Right to Buy and Help to Buy

da_rule

Mojisola wrote: »

Can just one tenant buy the house? Doesn't it have to be bought by all the named tenants?

It doesn't have to be, but the other occupiers would be intentionally making themselves homeless if they moved out after/during the conveyancing process. If they remained in the property they would have to sign the adult non-owning occupiers consent forms if there was a mortgage involved.

However, if the OP purchased in conjunction with his parents they would be entitled to a larger discount (whichever one of his parents has the longest qualifying period).

Cakeguts

What always bothers me about these ideas is what happens to the parents if the mortgage doesn't get paid. At the moment they have a secure tenancy and will not have to move but if the house gets repossessed because of non payment of mortgage (which is quite likely because otherwise the person buying would not have needed to use this means to buy a house) what happens to them?. They probably don't earn enough to rent a house in the private sector. The council won't rehouse them so where on earth do they go?

Mojisola

Cakeguts wrote: »

What always bothers me about these ideas is what happens to the parents if the mortgage doesn't get paid. At the moment they have a secure tenancy and will not have to move but if the house gets repossessed because of non payment of mortgage (which is quite likely because otherwise the person buying would not have needed to use this means to buy a house) what happens to them?. They probably don't earn enough to rent a house in the private sector. The council won't rehouse them so where on earth do they go?

There have been examples given in other threads of people who bought their council house, lost it through not paying the mortgage and being rehoused by the council.

da_rule

Cakeguts wrote: »

What always bothers me about these ideas is what happens to the parents if the mortgage doesn't get paid. At the moment they have a secure tenancy and will not have to move but if the house gets repossessed because of non payment of mortgage (which is quite likely because otherwise the person buying would not have needed to use this means to buy a house) what happens to them?. They probably don't earn enough to rent a house in the private sector. The council won't rehouse them so where on earth do they go?

It is concerning that people are so fixated with 'owning' a house that they don't think about the long term issues that comes with owning. A secured tenancy is, in reality, completely awesome (didn't really know what other word to use!). As long as you stick to the terms of your tenancy you have a home for life, which has most of the maintenance and 'big jobs' (new kitchens etc) sorted out for you.

Cakeguts

Mojisola wrote: »

There have been examples given in other threads of people who bought their council house, lost it through not paying the mortgage and being rehoused by the council.

I suppose it depends on the council and the number of council houses they have got left? Might be emergency housing?

Mojisola

Cakeguts wrote: »

I suppose it depends on the council and the number of council houses they have got left? Might be emergency housing?

Not in the cases quoted - proper homes.

sparky130a

Cakeguts wrote: »

What always bothers me about these ideas is what happens to the parents if the mortgage doesn't get paid. At the moment they have a secure tenancy and will not have to move but if the house gets repossessed because of non payment of mortgage (which is quite likely because otherwise the person buying would not have needed to use this means to buy a house) what happens to them?. They probably don't earn enough to rent a house in the private sector. The council won't rehouse them so where on earth do they go?

Exactly. And that's why i go mad on these threads.

It's a spouse/sibling/child looking to take advantage with no regard for the actual tenant.

I make no apology for calling it a disgrace.

csgohan4

As with other threads like this, OP I Hope you get what you deserve

Norman_Castle

da_rule wrote: »

It is concerning that people are so fixated with 'owning' a house that they don't think about the long term issues that comes with owning. A secured tenancy is, in reality, completely awesome (didn't really know what other word to use!). As long as you stick to the terms of your tenancy you have a home for life, which has most of the maintenance and 'big jobs' (new kitchens etc) sorted out for you.

Why presume people who buy homes don't consider long term issues?

A secure tenancy is good compared to less secure tenancies but many people would prefer to buy if they are able to. A lifetime of renting is more expensive than buying a home and you will own an asset. Council tenants may get repairs and improvements to the properties but these are funded by rental payments. If you own your own home you will have to pay for improvements and repairs but this can often be cheaper than annual or lifetime rent payments.

A secure council tenancy is probably easier than owning a home but if you are capable of funding and managing home ownership financially its more rewarding and you will have greater autonomy.

MyOnlyPost

Norman_Castle wrote: »

A secure council tenancy is probably easier than owning a home but if you are capable of funding and managing home ownership financially its more rewarding and you will have greater autonomy.

And if you want to buy on the open market this is fine. I believe most people are appalled because the OP is wanting to buy his parents council house with a hefty discount, a house which would have gone back into council stock at some point in the future