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Right-To-Buy; Transfer of Ownership within the 5 year discount period
nmiah
Posts: 3 Newbie
Hi,
I have recently used the RTB scheme to purchase the house we're living in with my mother.
She along with my father are named as the tenants.
As my mother is the youngest out of the parents, I purchased the house with her because we were given a maximum mortgage term of 18 years. it would have been 14 if my father was named on the RTB.
Having 18 years is not a big issue, it just means our initial monthly payments are a bit high (but can afford it).
I wanted to know if it's possible to transfer the property into my name only which would mean I can extend the Mortgage term upto 35 years giving us the flexibility to manage our payments better.
I did read that here on gov.uk/right-to-buy-buying-your-council-home/selling-your-home[/url]
"You may not have to pay back the discount if you transfer ownership of your home to a member of your family. You will need to agree this first with your landlord and then get a solicitor to do this for you."
From the above, I we could transfer this into my Brother's name which would be exempt from discount payment as long as we get approval from council.
Where as I just want the property transferred into my name...
Any help / responses into this would be great.
Thanks.
I have recently used the RTB scheme to purchase the house we're living in with my mother.
She along with my father are named as the tenants.
As my mother is the youngest out of the parents, I purchased the house with her because we were given a maximum mortgage term of 18 years. it would have been 14 if my father was named on the RTB.
Having 18 years is not a big issue, it just means our initial monthly payments are a bit high (but can afford it).
I wanted to know if it's possible to transfer the property into my name only which would mean I can extend the Mortgage term upto 35 years giving us the flexibility to manage our payments better.
I did read that here on gov.uk/right-to-buy-buying-your-council-home/selling-your-home[/url]
"You may not have to pay back the discount if you transfer ownership of your home to a member of your family. You will need to agree this first with your landlord and then get a solicitor to do this for you."
From the above, I we could transfer this into my Brother's name which would be exempt from discount payment as long as we get approval from council.
Where as I just want the property transferred into my name...
Any help / responses into this would be great.
Thanks.
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