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Council Right to Buy - What's the banks role?

Keeping
Keeping Posts: 83 Forumite
Tenth Anniversary Combo Breaker
in Mortgages & endowments
Assuming I have a deposit and meet all the criteria to get a mortgage from my bank to buy my council house. What is the relationship between the bank and the council, if any?

Do I just get given the money by the bank and then pay the council or does the bank but it from the council for me or what?

With a normal mortgage I'm assuming the bank gives you the money and you then buy the property from the seller, but is this the same with the council?

Comments

  • ACG
    ACG Posts: 24,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The bank pays the money to your solicitor (as will you with your deposit) and your solicitor will dish out the money to whoever is owed it, in this case it will probably just be the council.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    In other words, exactly the same as any other purchase. Your bank doesn't have any relationship with the seller.
  • ACG
    ACG Posts: 24,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    No. I think there might be some additional paperwork behind the scenes but again, more for the solicitor to sort out.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Keeping
    Keeping Posts: 83 Forumite
    Tenth Anniversary Combo Breaker
    ACG wrote: »
    No. I think there might be some additional paperwork behind the scenes but again, more for the solicitor to sort out.

    Why do I even need a solicitor? You wouldn't hire a solicitor to buy a car, so why a house from the council?
  • Alice_Walker
    Alice_Walker Posts: 574 Forumite
    Keeping wrote: »
    Why do I even need a solicitor? You wouldn't hire a solicitor to buy a car, so why a house from the council?

    Are you going to do your own conveyancing?
  • ACG
    ACG Posts: 24,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Keeping wrote: »
    Why do I even need a solicitor? You wouldn't hire a solicitor to buy a car, so why a house from the council?
    Solicitors do a LOT of work that is very important.

    http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/conveyancing-made-easy-for-buyers/
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Keeping wrote: »
    Why do I even need a solicitor? You wouldn't hire a solicitor to buy a car, so why a house from the council?



    How much is a car and how much is a house??


    Your lack of understanding of the process concerns me, if it doesn't to you, go ahead and do it yourself. See how far you go.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Keeping wrote: »
    Why do I even need a solicitor?

    You don't need a solicitor. You can do your own conveyancing if you really want to. However, your mortgage lender will want a solicitor to represent them, and you'll be paying for that. And by the time you've done that, you may as well get the solicitor to act for you too.
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