House buying nightmare

Lozmca

My husband and I, and my sister and her husband, have been given the opportunity to buy my mum and dads house at a discount, where they have lived for 36 years. My parents live in a house owned by a charity and they are selling on all their properties, so they have given a 25% discount to my parents, but as they are retired they can't get a mortgage, and we can.
We have got the mortgage, after a lot of problems, but the mortgage company won't give the money to the charity, as the stipulation is that my dad has to go on to the deeds as its their discount, the mortgage company will not agree to this. This has been going on since November. We are wanting to do this so that our parents have a home for the rest of their lives and also an investment, and it is our family home.
Has anyone got any ideas? It would be greatly appreciated.

notanewuser

Lozmca wrote: »

My husband and I, and my sister and her husband, have been given the opportunity to buy my mum and dads house at a discount, where they have lived for 36 years. My parents live in a house owned by a charity and they are selling on all their properties, so they have given a 25% discount to my parents, but as they are retired they can't get a mortgage, and we can.
We have got the mortgage, after a lot of problems, but the mortgage company won't give the money to the charity, as the stipulation is that my dad has to go on to the deeds as its their discount, the mortgage company will not agree to this. This has been going on since November. We are wanting to do this so that our parents have a home for the rest of their lives and also an investment, and it is our family home.
Has anyone got any ideas? It would be greatly appreciated.

Leave the situation as it is?

The point of the discount isn't to give you and your siblings a cheap property!

FBaby

So what happens if the current residents can't buy the properties? Do they then sell them on to anyone but without the discount? In this case, could you buy it at the full price? Otherwise, I assume your parents could remain in the property but just have a different landlord?

ognum

Have you read the legal pack on this sale, are you sure there is no clause that says your parents can't sell for X number of years.

This is a charity sale and the discount is to your Mum and Dad not too their children, why would a charity sell to you cheaper than anyone else?

I guess as long as you have fully read the legal pack and are aware of all the clauses then your best bet would be to scrape together the cash somehow ( bridging loan, credit cards, cash in assetts, remortgage your own home) and give this to your parents to buy the property and you buy it later.

Many children do not still have their parents living in the home they grew up in, maybe now is the time for your parents to downsize and apply to their local council/housing association for housing if they cannot afford to buy.

If your parents have been tenants for 36 years have you checked out the legalities of them being turfed out it may be they have a protected tenancy and can stay in the house even if there is a new owner.