Youngun here, forward planing, need some advice!

Yixian

Hey guys,

I'm a medical student, I'll graduate in a few years and when I do I plan on doing what's called my "foundation years" (final bit of training before becoming a fully licensed doctor) in London.

My long term girlfriend lives in London currently, in a council flat, quite central. As part of the deal where council flat tenants can buy their own property, her , who will be alone once my girlfriend moves out soon, has said that she is going to move back to her home country, buy this flat and let us live in it for a few years rent free.

Providing this all comes to fruition, I was wondering if anyone had any advice on how this will alter my entry into the housing market, and how to best take advantage of the situation in terms of getting a foot on the ladder with our own property later.

Would it be better to simply save the money we save on accommodation and put this towards renting a flat later, or would it be better to save it for actually buying a house asap?

Alternatively, should we try and buy a place anyway and simply rent it out, then attempt to sell it at a profit later on?

I'm a youngun, completely new to all this, wondering if any of you wiser and more experienced lot have any tips.

Thanks!

MegaMiniMouse

Yixian wrote: »

As part of the deal where council flat tenants can buy their own property, her , who will be alone once my girlfriend moves out soon, has said that she is going to move back to her home country, buy this flat and let us live in it for a few years rent free

I hope your medical judgment will be better than this...

MMM

Yixian

Let's call it a hypothetical then, but her mother has inherited a house back home and just wants to be back with family, offered to let us live there while we finish our training. Just wondering what implications that'd have on getting a foot on the ladder.

Obviously we'd be paying all the bills and taxes, just not rent.

PasturesNew

So we're giving council flats to foreigners, who can then buy them, go back to their own country, get somebody else to live in it for the minimum amount of time allowed before selling them for a profit?

I finally .... give up.

poppysarah

Send me your details by PM and I'll send you some info to your home address. Please also give me the name of the council and the address of the property you intend to buy. Also please send me contact details for the dean of medicine.

Yixian

Once anyone has bought a house, it's up to them what they do with it isn't it?

Say what you will about this deal where tenants can then buy their houses, I understand the POV that it might cause a dry up a council flats.

carefullycautious

i think this post shows just what is so terribly wrong with this country.

We must have 'Mug' written all over our faces

MegaMiniMouse

Yixian wrote: »

Let's call it a hypothetical then, but her mother has inherited a house back home and just wants to be back with family, offered to let us live there while we finish our training. Just wondering what implications that'd have on getting a foot on the ladder.

Obviously we'd be paying all the bills and taxes, just not rent.

The word 'mother' was missing from your original post, and I assumed the word 'flatmate' or 'landlady' was intended.

So, yeah, maybe the picture is a bit different - in fact, it sounds quite a bargain - the main effect it will have on your future prospects is that you will have been able to save up a large deposit.

Go for it!

MMM

Yixian

MegaMiniMouse wrote: »

The word 'mother' was missing from your original post, and I assumed the word 'flatmate' was intended.

So, yeah, maybe the picture is a bit different - in fact, it sounds quite a bargain - the main effect it will have on your future prospects is that you will have been able to save up a large deposit.

Go for it!

MMM

Oops sorry, yes it's my girlfriends mother who's buying this flat.

Ok saving for a deposit, and probably trying to pay off as much of my (vast) loan sounds like a plan! Thanks

leveller2911

PasturesNew wrote: »

So we're giving council flats to foreigners, who can then buy them, go back to their own country, get somebody else to live in it for the minimum amount of time allowed before selling them for a profit?

I finally .... give up.

I think its 3 yrs Pastures...........But you probably knew that.:D

Im thinking it may well be an "Under bridge dweller" at work.....Pastures stop feeding....