Right to buy query

alethius

If anyone could offer some advice I'd truly be grateful. Or family has had tenancy of a council property since it was built in the thirties, and my elderly aunt now lives here. She qualifies for right to buy, but is too poor to buy the place. I could qualify for a mortgage, but am unsure if companies would accept such a transaction. Could she be the guarantor, then transfer the deeds to me? I would like her to live here rent free for the rest of her life of course, and have no intention of selling. I too am poor, and will never qualify for a mortgage much above 80 or 90k.

booksurr

have you read anything yourself yet? This is a recurrent question covered by lots of info already out there
https://www.gov.uk/right-to-buy-buying-your-council-home/overview

specialboy

Don't feed it.....

seven-day-weekend

I doubt you would be granted a mortgage on a property that YOU don't have the Right to Buy and won't be living in.

Even if you could, you are not the person with the RtB, so your name could not go on the deeds. Your Aunt has the RtB, so even if you could raise the money, it would have to be her name on the deeds and she would not be able to transfer it to you until the discount period (five years?) had expired, without incurring a financial penalty.

Meanwhile she could sell the place or it could be used for Care Home fees.

Try to get a mortgage on the open market and buy your own place. It is possible within your budget (outside London) if you have £10% deposit (My son's flat was only £65k). Your Aunt is better off remaining as a tenant.

[Deleted User]

And read previous threads on 'what do I do now I'm being charged thousands in repairs on the whole estate' etc.

Running_Horse

I didn't realise councils granted family tenancies. How do I apply for one of these with my aunts and uncles so we can make a killing? Sounds like a spiffing wheeze.

ethank

This kind of behaviour should be outlawed. Buying your aunt's RTB so you can have long term gain over the property. Disgraceful.

alethius

I suspected it would be impossible, thanks for confirming. I did previously read some threads confirming this, and the right to buy information, but wondered if anyone had any personal experience. I was simply trying to secure a childhood home that has 'belonged' to us since it was built - but you're right to be cynical. Most people aren't motivated by sentimentality.

Pixie5740

If your aunt, in your own words, is too poor to be able to exercise her right to buy, how on earth would she be in a financial position to be a guarantor for you?

Unless you live in this property you can forget having a right to buy it or getting a mortgage on this property.

alethius

Running_Horse wrote: »

I didn't realise councils granted family tenancies. How do I apply for one of these with my aunts and uncles so we can make a killing? Sounds like a spiffing wheeze.

Not a family tenancy, but it's been passed on from mother to daughter to sister since it was built about 60-70 years ago. At any one time only one person has held tenancy.

alethius

Pixie5740 wrote: »

If your aunt, in your own words, is too poor to be able to exercise her right to buy, how on earth would she be in a financial position to be a guarantor for you?

Unless you live in this property you can forget having a right to buy it or getting a mortgage on this property.

I'm not sure - I'm truly ignorant when it comes to mortgages. Nobody in my family has ever owned property. I assumed the guarantee would be the house itself.

I like your signature!