Right To Buy Advice

AdrianC

puzl wrote: »

Everyone in my house will be more secure and financially better off after purchasing the home.
The house would be ours, so there is no chance of losing it due to non-payment etc.

That's not actually true.

You may not have a mortgage on it, but it would still be part of your assets in the event of any financial problems, and a sale could easily be forced in the event of bankruptcy.

As it stands at the moment, non-payment of rent is about the only serious risk to your parents' tenancy.

BTW, it isn't your house, and won't be for at least five years. It will be, at best, partly your house and partly your parents' house, until either you buy their half from them or they gift it to you.

Mojisola

puzl wrote: »

Everyone in my house will be more secure and financially better off after purchasing the home.

The house would be ours

If you honestly think I'd make my parents homeless out of some selfish agenda, then you're so far beyond the mark that I'm honestly insulted by it.

But the house won't be 'ours', it will be 'yours'.

There's no need to be insulted - I think you are doing this with the best of intentions. What you don't seem to be thinking about is the unwelcome uncontrollable events that might crop up in the future.

Your parents should take independent legal advice before going ahead so that they are fully aware of their position.

To be fair to your parents, the three of you should be joint owners as 'tenants in common' - you should own the percentage of the house that you pay for; your parents should own the percentage that represents the discount.

You should all make wills, leaving your shares of the house to whoever you want to inherit.

SnooksNJ

puzl wrote: »

I don't expect anything. Why would I? Both myself and my parents have paid far more tax into the system than we have taken out. My dad worked the same job for over 30 years, never missed a single day of work, and was left with an average pension that barely covers the expenses. On the single benefit he does receive for the past 18 months of his life (HB) he gets about 25% of our rent paid. We pay the rest, just like we did for the other 29 years we lived here.

Am I to understand that socialism is for everyone else to benefit from, but not yourself? What a strange argument. Why not stop paying your taxes completely if this is the attitude you have? I'm sure that will work out great for you, along with the situation you may find yourself in one day if you ever fell out of work and needed to rely on this same socialist pot that you've helped contribute to, but apparently don't want to touch yourself.

Didn't Thatcher say something along the lines of socialists eventually run out of other people's money. Funny when she created this sense of entitlement.

bouicca21

Cor, I too worked all my life, I too retired on an average pension. I did once claim unemployment benefit but that was 45 years ago and it was only for two weeks. Even when I was young and struggling there was no way I and my family could get a council house. So pretty please can I have a government handout now? I can definitely work on developing a sense of entitlement.

Cakeguts

You are making complications by trying to buy a local housing authority house. If you want to own a house the simplest way to do this is to buy one on the open market. You can then get all the legal ownership sorted out when you buy it and there won't be any of the waiting 5 years problem. You can also buy something that is suitable for older people so that your parents could stay in their own home longer.

I would suggest that you forget about buying the house that you are in and look for a bungalow on the open market. It would be more sensible to do this now while you can still pay a mortgage than waiting until your parents need to move.

marksoton

Cakeguts wrote: »

You are making complications by trying to buy a local housing authority house. If you want to own a house the simplest way to do this is to buy one on the open market. You can then get all the legal ownership sorted out when you buy it and there won't be any of the waiting 5 years problem. You can also buy something that is suitable for older people so that your parents could stay in their own home longer.

I would suggest that you forget about buying the house that you are in and look for a bungalow on the open market. It would be more sensible to do this now while you can still pay a mortgage than waiting until your parents need to move.

Open market? Socialists don't believe in that. OP expects the state and his parents to fund his house buying venture. Oh the irony.

Ellie1878

Hi just wondering if you managed to buy? And how quick the process was? In a similar situation