Buying a council house Im living in. Im buying the house to sell for immediate profit

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candygirl

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hi,im in the process of buying a council house im living in.Im buying the house to make a profit as i will be selling it immediately when im accepted.il be buying a new house.im just wondering has anyone done the same thing,did anyone find the council giving problems when you want to sell it as i heard you cant sell to investors.id love some more information on this..thanks..
 
Re: council house

In general, the rules are as follows:

1. When a tenant-purchaser of a council house sells it, it must be sold to an owner occupier approved by the Council. The person selling the house must usually prove that they are buying another house, or give other adequate proof that they will not be back on the local authority housing list.

2. When the second owner occupier sells the house, it can be sold to anybody.

This seems reasonable to me; it means that the subsidy given to the original purchaser goes (in part and indirectly) to another person
 
Re: council house

Has anyone here bought a council property and then sold it? how long does it take to get the property in your name? Would love some info on this. many thanks
 
The link you posted contains this information:
If you want to sell the house within 20 years of the date you bought on or before you have acquired full ownership, you must get the consent of the local authority.
Click to expand...


How does that fit with your plan?
Im buying the house to make a profit as i will be selling it immediately
Click to expand...
 
Usually the vendor just has to undertake to the council not to be a burden for housing in the future in order to obtain consent for sale- and the purchaser also has to obtain consent to purchase- and they have to confirm they have no other house and will be buying this to live in- ie not investors.
 
Thanks all for the info, it seems straight forward,
I just wanted an idea how long it takes to get the deeds into your name.
As I could put the house on the market then.
Has anyone here bought a council property this way and sold it?
 
Once the transfer orders are signed by the Council you can go ahead and sell ( subject to consent) you don't need to wait for registration.
 
you got to make sure that you make enough to cover stmp duty on youe second purchase as you won't be a FTB
 
Yes I know Ill have to pay Stamp Duty I have taken that in to account
Im still works out great. Thanks
 
Did you get the house valued? How do you know that you will make what you expect on the council house? Have you picked another property to buy yet? The reason I ask is because the process of selling the first house may not happen as quick as you hope in the current market!
 
I dont want to get into to much detail about this I was only asking for info on council propertys as in Deeds etc
Anyway Thanks for the interest.
 
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