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Hello,
My husband and I are currently living in the states, but are planning
on returning to England in 2 years time. My father in law in England
<leicester> has been renting his council house for the past 18 years
and is now retired and looking to move elsewhere. He has been
encouraging us to purchase his council house since he will get approx
50% off the market rate. We were planning on taking out a loan for the
mortgage of 45,000 pound for the house which is what it would be after
his discount, and seeing if we could get an extra 5,000 for home
improvments. Apparently, if we live there for 3 years min. We can
decide to sell it and get the market price for it. Is this a smart
move? Are council houses hard to sell? He lives in New Parks Estate in
Leicester, if that helps. He says that it is a really good investment
and he has been hoping that one of his kids will buy the house, as not
to lose out on his discount and make a big profit in the end. Help on
this? should we buy it? Thanks!
Erin
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Should we buy a council house?
