Advice on "Right to buy"

Paul150

Has anyone had any experience of the Right to Buy scheme?

I live at home with my mum. She is a Housing Association tenant and has been for 30-odd years. In the next 2 years she's going to be looking at applying for a pensioners bungalow, which means I'm gonna have to find somewhere to live myself as the tenancy agreement is in her name. I have looked, briefly, at the Right to Buy. Does anyone have any definite answers to these questions?

Can I apply to buy the house in my own name?
If yes, would I get the full discount?
How much, if any, deposit would I need?
Would the banks see the discount as a "deposit"?

Any other advice?

kingstreet

No. You cannot purchase alone.

You can purchase jointly with the tenant if you have lived in the property for twelve months or longer.

The tenant would have to be party to the mortgage, which would cause problems with age/term.

You can borrow upto 100% of the discounted purchase price, but you would need cash to cover the fees and stamp duty if purchase price over £125k.