Buying my council house/investing inheritence

0161a

My mum sadly passed away recently, The will has gone to probate,in about 6 months or so I will get half the value of the family home, I estimate this to be £80,000-£100,000.


I live in a council home and just keep my head above water. I am 59 years old and take home pay is about £850 a month.


I would like to buy my council house to give myself some security and eventually leave something for my children


The problem is, due to the prices of houses in the area, I don't think I will have enough to buy it. Due to my age, credit history and limited income I don't think I would get a mortgage- or maybe It would n't be advisable?


Is there any way to part buy my home? or if that is not possible then what would be the best way to invest the money fro my mum?

journeymanpro

Why should your children get a share of a social home that you have had the benefit of years of subsidised rent for?

ACG

It is very difficult to answer your question without any fact or figures but with a take home pay of £850 a month over a 10 year term max, it is going to be difficult to get any sort of mortgage beyond maybe £20,000.

journeymanpro wrote: »

Why should your children get a share of a social home that you have had the benefit of years of subsidised rent for?

Thats not really the point is it. The right to buy is available, whether or not you agree with it.

Keep_pedalling

Maybe buying your CH is not the best option especially if you have to stretch your self financially with a mortgage.

You have a secure home in which you don't have to worry about maintenance costs, so why not enjoy a little bit of your windfall and invest the rest for the future, property is not the only way to leave your children an inheritance.

Do you get any means tested benefits? If so they are going to be hit with your savings suddenly shooting up.

dimbo61

You need to find out how much your council house is worth and what discount you would get if you were able to buy it.
If the money you are going to receive from the sale of Mum,s house plus your Income gives you enough money then you can buy your Home.

getmore4less

0161a wrote: »

Is there any way to part buy my home? or if that is not possible then what would be the best way to invest the money fro my mum?

One obvious route is the person inheriting the other 1/2 - buys in, gifts you or lends you the money.

They may have other ideas for their money

haras_nosirrah

Remember it isn't just the mortgage. Once you own the council won't be coming to repair anything any more so you will need to budget for maintenance of the property. I think your monthly income is too low to really go down this route

Mojisola

0161a wrote: »

My mum sadly passed away recently, The will has gone to probate,in about 6 months or so I will get half the value of the family home, I estimate this to be £80,000-£100,000.

I would like to buy my council house to give myself some security and eventually leave something for my children

Why not stay as a tenant (with all the security that gives you) and give your children a lump sum now?

0161a

I have considered that but I wanted some security really, I pay full rent and always have, however I worry that when my children leave home , I may be pushed into moving to a smaller house in an area that I don't like.


I moved to the area some years ago away from domestic violence and crave the security that ownership would give me.


I had to move around a lot before settling here, are there any alternatives such as part buy/part rent?

0161a

journeymanpro wrote: »

Why should your children get a share of a social home that you have had the benefit of years of subsidised rent for?

Thanks for your opinion, but I asked for advice not your opinion. The right to buy is an option, I have worked hard and this area is an expensive one and the rent is only slightly cheaper than private rents.

0161a

ACG wrote: »

It is very difficult to answer your question without any fact or figures but with a take home pay of £850 a month over a 10 year term max, it is going to be difficult to get any sort of mortgage beyond maybe £20,000.




Thats not really the point is it. The right to buy is available, whether or not you agree with it.

I may only need a small mortgage, maybe £15,000 or less. Are their any other options such as part buy part rent ?