Right to buy problems... Has anyone else had this?

liwajdow

My mother is living in a council house and has done for over 30 years. It's a 2 bed house, my mother is the only person living there.
With the new right to buy scheme the idea was to purchase the property. However, the criteria says only the person living at the property can finance the purchase. As I do not live there or have done for the last year I cannot be on the mortgage to finance the purchase of the property.
The other option is for me to purchase the property with cash, which although sounds a option I just don't have that money spare.

My question is do any of you know of ways of how I can finance this without being on the mortgage? Have you had this problem and found a solution? Please help?

My thoughts were a guarantor mortgage with my mum on the mortgage but myself being liable, but even this is proving to be difficult.


My mother works but gets support from the government to help costs with the rent. With new laws coming into place she will be soon charged for the 2nd bedroom and she will literally be working to finance living at home. SHe will be held to rasoms for living there and given the option to downsize as a solution. I suppose thats right in the govenments eyes and many tax payers. However if possible I would like to prevent this and find a alternative solution to purchase this property. The govenment gets there money, my mum keeps her house everyones a winner right.

ILW

She will not get housing benefit if she buys. Could be a big problem along with all the other costs such as maintenance and repairs.

ACG

Do you own a property?
Can you take a further advance out against your property and gift it to your mum to enable her to purchase it or to allow her to get a smaller mortgage?

Short of that your a bit stuck i think.

no1wf

I don't know much about this as I'm just looking into it myself but if your mum got a mortgage couldn't you give her money towards it and help her pay it? That's even if she can get a mortgage, I think it depends on how much you earn and age might possibly factor into it?

holly_hobby

Your Mum would have to get her own mge, subject to her status, income and age.

You can't pch with your Mum because the property is not your primary home.

You could pch for cash by either you sourcing the finance yourself (loan,etc), or as ACG suggests by remortgaging your own home (subject to status, income and free equity).

If you do pch, obv Mum loses her housing benefit, the property may be utilised by the LA, if any state funded long term care is needed, and all maintenance and repairs (inc any mobility modifications) will now become Mum's responsibility.

At her age, I think she now has more to lose than gain in buying (inc if she rents she could apply for a swap to a bunaglow or other suitable accomodation, if her mobility becomes comprimised as a result of on going age). So as a comprimise, would you be able/happy in helping Mum with the reduction/loss of HB re the bedroom levy ? And thereby help her to stay in her home, without at her age, the financial burden of ownership ?

Hope this helps gives another alternative solution

Wish you both well ...

Holly x