All Right To Buy's should be stopped

[loraward]

A compulsory purchase means that they'll have been paid market rate for the property. Which if it's years after they've exercised the RTB will have netted them a tidy profit.

 

Market rate is distorted though because the estates are usually left to run down before CP.

 

 

 

Good point. But, if it's a rent paying tenant then they're making a profit, and if it's not then RTB is unlikely to be exercised. So they only ever lose out by selling the houses at a discount (not that the councils ever had any choice in the matter).

 

Unless the upkeep of the old properties exceeded the rent being paid.

 

This is historical I assume? Under what scheme did they get help to pay their mortgage?

 

It was in the 80's, but I'm sure that some claimants can still get help with mortgage payments.

[poppet2]

Relevant facts and figures are needed rather than a sweeping statement before

this can be used to oppose house sales.

 

Did you note my post containing the following re costs for those who bought their council flats and the maintenance bills 5 years after they exercised their RTB.

 

Anyone thinking of buying their council flat which is in a block, needs to read the following link urgently.

 

http://www.theguardian.com/money/200...policy.society

 

I tuned in to 'Moneybox' on Radio 4 at 21.00 Sunday evening. A woman who bought her flat in a council block more than 5 years ago, is now facing a bill of £55k, from the council, for maintenance being carried out on the estate.

 

So BEWARE, , RTB make work out as paying the equivalent of another mortgage.

[Cyclone]

Market rate is distorted though because the estates are usually left to run down before CP.

I'd be very surprised if anyone can find proof of people losing money through this scenario.

 

Unless the upkeep of the old properties exceeded the rent being paid.

Might be the case with a tower block, but unlikely to ever be the case with the more typical terrace housing in Sheffield

 

It was in the 80's, but I'm sure that some claimants can still get help with mortgage payments.

Is there a specific scheme for it (there was some sort of interest help available recently, but i think that ended already).

[harvey19]

Did you note my post containing the following re costs for those who bought their council flats and the maintenance bills 5 years after they exercised their RTB.

 

Anyone thinking of buying their council flat which is in a block, needs to read the following link urgently.

 

http://www.theguardian.com/money/200...policy.society

 

I tuned in to 'Moneybox' on Radio 4 at 21.00 Sunday evening. A woman who bought her flat in a council block more than 5 years ago, is now facing a bill of £55k, from the council, for maintenance being carried out on the estate.

 

So BEWARE, , RTB make work out as paying the equivalent of another mortgage.

I imagine all tenants in private blocks of flats have to pay for the maintenance and modernisation of shared areas and amenities.

But yes it is definitely a consideration to be taken into account and I am sure the tenants were made aware of their shared responsibilities before they made the purchase.

[poppet2]

I imagine all tenants in private blocks of flats have to pay for the maintenance and modernisation of shared areas and amenities.

But yes it is definitely a consideration to be taken into account and I am sure the tenants were made aware of their shared responsibilities before they made the purchase.

 

Yes, but as the program states, not to this extent. This is the highest maintenance charge ever, for individuals of RTB tenants in London, hence the report being highlighted.

[Alan Ladd]

Its a very good investment, I have already added some to my portfolio.

[poppet2]

Its a very good investment, I have already added some to my portfolio.

 

Would you consider the examples in my last post, a good investment if you were required to pay £55k maintenance charges PER flat?

[apelike]

So where is this proof they gave it away exactly for free or £1? Certainly not my understanding of how it works but you may know better

 

Lots of parcels of land in Norfolk Park were given away to private developers under the regeneration scheme. Several thousand homes were also demolished instead of being refurbished and no new council housing was built.

 

---------- Post added 15-06-2015 at 14:01 ----------

 

Would you consider the examples in my last post, a good investment if you were required to pay £55k maintenance charges PER flat?

 

As pointed out before in other threads that is not a common occurrence and applied to flats in London. Where I live a 2 bed flats yearly maintenance is less than £1000 a year. Fairly average for a RTB flat in Sheffield.

 

So its not really relevant to South Yorkshire.

Edited June 15, 2015 by apelike

[poppet2]

 

So its not really relevant to South Yorkshire.

 

YET!

 

Wait until Sheffield gets HS2 the and becomes part of Cameron's Northern powerhouse. Sheffield, the place where everybody will want to come.

[Alan Ladd]

YET!

 

Wait until Sheffield gets HS2 the and becomes part of Cameron's Northern powerhouse. Sheffield, the place where everybody will want to come.

 

People came here for the Industrial Revolution, for the jobs created in the boom after the war.

 

If the Northern Powerhouse is created people will come again.