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Buying local authority flat via existing tenant (family member)
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|If you find the money and she uses that money to buy it for cash in her name (must be in her name) and you have a legally binding agreement for her to transfer it to you, then, as soon as you enter into the agreement the discount gained is instantly repayable - have you got that money too?RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
It's lovely that you care so much for your dear old auntie. As I am sure you are aware, *she* is the one with the right-to-buy discount, and so you would have to give her the funds to do so. How very generous of you to agree to do this. Then, if she ever needs to go into a nursing home the property would have to be sold to pay for the care, unless of course you agreed to move in with her and care for her yourself. As you are such a caring soul I assume this would be no problem. As for her paying you rent, why should she do so when she owns a property? She can, of course, agree to give her property to whoever she likes on her death. Hopefully she chooses a worthy charity, rather than her leaching relatives.0
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Another one post wonder.
The council does the flat up.., so now its time to buy.., with the tenant being your 90 year old aunt sick with cancer? I can't quite see a 90 year old in a studio flat either.
Got to be troll lol. Way too far fetched. I wouldn't bother replying unless you have a need to vent today lol.0 -
You will buy it by giving her cash.
She will become frail/elderly and need to move into a care home.
They will sell the flat to pay her fees.
What you propose to do cannot be done with any form of certainty.
If you're a gambling man .... put your money down.
It can only be bought with her money though .... which is then her money if she needs care.0 -
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From what you say it sounds like the purchase price is about £70k, and presumably you have the £70k in cash.
One approach you could investigate is a private mortgage. i.e you lend your relative £70k to buy the flat.
The relative pays you interest (or the interest gets rolled up) - instead of paying rent to her current LL.
The mortgage loan is repayable when your relative dies or sells the flat. If she leaves it to you in her will - great. If not, you get your loan of £70k (plus any rolled up interest) back anyway.
(And if you are a troll, as others suspect, maybe these comments would be useful to other readers.)0 -
From what you say it sounds like the purchase price is about £70k, and presumably you have the £70k in cash.
One approach you could investigate is a private mortgage. i.e you lend your relative £70k to buy the flat.
The relative pays you interest (or the interest gets rolled up) - instead of paying rent to her current LL.
The mortgage loan is repayable when your relative dies or sells the flat. If she leaves it to you in her will - great. If not, you get your loan of £70k (plus any rolled up interest) back anyway.
(And if you are a troll, as others suspect, maybe these comments would be useful to other readers.)
...who have similar £ signs in their eyes.
I'm convinced the OP is a troll wanting to get people's backs up, as no one , surely, would admit to such cold-hearted greed, thus exposing themselves to well deserved ridicule.0 -
...who have similar £ signs in their eyes.
Yep - that's a very noble sentiment.
But I guess the councils realise that if they sell heavily discounted property to 90 year olds in poor health, it's likely that a lot of the benefit will end up with a relative, or the cats' home, or whoever else is named in their will. (Unless there are rules that prevent it.)
And realistically, I'm sure that many people encourage relatives to take advantage of government subsidies, grants, discounts, tax breaks, etc because it will ultimately benefit them. (e.g. Gift some money now, and as long as you live for 7 years, it will reduce inheritance tax liability.)
Others might find that kind of discussion distasteful.
And I agree that the OP didn't put the question very tactfully at all - and may be a troll.0 -
Search function.Been away for a while.0
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