commodity trading

Once I buy my council flat – after a year or so can I rent it out?

Posted under Sell and Rent Back by admin on Saturday 26 September 2009 at 11:53 pm

I know I am not able to sell it without paying back the discount for 5 years. Can I rent it out? I will be buying it around about the time I finish uni and would like to rent it out and buy somewhere else to live. I know a recent graduate in my field who started on £24000 so if I can get someone in to rent it for more or less the value of the monthly repayment then I would be ok to buy elsewhere. I would probs stay in it for the first year to save a deposit for elsewhere unless I manage to scrape some together between now and then!!!

I know I would have no bother getting a tenant as we have a local council scheme for homeless residents where they find a tenant after doing police checks and checks with previous landlords and if they are ok they will garantee to pay any rent arrears or damage if it occurs.
And for anyone who says this is immoral as people did earlier, my flat has been my home for the last 4 years, it was a hovel when I moved in and I have invested time, labour and money into it! I needed this flat when I moved into it but when I finish uni I will be better off….why shouldn’t I buy my flat through right to buy? I will be well within my rights to do so and would be an idiot not to. And as it is only 1 bed I will need something bigger and so moving up the property ladder is sensible!!!

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