Right to Buy.

the-jackal

Hi all,

I hope someone can help. My Nan is now over 75 years old and has rented the same council house for over 50 years. She has been asking me about buying her place and I have had a scout about on the internet but haven't really found anything helpful.

Can anyone push me in the right direction to help give my Nan the correct information.

Thanks in advance

Carl

poppysarah

Can she afford a mortgage?

Conrad

I assume she will need a mortgage which could be tricky - does she really want to suddenly have all this stress and hassle?

If she cant pay she will lose her cherished home

Beware - a lender may well ask a Solicitor to carry out due dilligence with your nan to ensure she is doing this for the right reasons and to benefit her.............

She will probably have to have a solicitor witness her signature

There are lenders that might do this but her status and ability to pay must stack up. Having equity is irrelevant as a lender wont want to repossess an old lady

supa_nan

It wouldnt cost anything for your Nan to approach the council to get a valuation. See what it would cost and take it from there

Mini_Bear

A friend of mine recently bought the property he lives in with his mother on a right-to-buy scheme.
Do you live with your nan?
If you do it would simply be a case of taking out a right-to-buy mortgage and making sure your nan is on the deeds too.
My friend got a 35% discount on the price because his mum had been in the property 5yrs+, you get a 50% discount if its 20yrs+
Good Luck with it!

cardtrick

i live in bolsover district and you get £27k off max no matter how meany years you live there...

squinty

Speak to your council. They will offer you advice for free.

Try to avoid doorstep callers, they will often try to charge you for information that the council will provide free, and sell you expensive finance options.

The standard DCLG booklet can be downloaded from:

http://www.communities.gov.uk/publications/housing/yourright

Running_Horse

Why does she suddenly want to do this now?

Why not 25 years ago when she would have made a real killing?

rita-rabbit

I'm not sure she can buy it unless it's for cash - even still there was alot of problems around elderley people buying properties with their children & then the children `falling out with them' & then old folk being homeless.