You can sell your house on The Sims at the click of a button.
But real life is not a video game – and homeowners can find the property market less fruitful.
Property experts often hear the question: can I sell my house to the council?
The answer is yes, possibly.
It depends if it is looking to buy or has the budget.
Despite a national shortage of affordable homes, your local authority might have enough.
Plus, slashed council budgets mean many authorities lack the funds.
If you’re struggling to sell, it may be worth contacting your local council to check its situation.
5 things you need to know about selling your house to your local council or housing association
- Potential lower profits. Councils usually buy smaller and more affordable housing for more vulnerable tenants, such as one to three-bedroom homes in less affluent areas. They have tighter budgets, and their spending is under the public spotlight. So it might be harder to achieve the price you want. Different authorities might have different criteria, depending on the type of houses they are short on, such as two-bed terraces.
- Additional buyer option. It’s always reassuring to have a second or third option for selling your home. And the possibility of selling your house to the council can provide that. You might not get your ideal price but it is a nice safety net to have another option for a buyer, especially one that is reliable.
- Sell and rent back. You may wonder: can I sell my house to the council and rent it back? The answer is you cannot. Once upon a time, the Sale and Rent Back industry did what it says on the tin. Private companies could sell your home and rent it back to you. No more: no regulated firms now trade. Any current scheme running is illegal.
- Worth its market value. Your former council house is probably worth the same as similar but non-council properties in your street. It doesn’t matter that you had a discount on its market value under the Right To Buy scheme. But you may have to pay back part of your discount if you sell your home within five years of buying it from the council.
- Can I sell my ex-council house back to the council? The answer is yes, you can. A buyback condition attached to your home could mean you must first offer it to your local authority or housing association before you take it to the open market. It applies if you sell it within 10 years of purchase through either the Right-To-Buy or Right-To-Acquire scheme.
Is selling to the local council usually a quick sale?
Selling your home to a council may be slower than on the open market because you will have numerous hoops to jump through. You should be able to ask for an estimate of how long an agreed sale would take to go through. You may be better off returning to the open market if you need to sell and move on quickly.
If you need a quick sale, contact Hull Cash Buyers
Weigh up if you need a quick sale and how much you want to achieve your ideal price tag. You might earn higher profits and move on quicker if you return to the open market – though not as fast as on The Sims.
While the open market does not always guarantee a buyer – or one who will follow through – Hull Cash Buyers do.
Speak to our team of experts today, and receive a free, no obligation, cash offer for your home.
For related articles and advice, you may also like: