Will crash affect price for council homes?

JimmyTheWig

Oh, but they can't really wait.
Just fallen in.
They want to move into the gran's house.
So they either need to buy it now or walk away from it.

Which house won't ever be sold. Your gran's house or your current house?

If the sentimentality is with your current house then sell your gran's house now (before the crash hits too deep) and stay with the council in your current house. [Is this allowed with council housing rules?]
If the sentimentality is with your grans house and that's where you want to live then move there and give up the council house. There's nothing to be made from it right now.

beecher

Same advice as you got on the other thread - if your parents have no income, they can't get a mortgage so you wouldn't be able to get the discount. Have you all moved into your gran's old house you talked about? It so I'd think the council would be taking steps to pass the house on to the next person on their list?

neverdespairgirl

sho_me_da_money wrote: »

They see the RTB as an opportunity for me and my brothers.

The RTB is theirs (as the tenants) and not yours. So you can't buy it anyway.

They would need to get a mortgage, and need to show they could afford it to do that.

There is already another house, free, from your Granny? Why not just move into that, and release the council house for social housing instead?

margaretclare

This has already been discussed ad nauseam and also ad infinitum on the earlier thread, which was round about Christmas-time (remember another homeless family and a woman who gave birth in a stable because 'there was no room for them in the inn').

The same arguments are gone over, have been gone over, time and time again, and yet the OP is not convinced. All that has happened in the intervening months is the so-called 'house crash'. The OP intends to 'sell on' this property after 3 years. Who's to say where house prices will be in that time?

If I was in the position of the OP's parents I would not be in too much of a hurry but would just sit tight. They have the 'right to buy' but that does not mean they are obliged to buy. They can just stay as they are, and if they're on benefits then they can continue to claim rent allowance, housing benefit or whatever else it's called - in other words, get their rent paid for them! It's only the OP who is hassling about this, not the parents. Why?

sho_me_da_money

JimmyTheWig wrote: »

Oh, but they can't really wait.
Just fallen in.
They want to move into the gran's house.
So they either need to buy it now or walk away from it.

Which house won't ever be sold. Your gran's house or your current house?

If the sentimentality is with your current house then sell your gran's house now (before the crash hits too deep) and stay with the council in your current house. [Is this allowed with council housing rules?]
If the sentimentality is with your grans house and that's where you want to live then move there and give up the council house. There's nothing to be made from it right now.

Jim,

You're a legend! Great advice boss.

The house that will never be sold is my Gran's house,which has been left to my dad.

The council house is in my mums name (i think her name is on the rent book).

My parents suggested - me, my brothers (2 of them) move into our Grans house and leave them in the council home for the time being.

When things are sorted and the RTB goes through, they may join us at a later date.

The rule of the RTB is you cannot sell for at least 5 years, which is fine really because the goal is to see everyone live in Grans house and having the council house as financial security.

The council house will be nothing more than a "rainy day" option. I personally think one of us (me or bros) will move into it when and if we get married. We may decide to sell one day, but can't see it happening in the foreseeable future.

Thanks for the sound advice. Ill wait it out.

sho_me_da_money

neverdespairgirl wrote: »

The RTB is theirs (as the tenants) and not yours. So you can't buy it anyway.

They would need to get a mortgage, and need to show they could afford it to do that.

There is already another house, free, from your Granny? Why not just move into that, and release the council house for social housing instead?

The council house will be in my mums name and i will be the person paying for it.

The RTB form i think says this possible under the condition that i have been living in the council home for the past 12 months, which i have.

I understand what your saying and as i said earlier, i do sympathize with what you're saying but i do my bit for society as i am sure we all do - i pay my taxes, i pay rip off prices in this country, i pay to a charity each month etc And now lady luck has presented us with a chance.

Is it wrong to look out for the future well being of my family? or should i give up the house to someone that needs it? Think im going to stay loyal with my family. I have a big heart but its a dog eat dog world in the UK.

If i could afford to live a comfortable "struggle-freeISH" future, id easily give up the house but as it stands, prices are stupid, i'm supporting 4 people and i'm not earning what i should be so. This opportunity gives us some financial security.

It's not like im going to buy, sell and go on holidays....It's all part of making sure our family can face any potential hardships, should they be faced with any.

neverdespairgirl

sho_me_da_money wrote: »

I understand what your saying and as i said earlier, i do sympathize with what you're saying but i do my bit for society as i am sure we all do - i pay my taxes, i pay rip off prices in this country, i pay to a charity each month etc And now lady luck has presented us with a chance.

Not really. The taxpayer / people in need of social housing, rather than "lady luck".

I do my bit for society. It doesn't include the type of "I'm all right Jack" rip-off you have in mind.

JimmyTheWig

sho_me_da_money wrote: »

Jim,

You're a legend! Great advice boss.

The house that will never be sold is my Gran's house,which has been left to my dad.

The council house is in my mums name (i think her name is on the rent book).

My parents suggested - me, my brothers (2 of them) move into our Grans house and leave them in the council home for the time being.

When things are sorted and the RTB goes through, they may join us at a later date.

The rule of the RTB is you cannot sell for at least 5 years, which is fine really because the goal is to see everyone live in Grans house and having the council house as financial security.

The council house will be nothing more than a "rainy day" option. I personally think one of us (me or bros) will move into it when and if we get married. We may decide to sell one day, but can't see it happening in the foreseeable future.

Thanks for the sound advice. Ill wait it out.

But if you go to your gran's house with your brothers then you won't be living in the council place when the time comes that you want to buy it.
I know you've said that you don't know what the council place is worth, but have you got any idea? Whereabouts in the country is it, for example? Is it a house / flat / something else? How many bedrooms?

My concerns are that in order to do this your family will have to...
1. Live apart (i.e. some at gran's some at council place) for some years until the house price crash has ended.
2. "Work around" the living arrangements so that the council will let you buy the place.
3. Pay a mortgage on the place for 5 years when you can't sell it or let it out but also don't really need it.

All that to save 26k.
Now, obviously, 26k is a lot of money. I can clearly see why you'd want to extract that money if you can.
But given the limitations above I don't think it really is _that much_ money. Your mortgage payments during the 5 years when you can't do much with the house will almost definitely be more than 26k.

Why not give the council place up.
If owning your own property is what you want to do, why not buy one? I'd wait a couple of years (open a high interest savings account and pay what you would be paying on the mortgage into that each month by standing order - you might want to consider the Halifax regular saver if you are quick) until prices have bottomed out if I were you.
In the mean time you can all live in the house that you want to and everyone's happy.
Plus you get the warm feeling of letting some other needy family have the council place (that actually, now, is of no benefit to you).

sho_me_da_money

JimmyTheWig wrote: »

But if you go to your gran's house with your brothers then you won't be living in the council place when the time comes that you want to buy it.
I know you've said that you don't know what the council place is worth, but have you got any idea? Whereabouts in the country is it, for example? Is it a house / flat / something else? How many bedrooms?

My concerns are that in order to do this your family will have to...
1. Live apart (i.e. some at gran's some at council place) for some years until the house price crash has ended.
2. "Work around" the living arrangements so that the council will let you buy the place.
3. Pay a mortgage on the place for 5 years when you can't sell it or let it out but also don't really need it.

All that to save 26k.
Now, obviously, 26k is a lot of money. I can clearly see why you'd want to extract that money if you can.
But given the limitations above I don't think it really is _that much_ money. Your mortgage payments during the 5 years when you can't do much with the house will almost definitely be more than 26k.

Why not give the council place up.
If owning your own property is what you want to do, why not buy one? I'd wait a couple of years (open a high interest savings account and pay what you would be paying on the mortgage into that each month by standing order - you might want to consider the Halifax regular saver if you are quick) until prices have bottomed out if I were you.
In the mean time you can all live in the house that you want to and everyone's happy.
Plus you get the warm feeling of letting some other needy family have the council place (that actually, now, is of no benefit to you).

Man once again,

Great Advice.

The council house in question is a 3-bedroom semli-detached in Manchester.

Really in 2 minds like about giving this up...you see another thing is that my other brother is in a council flat with his wife and he is really struggling.

I was thinking:

1. Wait and ride out this crash
2. Continue to live in the council home with parents
3. Possibly tell bro and wife to give up their flat and live rent free at gran's house.
4. When i know the time is right, apply for the RTB on parents council home
5. Once everything goes through, swap with brother/wife.

What you think?

JimmyTheWig

sho_me_da_money wrote: »

Man once again,

Great Advice.

The council house in question is a 3-bedroom semli-detached in Manchester.

Really in 2 minds like about giving this up...you see another thing is that my other brother is in a council flat with his wife and he is really struggling.

I was thinking:

1. Wait and ride out this crash
2. Continue to live in the council home with parents
3. Possibly tell bro and wife to give up their flat and live rent free at gran's house.
4. When i know the time is right, apply for the RTB on parents council home
5. Once everything goes through, swap with brother/wife.

What you think?

Would your parents be allowed to keep the council house given that they've got another house that they could move in to?
In terms of their benefits, would they be allowed to let your brother live at your gran's rent free?

Have you shown your brother some of the boards on here. Maybe he could help himself out of his current problems by cutting his bills, etc.