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Right to Buy relative's council flat?
scrub
Posts: 175 Forumite
Does anyone know what the rules are on buying a relative's council property? My aunt's been in a flat for 35 years and if we could buy it, it would be financially very good for us long term.
My aunt was concerned it may affect her benefits. She's not got much money at all so we would not want to do anythnig that jeopardises her.
My aunt was concerned it may affect her benefits. She's not got much money at all so we would not want to do anythnig that jeopardises her.
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Comments
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It's worth running an advanced search, this comes up a couple of times every week. Your aunt is the tenant and your aunt has the discount, only your aunt can purchase the flat, your aunt would then be liable for any repairs and maintenance and any loan/ mortgage secured against the property. I would strongly advise against buying an a social housing flat, councils can decide to do repairs and improvements to the building running to thousands or tens of thousands of pounds per flat! :eek:Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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It isn't possible. The RTB rules strictly control who can purchase under the scheme.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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RTB relates to the tenant and tenant only, otherwise everyone in the country would be cashing in on aunt/uncle/gran/grandad's property and make a total mockery of the whole reason the RTB exists - to allow loyal long term tenants the opportunity to buy a property they wouldn't otherwise be able to afford. It is not intended to allow another family member to cash in on the discount, however "financially good" it would be in your future!0
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Does anyone know what the rules are on buying a relative's council property? My aunt's been in a flat for 35 years and if we could buy it, it would be financially very good for us long term.
My aunt was concerned it may affect her benefits. She's not got much money at all so we would not want to do anythnig that jeopardises her.
Not if you hand over your money to aunt, she buys the flat, her health deteriorates and she needs residential care so her flat is sold to pay for the care home.0 -
If Aunt buys flat with discount and enters into an agreement with you to transfer it to you when the discount period is up the discount becomes instantly repayable by aunt.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Thanks everyone. I thought that would be the case but thought it is worth checking out just in case.0
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