Right to Buy and Help to Buy

Mojisola

mxscbi wrote: »

I am currently in the process of being put on my parents tenancy, after 3-5 years I understand I will be eligible for a 35% discount on the house if I were to buy

Norman_Castle wrote: »

A secure tenancy is good compared to less secure tenancies but many people would prefer to buy if they are able to.

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.

It's not the parents buying the house - they will lose the security that they have at the moment which is worth a great deal.

As things stand, they cannot lose their house and, if they need help with the rent, they will be able to claim.

Once the house is bought, they are much more vulnerable to losing their home.

Cakeguts

Norman_Castle wrote: »

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.

It doesn't say that the parents can do this. They would be giving up their home to a risk of losing it in order for one of their children to buy their house. It isn't sensible especially as the child has shown that they are not good at saving. There is a high risk of these parents becoming homeless.

Norman_Castle

MyOnlyPost wrote: »

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

Mojisola wrote: »

It's not the parents buying the house - they will lose the security that they have at the moment which is worth a great deal.

As things stand, they cannot lose their house and, if they need help with the rent, they will be able to claim.

Once the house is bought, they are much more vulnerable to losing their home.

Cakeguts wrote: »

It doesn't say that the parents can do this. They would be giving up their home to a risk of losing it in order for one of their children to buy their house. It isn't sensible especially as the child has shown that they are not good at saving. There is a high risk of these parents becoming homeless.

My post is a response to a post claiming a council tenancy is better than owning a home which for many people it is not. Nothing to do with the OP.