Newby to the site in need of your help please

allycally

I want to buy my parents council property its a 100 year lease and its really very cheap, i want them to live rent free :A and in order to claim the huge discount the vendors recieve it has to be bought in my parents name but they cant get a mortgage:mad: can anyone please help or offer my advice if you have done this yourselves?

poppysarah

Give them the money.

allycally

That of course would be the simple thing and i f i had it i wouldnt be on here seeking advice id just do it but i havent got that kind of means, i need to take on a mortgage but you cant when the property is to be in someone elses name. Theres something called underwriting but i dont know how that works

poppysarah

Do they currently have no income? Are they on benefits? If so they are better off not attempting to buy the property.

McKneff

They wouldnt be living there rent free, it would be owned by them no matter who paid for it. Presumably if it a leasehold it is a flat?
Like another poster says, if they are on benefits and they have capital (a house that they could sell) it would/could affect them.

allycally

Hi

They are both pensioners and are paying a kings ransom in rent weekly they want us to buy it as an investment but also to help out with their monthly outgoings. they are currently paying £90 week in rent and this is eating a huge chunk out of their disposable income.

poppysarah

So who's going to pay the mortgage?

And they don't claim any benefits?

allycally

No they are not on benefits at all they have old age pension each and my dad has a miners pension but thats it. My husband and i are going to pay the mortgage.

McKneff

Most pensioners and council tenants are haveing to pay a kings ransom for their rent weekly,
sorry i dont mean to be rude, but its not an investment for them, its an ivestment for you. Its a council house/flat and fine if council tenants can afford to buy them after paying their rent for years , fine but i strongly disagree with family looking to make a quick buck being able to buy them for next to nothing when there are so many homeless families waiting years for council houses.

And i dont care how slated i get for this post i feel very strongly about it.

poppysarah

I agree with you Annie. It'd only be an investment for the OP - and if they want to help their parents they should let them move in with them.

Geenie

£360 a month rent, but you haven't said for what size property! Can they opt to go to a smaller one for less rent?!

I can fully see how this is a great deal for pensioners out of a meagre income, but take advice, as I gather letting for free to family isn't straight forward.