Ways to inherit the right to buy

Lioness_Twinkletoes

ViolaLass wrote: »

You sound fearful to me

Sounds grasping to me.

Cakeguts

What you haven't considered is that what you are proposing is an extremely bad idea for your mum. It suits you but it isn't good for your mum. Now have think about this. When you buy a property you become responsible for all the maintenance. If the house needs a new roof your mum will have to pay for it. She will have to not only pay the mortgage but also for all repairs. Some housing repairs can be very expensive and so to pay for these people have to have a lot of savings. How much has your mum got in savings? Could she pay to have a burst pipe replaced under the bath? This would be quite expensive because the plumber might have to take the bath out to get to the pipe so you would pay for having the bath refitted as well as the work in repairing the pipe and she would have to have the house redecorated at her expense if the resulting flood damaged the carpets or decorations. This is an example of an unexpected bill it might not happen to your mum but no one can say that something like this definitely won't happen.

At the moment your mum has a house for life. She doesn't have to worry about repairing the roof or burst pipes because the council will make all of these repairs. As long as she obeys the rules of the tenancy and pays her rent she can live in that house for the rest of her life.

Now do you know what happens if you don't pay the mortgage? Mortgages are not like rent. You cannot claim housing benefit to pay a mortgage. The most that you can get paid is the mortgage interest and not for ever. If you do not pay the mortgage the bank or building society that gave you the mortgage is entitled to repossess the house. Now if this happens your mum will become homeless. So if you buy this council property you are going to run the risk of your mum becoming homeless. There is no risk of her losing her home if she stays as a council tenant. Please explain why your idea that could cause your mum to become homeless is a good idea for your mum?

You are an adult now. It is your job to look after your mum. Looking after your mum does not include potentially causing her to become homeless in order for you to get an inheritance that you probably won't get anyway because people who own homes have to sell them if they have to go into residential care when they are old. Nursing homes are expensive I suggest that you research that.

This whole idea only suits you so don't try to pretend that you are doing it for your mum.

sparky130a

Cakeguts wrote: »

This whole idea only suits you so don't try to pretend that you are doing it for your mum.

I tried making this point on page 1. As i have done for years..

Beetroot24

leespot wrote: »

To be blunt, the situation is about money. There is a chance for someone to potentially make a large sum of money for very little input - does all sorts to people no matter how they dress it up with "family home", "emotional ties" etc etc.

Talking of inheritance whilst people are still breathing is despicable and selfish.

Obviously! I just wanted to hear it from him! I'm early 30s, my parents are in their fifties, which I consider young. I would guess he is younger than me, so it's unlikely (but not impossible) that is mum is older than mine (mine's 54). He's making it sound like she's on her last legs, which is so disrespectful! I wouldn't dream of talking about my parents like that, and don't imagine anything happening to them for decades (touch wood). I'd probably have more respect for him if he was honest. He wants a cheap house.


The OP sounds like my SIL. My husband grew up in social housing. It doesn't bother him that he won't inherit anything, he works unbelievably hard. It really bothered his sister though. She ended up taking life insurance out for their parents, which she pays for herself. Unbelievable!

mm04926412

My dad died when I was very young and so was he and that's the reason we were struggling to begin with financially, it's uncomfortable to talk about it but it does make me scared it'l happen again.

I'm not worried about not having an inheritance when I'm independent, I'm worried about where I'd live independently between university years how I'd cope if something happened in the short term, of course on top of the stress of losing a parent but I imagined that went without saying. My Dad has already passed away and all my mum had to look after me on her own after that was a fifth of his state pension.

In the long term, if I'm doing alright, I actually would just want to help my mum in her retirement and buy the house for her so she isn't kicked out or anything, and not being able to buy the house like she would have been able to 20 years ago if my dad was still here has put her in a bad situation that I really would like to see her out of.

leveller2911

da_rule wrote: »

Something else to bear in mind is although your mum has the full 70% discount, this is capped at £77,900 outside of London and £103,900 in London.

This may go up in April as it is linked to inflation.

Can you post a link to this because Council housing was/is different from Housing Association. Council tenants could ,depending on how long they have been a Council tenant build up a discount of up to 70% off the market value of the property.

Housing Association tenants have never had the RTB unless they were previously Council tenants who's housing stock had been taken over by a Housing Asssociation and as such become HA tenants but they keep their RTB discount of up to 70%.

If the tenants home was built by the Housing Association then the Govts recent change of policy to extend the RTB to HA tenants does as you say have a maximum discount as you posted....I think this cap on discounts (£77,900 etc) is because HA properties are generally built with private finance and not as in the old days (1987-97) when they were built with govt grants from the Housing Corporation as it was then.

Mojisola

Cakeguts wrote: »

You are an adult now. It is your job to look after your mum.

I agree with all the rest of your post but not this bit.

A grown woman of working age shouldn't need to be 'looked after' by a her young adult child.

I would hope they would mutually support each other when needed but the child shouldn't be becoming the parent at these ages.

mm04926412

Well the whole thing came up because my mum mentioned she regretted not buying when she was a lot younger. You ask these questions when you don't know what the unforeseen consequences might be, since her concerns about buying were what if she lost her job I thought I could help and give her the cash for it because she is my mum so I could pay the mortgage if she couldn't.

csgohan4

mm04926412 wrote: »

My dad died when I was very young and so was he and that's the reason we were struggling to begin with financially, it's uncomfortable to talk about it but it does make me scared it'l happen again.

I'm not worried about not having an inheritance when I'm independent, I'm worried about where I'd live independently between university years how I'd cope if something happened in the short term, of course on top of the stress of losing a parent but I imagined that went without saying. My Dad has already passed away and all my mum had to look after me on her own after that was a fifth of his state pension.

In the long term, if I'm doing alright, I actually would just want to help my mum in her retirement and buy the house for her so she isn't kicked out or anything, and not being able to buy the house like she would have been able to 20 years ago if my dad was still here has put her in a bad situation that I really would like to see her out of.

Again too many I and the fact you do not know or rather don't care your mother has a secured tenancy concerns me and indeed should your mother.

http://england.shelter.org.uk/get_advice/social_housing/about_council_housing/secure_council_tenancies

So the main intention is your worried you have no where to live independently which means do you intend to kick her out when you have the house???

mm04926412

It means I live with my mum when I'm not at university and would have come home for a while when I graduated before finding my own place and I would get into debt very quickly if I couldn't come home at summer and had to pay rent with money that generally runs out at the end of term. If my house was gone i'd have to hastily string together some sort of extra residence and I'd probably max out my student overdraft and I don't know if I could find a job fast enough to sort it out. It's not like thats all I'd be worried about if my mum died but this is a forum about these sorts of things after all talking about the obvious emotional impact of that isn't probably what anyone here is interested in hearing.

I thought that buying at around 50 would still benefit my mum in the long-term since her main concern was what if she lost her job and since the house is not a very expensive one at all it seemed possible that I could get enough of my own savings together that I could give her a safety net. I don't really have that much to gain financially at all from the house since our neighbour bought hers for around £10,000 I know you don't believe but its about not losing where I grew up and something I genuinely thought would help her in a way that was effectively free. I even suggested she could do equity release and I'd still be perfectly willing to give her the money. Inheritance was only on my mind if something happened as of right now not in 30 years because then I might have been able to take on the tenancy find a job and try and buy it with it hopefully being quickly affordable to me with the discount. I'm concerned if she stays on as a tenant she might struggle when she retires since she only has a state pension as well.