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    • charlesworth82
    • By charlesworth82 15th Jun 17, 11:06 AM
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    charlesworth82
    Council House Purchase - help
    • #1
    • 15th Jun 17, 11:06 AM
    Council House Purchase - help 15th Jun 17 at 11:06 AM
    Hi, I'm hoping someone can advise on if this is possible:

    My mum has lived in her council house her entire life. she's now decided she would like to purchase it.

    She only works part time so she's doubtful with her age and income that she won't be able to get a mortgage. She has been told she can put someone else on with her.

    She has asked myself. My issue is I already own a house. Would this be classed as a second house and all the fees and costs associated with that?
    ‘It ain’t over 'til it's over’
Page 2
    • sunny1966
    • By sunny1966 15th Jun 17, 12:11 PM
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    sunny1966
    its an attractive proposition, but there are real risks as identified.

    i dont think you should decide on the potential profit you can make in say 5 years.....your mum will need somewhere to live and the secured tenancy that's currently offered at a reasonable rent is very reassuring.

    mortgage rates may very well increase but the risk is mitigated by the term time of the mortgage you suggest.

    if you mum is set on it, i'd do it but please dont think about any financial gain
    • BrassicWoman
    • By BrassicWoman 15th Jun 17, 12:13 PM
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    BrassicWoman
    She doesn't have to worry about any of the costs as I can cover them all. Mortgage would only be about 7/8 years. you can sell after 5 (make a big profit) in worst case scenario
    Originally posted by charlesworth82

    then where would she live? if you were longing to live together, you'd be doing it now

    A son with mum's best interests at heart would be talking her out of it. She'll probably lose it in care fees anyway so there's no inheritence for you either way.
    Downsized and mortgage free
    September 17 grocery challenge £64.28/£100
    • Red-Squirrel
    • By Red-Squirrel 15th Jun 17, 12:13 PM
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    Red-Squirrel
    and yet inevitable
    Originally posted by BrassicWoman
    Can never believe how many people are prepared to actually sell their own mothers up the river.
    • charlesworth82
    • By charlesworth82 15th Jun 17, 12:56 PM
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    charlesworth82
    Can never believe how many people are prepared to actually sell their own mothers up the river.
    Originally posted by Red-Squirrel
    Is this a dig at me?
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 12:58 PM
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    charlesworth82
    then where would she live? if you were longing to live together, you'd be doing it now

    A son with mum's best interests at heart would be talking her out of it. She'll probably lose it in care fees anyway so there's no inheritence for you either way.
    Originally posted by BrassicWoman
    Why would I talk her out of it. In around 7 years the house would be paid off and she would have no rent outgoings at all.
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 12:59 PM
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    charlesworth82
    if you mum is set on it, i'd do it but please dont think about any financial gain
    Originally posted by sunny1966
    the intention isn't to sell (as you say where would she live - that was just a worst case scenario). She would be hoping to have it paid off in a few years
    ‘It ain’t over 'til it's over’
    • sheramber
    • By sheramber 15th Jun 17, 1:11 PM
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    sheramber
    Have you investigated Whether a lender will give you a mortgage if you are not living in the house?

    Do you already have a mortgage so this would be a second mortgage?
    • Red-Squirrel
    • By Red-Squirrel 15th Jun 17, 1:12 PM
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    Red-Squirrel
    Is this a dig at me?
    Originally posted by charlesworth82
    Of course it is.

    This plan isn't in her best interests at all.
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:14 PM
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    charlesworth82
    Have you investigated Whether a lender will give you a mortgage if you are not living in the house?

    Do you already have a mortgage so this would be a second mortgage?
    Originally posted by sheramber
    Yes have checked with a lender and there is no issue with this.

    This will be my second mortgage - which is where the original question was first raised.
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:22 PM
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    charlesworth82
    Of course it is.

    This plan isn't in her best interests at all.
    Originally posted by Red-Squirrel
    Of course it's in her best interest. A house that she doesn't have to pay for in a few years (saving her £350 a month). Nobody has put across any negative that would be worth not buying it in my opinion. (broken boiler etc.)


    This is a lot of work for me to make hardly any money - in possibly years and years time.
    ‘It ain’t over 'til it's over’
    • Mossfarr
    • By Mossfarr 15th Jun 17, 1:29 PM
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    Mossfarr
    As you will have gathered there is a lot of strong feelings on here about the 'right to buy' scheme but the fact is, at the moment your Mother does have the 'right' to buy her home if she so chooses.
    If she wants to, when the mortgage is paid off in a few years time, she can sell the house for a large profit move back into rented accommodation and use her money to have a much better standard of living. This would also mean that if she needs care later in life she's unlikely to have any funds left to pay for it so it gets paid for her.
    Its not fair but at the moment thats the way it is.
    • fairy lights
    • By fairy lights 15th Jun 17, 1:29 PM
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    fairy lights
    This is a lot of work for me to make hardly any money - in possibly years and years time.
    Originally posted by charlesworth82
    Practically a saint aren't you, bravely self-sacrificing to buy your mother a house that can later be sold at great profit
    • ska lover
    • By ska lover 15th Jun 17, 1:30 PM
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    ska lover

    This is a lot of work for me to make hardly any money - in possibly years and years time.
    Originally posted by charlesworth82


    It is an investment, and you know it.




    Reasons to not do this
    :-

    You appear to be using your mother for your own gain- a get rich scheme for you off the back of an old lady. If your mum wanted to be a home owner, she would have made this happen herself, years ago

    Lack of social conscious - further depleting the already low council house stock, in order to cash in. Your own family has benefitted MASSIVELY for decades, of lower priced rent, in council housing, now you want to remove the option for other people, don't seem fair does it?
    Last edited by ska lover; 15-06-2017 at 1:34 PM.
    Blah blah blah.
    • Red-Squirrel
    • By Red-Squirrel 15th Jun 17, 1:33 PM
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    Red-Squirrel
    Of course it's in her best interest. A house that she doesn't have to pay for in a few years (saving her £350 a month). Nobody has put across any negative that would be worth not buying it in my opinion. (broken boiler etc.)


    This is a lot of work for me to make hardly any money - in possibly years and years time.
    Originally posted by charlesworth82
    A house that you own mortgage free is categorically not 'a house that she doesn't have to pay for'.

    If your main motivation is to save her that rent payment, why don't you just give her £350 a month then she gets to keep all her security and doesn't have to take any risks.
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:36 PM
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    charlesworth82
    Practically a saint aren't you, bravely self-sacrificing to buy your mother a house that can later be sold at great profit
    Originally posted by fairy lights
    What great profit? how much do you think these council houses are worth! ooo yeah lets split this 30k profit between the 4 kids .....

    she's lived in the place over 40 years - don't think she's in this to make some quick cash!
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:39 PM
    • 304 Posts
    • 65 Thanks
    charlesworth82
    A house that you own mortgage free is categorically not 'a house that she doesn't have to pay for'.

    If your main motivation is to save her that rent payment, why don't you just give her £350 a month then she gets to keep all her security and doesn't have to take any risks.
    Originally posted by Red-Squirrel
    She doesn't have to pay any mortgage/rent - which you know is what I meant.

    So I can pay £350 a month until she dies (maybe 30 years) or £350 for 7 years..... yeah makes sense paying over 100k more. The house could fall down and be built twice for almost that.
    ‘It ain’t over 'til it's over’
    • Red-Squirrel
    • By Red-Squirrel 15th Jun 17, 1:46 PM
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    Red-Squirrel
    She doesn't have to pay any mortgage/rent - which you know is what I meant.

    So I can pay £350 a month until she dies (maybe 30 years) or £350 for 7 years..... yeah makes sense paying over 100k more. The house could fall down and be built twice for almost that.
    Originally posted by charlesworth82
    Why are you ignoring the most valuable parts of what she has now? She has a secure home for life! She will never have to worry about any maintenance! She will never have to worry about how she'll manage as she gets older or if she has special health or mobility needs, she will not need to be dependent on you for every need!

    If you really have your mother's best interests at heart, you won't assist her in throwing all that away for a few quid.
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:46 PM
    • 304 Posts
    • 65 Thanks
    charlesworth82
    It is an investment, and you know it.




    Reasons to not do this
    :-

    You appear to be using your mother for your own gain- a get rich scheme for you off the back of an old lady. If your mum wanted to be a home owner, she would have made this happen herself, years ago

    Lack of social conscious - further depleting the already low council house stock, in order to cash in. Your own family has benefitted MASSIVELY for decades, of lower priced rent, in council housing, now you want to remove the option for other people, don't seem fair does it?
    Originally posted by ska lover
    I agree on the social conscious which is really my only reason I don't want to do this - money wise if i did benefit it really is for hardly any money (especially between 4 children). She's 100% going to do it and I was trying to actually help out! I'm sure without my help she will still find a way
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:50 PM
    • 304 Posts
    • 65 Thanks
    charlesworth82
    Why are you ignoring the most valuable parts of what she has now? She has a secure home for life! She will never have to worry about any maintenance! She will never have to worry about how she'll manage as she gets older or if she has special health or mobility needs, she will not need to be dependent on you for every need!

    If you really have your mother's best interests at heart, you won't assist her in throwing all that away for a few quid.
    Originally posted by Red-Squirrel
    My mother will 100% live with me when she is unable to live alone - although we're both hoping this is a long way off
    ‘It ain’t over 'til it's over’
    • charlesworth82
    • By charlesworth82 15th Jun 17, 1:52 PM
    • 304 Posts
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    charlesworth82
    I didn't actually come to debate about this (as I have no clue on council housing) but has opened my eyes on a few things, all of which I'll feed back.

    She's been in the house a long time and has been thinking this over for a few years but only recently mentioned it to me.
    ‘It ain’t over 'til it's over’
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