Am I eligible for Right to Buy?

snowqueen555

Hi all, just putting the feelers out after reading a random article.

I am wondering if it is possible for me to buy my parent's council house. I am in my 20's and of course spent my childhood there, so lived there for 14 years. I only just moved out two years ago and am currently renting.

Would it be possible to move back in and apply to purchase this property in my name or is it something that only my parents can do, the Gov website really isn't very clear at all.


Thanks

monty-doggy

I had a friend in a similar situation and she wasn't allowed to buy as the tenancy wasn't in her name and she had left the family home for a short period.

She moved back in anyway and her parents passed away, she took on the tenancy but lost the discount and is now waiting until she can do it herself.

kingstreet

As a family member, you can exercise the right to buy jointly with the tenant after living in the property for twelve months.

However, they would have to be included on any mortgage and ownership of the property and that can be problematic if they are at, or close to, retirement age.

Poppy9

My OH and his sibling gave their parents 50% of the purchase price to enable them to buy their council house. They paid the other 50% and bought the house in their name only and it remained that way until they died 20 years later when they then inherited the house.

Their parents lived rent free and it was in a way an investment for OH and sister as without their input the parents would not have been able to buy. There was a risk they would need care in future years and the house would have had to be sold to fund this.

Is your intention to buy as a future investment and your parents to remain there or for you to live there and your parents relocate. You will not be allowed to buy the house in your name and receive a discount. Only your parents who hold the tenancy can and if they resell within 3-5 years (not sure which it is now) they have to repay the discount. If they sell within 10 years they have to offer 1st refusal to the council.

kingstreet

Five year pre-emption period and discount is repayable as percentage of then property value on sale, not just what was given at purchase.

snowqueen555

Hi, thanks for the replies

This is just at brainstorming stage. The plan is I move in and I am living with my parents and we pay off the mortgage together, after that is anyones guess but my parents would be living there permanently, I can't imagine selling it as this is also something to make sure my parents are more secure.

Thanks

snowqueen555

kingstreet wrote: »

Five year pre-emption period and discount is repayable as percentage of then property value on sale, not just what was given at purchase.

I also have no idea what this means

kingstreet

It was a response to Poppy.

Previously, you had to repay the discount on a simple sliding scale if you sold during the three years after exercising RTB.

Now, it's five years and the discount is repayable based on the value of the property at time of sale, not based on purchase price.

Mokka

If this is something you want to do to help out your parents then it is worth considering. You will acquire right to buy after 12 months from the date you've moved back to their property. You do not have to be on the lease, but will have to prove you've been living there.

But beware of all the pitfalls- repair charges which could be in tens of thousands, being forced to sell the house if your parents have to go into a care home etc.

Also banks can be really funny with giving mortgages for ex Council.
It is also really hard to re-mortgage in the first 5 years, so you might be stuck with a high interest.

Old_Git

snowqueen555 wrote: »

Hi, thanks for the replies

This is just at brainstorming stage. The plan is I move in and I am living with my parents and we pay off the mortgage together, after that is anyones guess but my parents would be living there permanently, I can't imagine selling it as this is also something to make sure my parents are more secure.

Thanks

can you get anything more secure than a council tenancy ?

My parents and my brother bought there council house many years ago .Then my brother got married and my sister bought my brother out( for what he had paid ) .Then my sister moved out and she wanted me to buy her out except she didnt actually have her name on the house :rotfl:. but she was paying the mortgage .

What happens if you meet a new partner and want to buy you own place.

Yorkie1

Old_Git wrote: »

can you get anything more secure than a council tenancy ?

Nope, you can't. If the purpose behind the question really is to ensure the parents' long-term security, then leaving them as they are is the right thing to do.

However, if the purpose really is to ensure the OP's long-term security at the potential expense of their parents' long-term security, the plan makes more sense.