right to buy info needed please

Running_Horse

sweety wrote: »

they would probably want to will the house to grandkids

Is this the crux of the matter? Wanting to use the RTB to pass on an inheritance?

I hope to pass my house onto my daughter one day. Despite being an older dad I hope she is well into life before that happens. So I figure the best thing I can teach her is how to get an education and make her way in life independently. Not spend years waiting for the old man to snuff it, in order to inherit unearned money.

Or did I misinterpret the real issue here?

sweety

Mrs Bumble thanks - i replied to next reply before seeing yours!!!! Presumably from your reply, and potential future problems notwithstanding, my parents could be on the right to buy form and other names could be on the deeds - is this a correct assumption by me from your reply? Whether this is wise is another matter

BitterAndTwisted

Pass on an inheritance? Look, let's be realistic here, there are two elderly parents who if they own their home will most probably have to sell the house once the remaining party is in need of personal care in their dotage. It's unlikely indeed that there will be much of an inheritance to leave to their grandkids.

Who's going to pay for all the maintenance and repairs on this house if it's bought?

Mrs_Bumble

Sweety I think your best bet is to get some legal advice and run the scenario past them you can get free advice from Community Legal Advice http://www.communitylegaladvice.org.uk/

I personally think it is a bad idea for lots more reasons than listed above, another one that you will seriously have to look into is benefit entitlement etc as well and how if at all it would impact on them.

There are evasion issues as well if they did need to go into care, in that the Right to Buy was in their name but the deeds in someone else's name, any local authority could see it that they were doing it to avoid having to fund their own care from the sale of the house, and could take them to court to make them sell.

For me I wouldn't put my parents through the hassle and potential risks that the above scenario poses.

I suspect that Age Concern see this quite frequently and maybe able to offer some advice http://www.ageconcern.org.uk/

Mrs_Bumble

sweety wrote: »

Not skirting aroumd anything - just typing as the thoughts come into the head. Sorry if the last bit wasnt clear, but do the names on the right to buy form have to be the ones to appear on the house deeds. i do not want to appear on the form tho am eligible to do so......and dont really want to be on the deeds either,so do i have to or not? if i want to help pay for the house?

cheers

sweety

xxx

If you are eligible to go on the right to buy paperwork, and don't want to go on the deeds; I really don't understand? What are you trying to achieve and how would this purchase actually be funded?

I am most confused?

bryanb

Sweety, Do you live in the house?Are you on tenancy agreement? If not forget it.

sweety

Mrs Bumble specifically, and to all others who have replied, thank you all. The reasons for purchase are my parents' - i have assumed to leave an inheritance but that may not be the case. And tax questions are irrelevant as assets fall well below the £360k threshold even with the house purchase - so tax avoidance isnt the reason.
I do have the right to buy as have lived there all my life and can buy along with my parents who are the joint tenants. I do not want to have an asset to have to dispose of to no dependents so really have been looking into how to help my parents achieve ownership for whatever their reasons may be for purchase.
The one area i had not given thought to was the perception of care fees in the future - i think the best thing would be for my parents to stay assetless and in a council house - it seems the easiest option.

BitterAndTwisted

I agree with you. Your parents could be in a much less advantageous position and all for the sake of less than £40k in discount with the cost of repairs and maintenance, not to mention improvements all having to be borne by your folks. Imagine when the house needs a new roof!

RTB could have been a good option back in the day when the length of tenancy was taken into consideration when calculating the discount: many, many tenants exercised their RTB and that's part of the reason why local authorities have so few houses available for the homeless. Flats and high-rises are practically all that's left now

Richard_Webster

As far as I understand the matter, one or more of the present tenants plus any other members of the family actually living at the proeprty can be "on the deeds". The present tenants have a degree of choice but within those parameters.

IveSeenTheLight

BitterAndTwisted wrote: »

At their age and considering the cost of upkeep on a family home I reckon £40k-worth of discount isn't worth their while even if they had the cash to pay for it outright

My wifes grandmother in her later years was having trouble getting in and out of the bath, therefore wasn't washing herself properly.

The council refused to convert into a mobility shower as their thoughts were they would have to convert back later.

This was just one of a number of reasons that the property was bought under RTB so that our family could get the property adapted for her needs.

This helped her to live a few more years in comfort in her home.

Then she took ill and ended up having to go into a care home, where the sale of the property paid for her care.

There are definately advantages in owning your home as an elderly person.