Ways to inherit the right to buy

mm04926412

I am currently at university, I grew up in a council home with my single mum..

It's something I've always known growing up that I basically have no inheritance, however, my mum recently told me she has accumulated a 70% discount on her council home via the right to buy scheme on social housing, she doesn't have the income or the money to get a mortgage, but it is likely that I will probably be in a position when i graduate and work for a few year to be able to buy the house at said 70% discount. My mum pointed out to me that that potential for the right to buy discount was basically a solid asset that she had. Legally what are all the ways that could be secured.

Which of the following are feasible

1. If my mum died could I inherit the secure tenancy and buy my family home outright at the same discount wait until it's legal to sell it and use the difference to pay off loans with funeral expenses or my current mortgage, this seems like the best plan to have since it doesn't require a coordinated effort unless something happens to my mum.

2. Could we both put money towards buying the property when I'm on a stable option and then the family home goes to me in her will

3. Could I accumulate money in a savings account in the future and act as the guarantor for my mum?

There's two motivations here. I want my mum to not have to pay rent anymore and have peace of mind in her old age and my mum wants to be able to leave me something should she pass away but we both are seeing her right to buy discount as a solid asset that we can't afford to let dissapear and leave to chance.

Any advice would be appreciated, because otherwise I would genuinely have nothing if anything happened to my mum in the near future i would have nowhere to go, so knowing I could at least attempt to get a discounted mortgage on my family home would be massive peace of mind. Apologies if I'm rambling I just know people have ethical issues with right to buy and I don't want to make it look like I'm taking the mick since to be honest I'm not sure if I'm comfortable with it myself but I thought I should at least ask. As much as she's ok with the idea it still feels like death profiteering to me on some level.

haras_nosirrah

If you want your mum to have security then buying the house is not the way to go. At the moment if she cannot work someone else pays the rent, if something breaks something breaks someone else fixes it. Owning the property would mean if she couldn't pay the mortgage she is out, if the boiler goes she needs to find 2k to fix it etc. you buying it is also not safe - what if you lose your job, fall out with your mum (you own her house so could kick her out) get married and then divorced - your ex has rights to your mums house ...

As I say by giving up a secure council tenancy it doesn't benefit your mum at all

AnotherJoe

Presumably you've gone to university in order to get a good job. That will enable you to buy your own place. Worry about not having an inheritance at 23 seems crazy, focus on your life right now and in the near future, not in whats going to happen in say 20 or 30 or more years.

As for your mum, as said, she is in a better place now not owning that she would be if she did because all the worries about house maintenance etc are gone, and if she cant afford to buy it now at a 70% (!!!!) discount she must be on a very small income and struggling to get by so managing a house would seem prohibitive.

csgohan4

Duplicate thread


https://forums.moneysavingexpert.com/discussion/5586358

mm04926412

I thought this was the wrong sub forum so posted again can you lock this one please?

dimbo61

Right you are living at university ( away from home ) ?
Are you going to move back home when you have finished university ?
Can you apply to join mum on the tenancy ?
Once you are home and working could you and mum apply for a mortgage in joint names to buy the property in joint names.
Mum can leave you her share of the house to you in her will and Vice versa.
Take joint Life assurance to cover the mortgage debt .