Bought mum's house, ex local authority.

Fire_Fox

If the OP gives their mum the rent money, this is classed as income and any means tested benefits will be adjusted accordingly.

Leanne1812

not_tonight_josephine wrote: »

Your "pension" is an asset which belonged to the taxpayer and was sold to you at a knock down price. So either way the state is funding your retirement I'm afraid........

I am not talking about the proceeds from the eventual sale of my mum's house. I own 2 BTL and that is our pension. I was responding to the person who said I should sell and use the money to fund a new home for my mother. This is a consideration.

JQ.

Leanne1812 wrote: »

I didn't realise it was a crime to plan for our retirement. Would you rather I sold what will be our pension and just claim benefits when I retire?

The Right to Buy scheme is there to enable low income families and individuals to get on the property ladder by selling their own house to them at a discount. That discount comes out of everyones taxes. I don't consider what you've done any different to falsely claiming benefits.

blckbrd

Sorry OP, my mistake. I just read the original post as you asking for advice on how best to use your mother to line your own pockets.

Now I realise that you're planning for your retirement it puts a whole different spin on things... Good luck with that... :money:

Radiantsoul

It strikes me you were happy to take the discount from the council house as a way of funding your retirement(ie the taxpayer).
So I would suggest that if you need to find another £30k to house your mother you do it from your own funds. Presumably you are still going to end gaining from it when your mothers house is eventually sold.

moneysaver

Leanne1812 wrote: »

I am not talking about the proceeds from the eventual sale of my mum's house.

That is not what you are implying on your first post. The long term investment seems like it is for yourself along with your other 2 btl's.

Leanne1812 wrote: »

Please bear in mind our savings purchased the house outright and we did buy as a long term investment as i'm sure many others have.

Moneysaver

Leanne1812

JQ. wrote: »

The Right to Buy scheme is there to enable low income families and individuals to get on the property ladder by selling their own house to them at a discount. That discount comes out of everyones taxes. I don't consider what you've done any different to falsely claiming benefits.

Well i'm sorry i'm not holier than thou!

If you'd had the opportunity to do the same would you have turned it down bearing in mind we were also helping my mum at the time? It certainly wasn't all about us making a profit.

Leanne1812

blckbrd wrote: »

Sorry OP, my mistake. I just read the original post as you asking for advice on how best to use your mother to line your own pockets.

Now I realise that you're planning for your retirement it puts a whole different spin on things... Good luck with that... :money:

If you'd read my postings properly you'll realise that buying the house also helped my mum as she did not need to pay rent any longer. I resent you saying I am using my mother. She is more than happy that we bought the house.

muskoka

I'm no expert, but I think if you change the property into your name after the statutory 3 years, and then when you come to sell it, your going to have a capital gains impact as its not your Principle private residence......

If it was me, I'd be leaving it in mums name & she can move if she wants to or whatever and then hopefully she can leave it to you in her will. This way you have no capital gains and she has control of where & how she lives & you inherit as & when

BitterAndTwisted

Is your solicitor correct about the three years ownership? It's my understanding that the discount has to be paid back in increments of 20% if the property is sold within 5 years of being purchased under the RTB