right to buy with my father

jwalton

hi ,new here and hoping someone can help.

I have lived with my dad all my life(33 years) and he wants to buy his flat now with my help.He is now 55 and retired due to injury at work.I am not on the tenancy but the council have said i have the right to be on the RTB forms to help with purchase.
Can i get the mortgage in my name only, or does my father have to named on the mortgage also?
If he does have to be on the mortgage how long approx could we have the mortgage over?
Finally he/we will get max discount,so what sort of deposit would we be looking at to pay

Thanks for any help,as you see i/we are struggling a bit to get our heads around this sort of thing.
Again many thanks for any help given

Marie2015

Regarding the deposit needed, many lenders accept the discount as a deposit, so you won't need one.

I've found the government right to buy advisers very helpful You can even do a live chat.

https://righttobuy.communities.gov.uk/agent-service/

jwalton

thank you so much for your help

leveller2911

jwalton wrote: »

hi ,new here and hoping someone can help.

I have lived with my dad all my life(33 years) and he wants to buy his flat now with my help.He is now 55 and retired due to injury at work.I am not on the tenancy but the council have said i have the right to be on the RTB forms to help with purchase.

I would ask for this in writing AFAIA the only people with the "Right" to buy are those on the tenancy agreement so if your not on it you don't have it.

Can i get the mortgage in my name only, or does my father have to named on the mortgage also?

I don't think you can as your fathers name is the one on the tenancy agreement so I believe he will have to be on the mortgage. If you had the cash to buy the flat outright there wouldn't be an issue..


Be aware that your father will be responsible for all the maintenance on the property in the future .Does he really need that if he is in ill health?..

Are you going to do this for his benefit or yours?. Don't take this the wrong way but there are plenty of chancers who would take advantage of their own parents. What will happen to your father if you default on the mortgage?. If he keep the tenancy his rent etc would be paid for by the state.

jwalton

thanks for reply leveller.It was my fathers idea to buy the property so i could move on in later life.He gets a very good pension etc and said it would be ideal for him to as such 'pay rent' and help with the mortgage.There is no chance of me leaving him in the lurch(i know many probably have said this) but we are very very close.
Again thanks for your help

Richard_Webster

The property will have to be at least partly owned by the father.

Have to explain difference betqween a borrower and a mortgagor.

Borrower(s) is/are person(s) who borrows money and is liable to repay it.

Mortgagor(s) is/are person(s) who give security to lender by signing mortgage deed.

Most lenders require all owners to be both borrowers and mortgagors. Problem is that lenders then say that they will not lend to those over pensionable age.

There are a few lenders - Barclays/Woolwich and HSBC/First Direct spring to mind - who will lend just to OP as borrower - so he is responsible for the borrowing but take security from (get mortgage deed signed by) all joint owners who will then be mortgagors.

The distinction is pretty fine as both will be evicted if mortgage isn't paid - but with the situation I've just described only the borrower is chased for any shortfall after the property is sold by the lender.

May have to go to one of the lenders that will split borrowing from mortgaging.

jwalton

thank you so much richard.