Buying Council House

thefellow

Happy new year everyone


My dear old mum wants to buy her council house she has been told she would get it for around £12,500(they are selling privatley in her street £70,000)

But i think she would struggle as she is on a state pension.

Me and my brother would like to buy it for her

The question is could me and my brother get a mortgage to buy her house????
Or should we just get a bank loan and pay it in a oner?
Anyway any suggestions would be taken on board

Many Thanks

Tony

roswell

If your not a teneant you wont get the discount, it hin that is a very very low price maybe in the past but i would suggest you get a value from the council first before you go looking for loans, Im not 1005 sure but im sure maximum discount is somethign in the region of 45 % but could be different for each council.

seven-day-weekend

My husband's mother bought her Council property in her name (as she was the tenant) and we provided most of the money. After her tie-in period was over she signed the place over to my husband.

There is a risk in doing this in that your mother may decide to give it to the Cat's Home instead and will be quite entitled to as the property is in her name. Only you can decisde whether or not to take this risk.

silvercar

The other risk is that, if your mother needed to go into residential care, the council would expect the house to be sold to pay for the care.