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buying a council house
steviegee50
Posts: 16 Forumite
a friend of the family has stayed in a 1 bedroom council house for years . she is now an oap . would it be possible for her to apply to the council to buy the house and for me to pay the mortgage and in 3 yrs time change the title deeds into my name . she can then stay there rent free for the rest of her life
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Comments
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I don't know.
What do you hope to gain from this plan?
Where do you think house prices are going in the next few years?
What sort of rent is she currently paying the council?
Can you be sure you won't want to get a mortgage on another property while she is still living there?
What if she has to go into a care home in the next 3 years and they sell the house to use the equity (that you have created) to pay the bills.
What bank would give an oap a new mortgage in the current climate?0 -
Are you in Scotland OP as the RTB discount repayent period in England and Wales is now 5 years.
How do you plan to get a mortgage on a property you don't/won't own?Opinion, advice and information are different things. Don't be surprised if you receive all 3 in response.
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would it be possible for her to apply to the council to buy the house and for me to pay the mortgage and in 3 yrs time change the title deeds into my name . she can then stay there rent free for the rest of her life
No, for the reasons Jimmy has stated.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
Like the previous posters, I'm not aware of your rights or otherwise.
But are you aware that as a landlord you'd be responsible for the costs associated with repairs? That you are obliged to provide a gas safety certificate on an annual basis if there are gas appliances there? There could be CGT implications, too (though I'm not sure if this applies to properties where no rent is applicable).
What if the tenant lives for another 20 or 30 years? There was once an elderly lady in france who did a deal with a local solicitor and outlived him by decades, becoming one of the oldest living people in the country...0 -
i hope to gain a 1 bedroom house . thought it would be better to invest in property than put money in bank
i think i will get 60% discount so if house prices didnt rise i wouldnt see that as much of a problem
she gets a rent rebate so dont think she pays any rent
ive only 4 yrs left on my mortgage
it would be me that gets the mortgage and not the oap
the care home is the tricky question but to get a 1 bedroom for less than £20.000 as an investment for my retierment might be worth the gamble. also if she went into a home will i get some of my money back that i paid to yhe house0 -
Looking at your previous posts I see that you've already done this with your mum's house.
Trying to build up a little empire? At public expense?
But I still don't see what either of you have to gain by this. [Cross-posted - have now read about massive discount you want to get your paws on.]0 -
live in scotland0
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I think you should leave the lady alone OP. She has security of tenure - granted not rent free - why rock the boat?
I'd suggest you make your 'fortune' in property by other means.Opinion, advice and information are different things. Don't be surprised if you receive all 3 in response.0 -
steviegee50 wrote: »i hope to gain a 1 bedroom house . thought it would be better to invest in property than put money in bank
i think i will get 60% discount so if house prices didnt rise i wouldnt see that as much of a problem
she gets a rent rebate so dont think she pays any rent
ive only 4 yrs left on my mortgage
it would be me that gets the mortgage and not the oap
the care home is the tricky question but to get a 1 bedroom for less than £20.000 as an investment for my retierment might be worth the gamble. also if she went into a home will i get some of my money back that i paid to yhe house
Surely the council will not approve of this because it is the old lady that has the right to purchase, not you
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steviegee50 wrote: »
she gets a rent rebate so dont think she pays any rent
Do you mean she gets her rent paid through housing benefit/local housing allowance in which case she doesn't get a rent rebate, the rent is charged at the conventional rate and it gets paid by state benefits.0
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