for the remaining 19 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of £846.05 followed by 231 monthly payments of £824.52 plus a redemption administration fee of . On the sale or assignment of lease of a property to which the restriction applies these rural ex-council houses can only be transferred with the council's consent. If you're looking at purchasing an ex-council property, please be aware that it must be valued at over £150,000 if you're buying in London and the Southeast. We have been in touch with the council to get the restrictive covenant varied and they have come back with a price including legal fees. Lenders prepared to take on former council flats include Nationwide, which will lend on most ex-local authority properties on the condition the block is well maintained, and Britannia, which is . Some lenders are more reluctant to lend for ex-council homes. £400,000: a two-bedroom ex-council flat in Parkhurst Court, Warlters Road, Holloway N7 Barron estimates ex-local authority properties are about 15 per cent cheaper than non-council homes. How does the process work when purchasing with a mortgage. They might also call it 'social housing'. A similar sized flat in a private 1960s block in the same area however will be priced between £430,000 and £450,000. If it's leasehold, you may find it harder to get a mortgage if there isn't long left on the lease. 20 Feb 2009 . right to buy for secure or flexible council tenants. If you've applied for a new mortgage or to borrow more money, or if you're a lender or solicitor and your client is remortgaging, then the mortgage provider may need information from us. Now a 'Conservation Area'. Niche Advice is not a Mortgage Lender but a Broker that offers appropriate advice to mortgage applicants with potentially problematic properties including those with balcony access. Buy-to-let mortgages have higher interest rates than residential mortgages and typically have higher fees. Qualifying tenants upon meeting specified length-of-tenancy requirements are automatically given the right to purchase their home, with discounts available of up to £82,800, increasing to £110,500 for qualifying properties in London. Lender criteria for ex-council properties is always changing. I wonder if I may seek your opinions. The criteria to be eligible to buy your council house are strict, but if you apply you will qualify for a discount on the value of . My brother viewed a house today. . How can I get a mortgage on an ex-council house? Christian Dugard, founder EXLA London, says: "Ex-council properties are more affordable, with generally lower service charges and in some great locations, for example you could pick up a . council consent to ex council house sale. An ex-local authority flat or former council house can be a financially attractive prospect to homebuyers and buy-to-let investors alike. If you'd like help on getting a mortgage for a buy-to-let, ex-local council property, get in touch on 0808 189 2301 or make an enquiry with Online Mortgage Advisor. with a spouse, civil partner or other joint tenant. Right on the Edge of a country park, 200 yrds within the Birmingham city boundary with Worcesetershire. The Section 157 restriction is a life-time covenant and stays with the ex-council property irrespective if you are the first buyer or subsequent ones.
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