Right to buy - advice needed please!

ILW

Nosht wrote: »

In December I had my entire house (4 rooms, 6 windows) painted for that, including cost of paint. :eek:

Regards,

N.

Probably need to get it done again in April.

Richard_Webster

OP can buy and members of his family (spouse, partner, children, parents) living with him can buy jointly with him under RTB.

If he enters into an agreement with a third party to transfer the property to the thrid party at the end of the 5 year discount period (5 not 3 now!) anti-avoidance provisions now written into the law mean that this agreement is treated as a disposal and the discount immediately becomes repayable!

BitterAndTwisted

Sarah1962 wrote: »

I do have an income, but it is very erratic and hard to show paperwork for.

You don't need "paperwork" and I suspect all you'd need is bank-statements or a tax-return. I daresay you've completed a tax-return in living memory, haven't you? Because of money-laundering legislation lenders will need to see the source of your deposit monies as well, I expect.

Considering the modest discounts available through RTB these days it's barely worth doing any more. Especially when you consider exchanging a lease-hold property and all the associated costs involved versus a secure tenancy for life. I reckon you've missed the boat

dopester

What would happen during your plan playing out, if the person who owns the upper flat (mortgage free?), who would be making the mortgage repayments, has a change in circumstances? Eg: Loses their job or something, and can no longer make the repayments.

You'd have some liability for the mortgage debt I would have thought. Or dies, but maybe you'd get life assurance/ insurance.

Then again I don't know how generous RTB discounts are at the moment.

How much do you about the person above.. what do they really need a 2nd flat for?

BitterAndTwisted

It's my understanding that the maximum discount is in the region of about 38k these days depending on the local authority an length of tenancy. Hardly worth bothering, really.

It appears that the OP's upstairs neighbour might have eyes on buying the freehold

carefullycautious

Our local authority gives a 26,000 pound discount off market value, no matter how long you have lived in the property.

i have read somewhere that local authorities can be exempt from renewing leases if they so wish. I will have to try and remember where I read this info.

You will not be able to enter into a joint mortgage with someone who does not reside with you. Even if your neighbour put the money into your bank account and you tried to pay there will be question asked about where this money has come from.

The right to buy was ill thought out and open to abuse, which has now prevented people who wished to stay in their homes long term from being able to buy. People saw these homes as a way to earn a quick buck and this should never have been allowed.