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Right to Buy mortgage
wendywhite
Posts: 165 Forumite
Hi can someone tell me if there is a legal way for a family member to buy a local authority house where the tenant is 83 and obviously would not get a mortgage? The family member is in difficulties with present housing (not money matters) and although she has been on the council housing list for 2 years and has applied for every house that has become vacant, she has so far been beaten by more deserving people. She is in a catch 22 situation and would welcome any advice please? Thanks
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Could they move in and look after the person and then get put on the tenancy that way? (Would the 5 year wait be avoided by the 83 yr old having been a tenant for longer?)0
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Why would they want to do this? Going from having the council sorting out repairs etc to having to do it themselves at such an advanced age? Or does someone have an eye on the inheritance
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Itz Coz Wee Luv Er....It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
wendywhite wrote: »Hi can someone tell me if there is a legal way for a family member to buy a local authority house where the tenant is 83 and obviously would not get a mortgage? The family member is in difficulties with present housing (not money matters) and although she has been on the council housing list for 2 years and has applied for every house that has become vacant, she has so far been beaten by more deserving people. She is in a catch 22 situation and would welcome any advice please? Thanks
As I understand. You have a family member who wants a council house. This family memeber has not been offered a property as there are others with higher priority. Your solution is for your family member to move into a property where there is an eldery tenant. Your family member would then buy the house.
Although this may may be legally possible, I'm not sure it is morally right. This seems to be an abuse of the Right to Buy system and a way of bypassing the councils waiting list.
However, what worries most is the elderly tenant. I assume they are now a secure tenant of the council. Your idea is for someone to move in, and but their home. In effect they will become a lodger in the property owned by your family member. Why would they take that risk? Waht happens to them if the mortgage is not paid? what happens if they have a falling out with the person buying the house?0 -
Why would they want to do this? Going from having the council sorting out repairs etc to having to do it themselves at such an advanced age? Or does someone have an eye on the inheritance
exactly, the only reason to ever excise your right to buy is to take advantage of the whopping discount, and cash it in asap. the mortguage costs way more than a councils rent, + you get all the liability of doing your own repairs.
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That whopping discount isn't more than 28k and in todays market that means not a lot. And if you sell within so many years you have to pay it back too.0
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