Right to buy and mortgages

morganste

Hi there, I'm hoping someone in the know can help.

My girlfriend is currently looking at right to buy on her housing association house, which used to be owned by the council. She currently lives there with her dad and I live at a separate address.

Is it possible for my girlfriend to apply for the right to buy, but my girlfriend and myself get a mortgage to pay for said house?

Also would we have to have a deposit to get a mortgage or would the lender take the equity that would be in the house into consideration?

Apologies if these questions seem quite obvious but this is new to us all.

Many thanks.

kingstreet

The purchase and the mortgage will be in the name of those named on the tenancy agreement.

If he is the tenant, your girlfriend may apply with her father provided she has lived there for twelve months or longer and this is her only home.

They must have a preserved right to buy from before the council hived its housing stock off into the HA, otherwise, under current rules only the less beneficial right to acquire rules apply.

No deposit is necessary for a RTB. The lender will lend upto 100% of the discounted purchase price.

morganste

kingstreet wrote: »

The purchase and the mortgage will be in the name of those named on the tenancy agreement.

If he is the tenant, your girlfriend may apply with her father provided she has lived there for twelve months or longer and this is her only home.

They must have a preserved right to buy from before the council hived its housing stock off into the HA, otherwise, under current rules only the less beneficial right to acquire rules apply.

No deposit is necessary for a RTB. The lender will lend upto 100% of the discounted purchase price.

Thanks for the reply.

So if I am understanding you right there is no way my girlfriend and myself can get a mortgage together to buy the house as I haven't been a tenant for over 12 months?

Her dad isn't in a position to buy the house which is why we were both going to try and get a mortgage to buy the house together.

savingmummy

Only the secured tenant has rights to buy.
Its not your rented property so you have no rights.

McKneff

Are they both named on the tenancy or just her fathers,

because if it is just fathers name, that's a whole new thread, she wouldnt be able to apply at all.

kingstreet

morganste wrote: »

So if I am understanding you right there is no way my girlfriend and myself can get a mortgage together to buy the house as I haven't been a tenant for over 12 months?

Her dad isn't in a position to buy the house which is why we were both going to try and get a mortgage to buy the house together.

You are not a joint tenant and have not resided in the property for the last twelve months so you will not be able to be party to the purchase or the mortgage.

kingstreet

Non tenant family occupier being allowed to take part in right to buy. Here's a section from one council's RTB online guide, picked at random;-

http://www.cestria.org/YourHome/RighttoBuyampRighttoAcquire/RighttoBuyFAQs/tabid/506/Default.aspx

Can I buy my house in joint names with my son/daughter/partner?

Any adult family member who has lived in the home for more than 12 months and has no other permanent address has the Right to buy the property jointly with the tenant. Family members who have not lived in the property cannot have their name included on the sale; however they are not prevented from assisting with private financial arrangements.

AFAIK most councils will include someone who has lived in the property for twelve months, as above.