buying your council house

WiseInvestor_2

MikeLB wrote:

we have at least passed the 3 Year No Sale or pay back part of discount conditions!

You make it sound as though your primary motivator was profit. I apologise if this isn't the case.

Dora_the_Explorer_5

It's important to remember that older people are at an increased risk of stroke, which may mean they are unable to live in their own homes as they need 24 hour knowledgeable nursing care. If someone has to move into a care home they will be required to sell their own home to pay for their care, unless their family meets the cost. If they are owners of their property as tenants in common with their spouse the property does not have to be sold for their care until their spouse dies, but as far as I know this rule does not apply to any other family members who may be tenants in common.

MikeLB

You make it sound as though your primary motivator was profit. I apologise if this isn't the case.

Nah, what happend was we bought the house then a few months afterwards I had to move away with work before moving back into it, and he recently remarried and moved out. The soonest I will be selling is 2010 / 2011 so will have had the place for nearly 10 years by then.

The 3 year thing comes into play even with joint deeds because if one party signs their half over to another on the deeds in the discount period, that technically classes as a sale, even if no money changes hands, and part of discount would be repayable to council.

loopylass30

My grandand also wanted me 2 buy his council house, but we wernt allowed 2 do so with it being in his name,but there were ways around this, he had lived in it since it was built so he was entitled to the full discount, the council valued the property at £32,000 and he could purchase it for £11,800 so a whopping discount, we made some enquiries and northern rock advised us that the only way we could do it was for my grandad to purchase the house in his sole name and for the deeds to be in his name, but for us to make all the mortgage reypayments, ie have them coming out of our bank account, we were also told that he would have to leave the house in "trust" to us in his will, incase anything happened to him, just incase any other family members like his son or daughter thought they would inherit it. so ours was pretty straight forward, sadly 2 months after purchasing the house my grandad died, we contacted northern rock informed them of what had happened and the deeds were then transfered into my name, 6 years on im still living in the house and its recently just been valued ay £97,ooo

Dora_the_Explorer_5

we were also told that he would have to leave the house in "trust" to us in his will,

Did he set up a trust? Or did he draw up a will leaving it to you? If the latter then of course will's can be changed or new ones drawn up without anyone being any the wiser.

sadly 2 months after purchasing the house my grandad died, we contacted northern rock informed them of what had happened and the deeds were then transfered

If the will was drawn up leaving you the house you inherited it and the above is what happens unless you refuse to accept it. The 3 year rule only applies to the sale of council property whilst the owner is alive, not it's disposal on death.

loopylass30

He left it in trust to us, it was all straight forward and dealt with by northern rock and solicitors, all the family new we had purchased it and no 1 had a promblem with it really.