Buy council house for mother in law

sjlawax

Hi if anyone has advice I'd really appreciate it,
My girlfriend is living with her mother in law with my two children in her mums council house as I work away from home,
I own 2 flats that I rent out that are small and are an I vestment for my pension,
Is there a way that I and my girlfriend can buy her mum's council house?
Her mum is 61 and have lived there for 30 years, but may not be able to get a mortgage but as my girlfriend has lived there for 3 years can the property be bought by ourselves and keep the property in the family?
Any help would be appreciated

Pixie5740

The MIL has the RTB. Not you and not your girlfriend. If your girlfriend has been living there for at least 12 months she can make a joint application with her mother. If they will require a mortgage this could be tricky due to MIL's age.

Does your MIL want to become a homeowner at the age of 61 with all the responsibilities that go along with that?

sjlawax

All payments would be covered allowing the MIL to have no worries, and also she wants the house to be passed to her daughter etc,
So would I not be allowed to be on the joint application? Or could I just be on the mortgage with them to boost income to be able to get a mortgage?

marliepanda

sjlawax wrote: »

All payments would be covered allowing the MIL to have no worries, and also she wants the house to be passed to her daughter etc,
So would I not be allowed to be on the joint application? Or could I just be on the mortgage with them to boost income to be able to get a mortgage?

No you can't.

cells

trying to take out a mortgage might be difficult perhaps buying it outright with savings or equity might be possible as you can get upto a 70% discount.

sjlawax

Isn't the discount only upto £77000?
And so would I have to give her or lend her the money as a gift?

Person_one

sjlawax wrote: »

All payments would be covered allowing the MIL to have no worries, and also she wants the house to be passed to her daughter etc,
So would I not be allowed to be on the joint application? Or could I just be on the mortgage with them to boost income to be able to get a mortgage?

Only the worries that you and her daughter might split up, or lose your jobs, or become ill or disabled, or unable to keep up with the maintenance of the house, or unwilling to cough up thousands if the council bills her for major works, or that you decide at some future point that she'd be better off living elsewhere?

No worries at all there then!

Your MIL has a secure tenancy for the rest of her life, with maintenance taken care of. Its not worth giving that up to leave an inheritance to adults who are capable of looking after themselves. I know property prices suck at the moment, I sympathise, but don't be a vulture, find another way!

cells

sjlawax wrote: »

Isn't the discount only upto £77000?
And so would I have to give her or lend her the money as a gift?

Its upto 70% discount or upto £77,900 whichever is the lower (bigger discount if you are in London)

So if the house is valued at say £100,000 and she has been living there for 40 years the discount would be £70,000 so to buy it would cost £30,000

Which means you and the rest of the family would need to find or borrow £30,000 + a bit in other fees

I suppose you could either gift her the money or you can lend her the money but her solicitor would probably want it in writing either way.....thats my guess

cells

Person_one wrote: »

Only the worries that you and her daughter might split up, or lose your jobs, or become ill or disabled, or unable to keep up with the maintenance of the house, or unwilling to cough up thousands if the council bills her for major works, or that you decide at some future point that she'd be better off living elsewhere?

No worries at all there then!

Your MIL has a secure tenancy for the rest of her life, with maintenance taken care of. Its not worth giving that up to leave an inheritance to adults who are capable of looking after themselves. I know property prices suck at the moment, I sympathise, but don't be a vulture, find another way!

As long as the sum he needs to hand over is a sum he can gift and not lose sleep over it then maybe he should consider it

Also she seems to have been kind enough to give his family a roof over their heads so him handing some cash over as a thank you doesnt seem a bad idea in my view

Cheeky_Monkey

Here we go yet again !!!!!! :mad:

goodwithsaving

It is NOT her house to pass on to her daughter. Why do people think they are ENTITLED. If you want another house to add to your portfolio, buy one at full market rate like everyone else has to.