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Buying from council - now or later?

Tamii
Tamii Posts: 19 Forumite
edited 11 December 2015 at 10:23AM in Mortgages & endowments
Hi, I've just joined this forum but have been reading it for years.
I'm planning to buy my council flat with a discount costing me £67000 (I've reached the maximum discount in my case). I've got £7000 deposit, no debts, good credit history.
I've got 2 months left now to accept the offer.
I've been doing online research and been to a couple of banks to inquire about mortgages and it appears that my £12,000 salary is not enough. One of bankers advised me to apply together with my daughter who lives with me and earns £21,000. First I didn't want it but then I thought it could be a good idea as the adviser said I could transfer the mortgage into my name when daughter is ready to buy her own place. She is planning to live with me for at least another year.
I've also been offered a job which I start in January with the salary of £24,000. As I need 3 months payslips, the new job won't be the advantage yet if I apply for the mortgage now.
I've got a dilemma now:
- To apply now with my daughter and transfer the mortgage into my name after a year or so. This will incur additional charges, like valuation, solicitor, etc, could be £1000 or more. But this option will allow me to apply now and avoid starting the right to buy application to the council again and have a new valuation of the place which can be higher than now.

- Not to proceed with the present Right to buy application, tell them I can't buy now and reapply after 2-3 months again, have a new valuation of the flat. This will allow me to apply alone as my salary will be higher. But this also means that the flat price may rise in 2-3 months time and could result in a few £1000s more.

What would you advise?

thank you,
Tami

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