There are two big advantages to buying ex-council property: space and money. As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS) reckons ex-local authority property is about 20% cheaper than comparable private properties.
How do I find out if a property is ex council?
So how do you find out? There are two ways to determine whether a house or flat is ex council (Local Authority). If the property is for sale, the estate agent will have details on the history of the property. If the property is not for sale, you can purchase a copy of the title deed from Land Registry for a small fee.
Are ex council houses freehold?
While most former council houses are freehold properties, almost all ex-council flats are run on a leasehold basis. Day-to-day maintenance of a block – lift servicing, minor structural repairs, cleaning communal areas – is usually undertaken by the freeholder, be it a council or a housing association.
Do councils buy ex council houses back?
Councils in London will be able to buy back former council homes using money from a government grant, Sadiq Khan has confirmed. The Mayor of London on Tuesday announced the launch of the “Right to Buy-back” scheme.
Is it hard to sell ex-council house?
Most lenders won’t give loans on ex-council properties more than five or seven storeys high. Many high-rise blocks were built cheaply – prefabs in the sky – and are not robust. Even if you buy for cash, such a property will be hard to sell on.
Do ex-council properties increase in value?
Other reason lenders might be reluctant to give you a mortgage is because ex-council houses do not generally go up as much in price compared to normal houses.
Can you search land registry free?
Property Documents and Ownership information cannot be obtained for free from the Land Registry or from any other organisation. Some of the types of searches sought include many documents, or in some instances, more than one type of search to obtain a single document.
Can I sell my council house before 5 years?
You’ll have to repay some or all of the discount if you sell your home within 5 years of buying it. If you sell within 10 years, you must offer the property back to the council or a housing association before you can sell it on the open market.
Are you poor if you live in a council house?
Many taxpaxers, and hundreds sitting on council waiting lists, might think both are more than enough. The Government claims 60,000 council tenants nationwide now own second homes.
How long after buying a council house can you sell it?
Can you sell your house to the council and still live in it?
That you can continue to live in the house without hindrance and without paying rent until either your demise or when you chose to move out. That the property isn’t sold, as long as you are still alive and living in it.
Do ex council houses go up in value?
Should you buy an ex-council house for sale in London?
Buying an ex-council house in metropolitan areas might be a smart move for you if you’re looking for cheaper housing near a major city like London. While you might have to settle for a slightly smaller property than you would outside the area, ex-council houses for sale in London have other benefits.
What makes a good ex-council house?
Let’s not forget that an ex-council house will usually be of a good-build quality (which is why there are so many concrete ex-council houses), as local authorities had no interest in ongoing maintenance costs, plus, they were designed to comfortably and safely house families, so they are usually surprisingly spacious!
Can you live in an ex-council flat?
This allows you to live in the ex-council flat during this time, or sell it. If your flat is purchased from a council, housing association or another social landlord, they will usually own the land as well as the building, and be your landlords. Buying an ex-council flat: What are your legal obligations?
Is it smart to invest in ex-local authority property in London?
With the average property price in London around £500,000, the smart money is investing in ex-local authority properties as they continue to rise in popularity.
