Right to Buy - assistance

Barejester

Good morning Forumers - this isn't your usual Right to Buy thread where I'm looking for help how to do it, in fact the opposite in I am looking for some feedback on how to talk my Mother out of it.

My Mother, a single parent in her late 40's has been a council tenant for around 27 years and a single parent to three kids - has decided that she now want's to purchase the house through the Right to Buy scheme, at a hefty discount (property value circa 75K, discount 43K - left to pay 32K). The reasons for this are wanting to be secure in her old age and leaving an asset for the kids when her time comes - there are triggers for these thoughts, namely her losing her own Mother in recent years and dealing with the financial issues surrounding that.

I've attempted to explain to my Mother that she is more secure now than she'll be as a home owner - first of all, she's on an income of around 21K a year and isn't building much of a pension pot - as a council tenant she has the lifetime security that comes with it. Also if there are any repairs that need doing to the property, boiler, roof, anything to do with the non-standard construction that she will be liable for paying these where as currently she isn't.

The other factor of an asset for the kids - we've told her isn't necessary nor something we would want if it meant giving her less security - one of us is in a well paying job and working towards home ownership in their own right, the other is already a home owner and is comfortable in life and the third is about to head off to Uni (can't predict the future but all prospects looking great). As a three, we are much wealthier and our futures much brighter than that of our Mother.

Our opinions are falling on deaf ears and she is keen to pursue - so I guess I'm looking for feedback from anybody that has pursued right to buy and what your thoughts are now after the fact, or opinions in general - any pro's or con's we've not considered that I can share with my Mother.

Leo2020

Another advantage is that they could move her into a ground floor flat or bungalow should she have mobilitiy difficulties later on. If not the council may provide adaptations to her current home should she need it later on.

Maintenance would be the biggest issue I would raise as you already have done.

Also you mention non-standard construction. This could cause issue with some mortgage lenders. If you buy a concrete house from my local council you can only do so if you brick up the outside (they might also except others forms of protection from erosion such as cladding). It is stipulated as part of the buying.

gettingtheresometime

If she's been living there for a number of years has the thought crossed her mind that the council may consider her to be under occupying the property and force her to move to a smaller property in a more undesirable area?


Perhaps someone has suggested RTB as a way of stopping this happening?


Wouldn't another argument in her staying a tenant be that if she did lose her job she would get help paying her rent?

horseymchorseface

The first OP who wasn't actively wanting the RTB and morally ripping off the tax payer.

Hats off to you young sir for being noble and going against the 'norm'.

Your mother at the end of the day is an adult and if she understands the risk and willing to pay for all the maintenance and aware of the costs, then it is ultimately her choice.

If she asks you for help to help buy the house, then that is then your choice, but generally money and family don't mix.

Ci_bach

If she's been living there for a number of years has the thought crossed her mind that the council may consider her to be under occupying the property and force her to move to a smaller property in a more undesirable area.

This is not right.

As long as the conditions of tenancy are not/ have not been breached, (rent arrears, neighbour nuisance, not using as main and principle home etc) she cannot be forced to move.

In the case of any breach, only an order from the Court can 'force' a secure tenant out.

She may, of her own choice seek to move to a smaller property (via the Council by way of a mutual exchange or transfer). A smaller property would have the advantage of being easier and cheaper to maintain etc. Something to consider as time goes on.

I'm sure most local authorities would 'snap the arm off' someone looking to give up a 3 bed property.

But no - she cant be forced out for under -occupying.

CB

Lioness_Twinkletoes

If it a flat your Mum will be responsible for contributing to any works to the externals/communal areas. Some of these bills can be in the region of £20k plus.

teddysmum

If she needs to go into residential care and has little savings, the house will have to be sold to meet the costs.


She could enjoy spending her money then get free care ,if she has spent up as she won't own a property. (annoying for those of us who have scrimped and saved to buy our homes, but fact).

Cakeguts

Because of the repairs needed to a non standard construction building your mother could spend more on it than the house is worth. Most people are wary of buying a non standard construction property so it could prove difficult to sell if she needs to move. This house is not a good one to buy. Perhaps your mum would do better to save up and buy an open market retirement flat? You can buy some of these from the age of 50 so if your mum has a lot of savings she could get a 10 year mortgage?

Barejester

I appreciate the comments that have come through. I'll show this thread to my Mum and see if we can come up with a better option if she is determined on home ownership.

Cheeky_Monkey

Barejester wrote: »

I appreciate the comments that have come through. I'll show this thread to my Mum and see if we can come up with a better option if she is determined on home ownership.

You might also remind her that she was given a house when she needed it and by her insistence on buying it, would be depriving someone else in need from having the house as it would be permanently taken out of the Council's housing stock. Although I realise that she may not actually care about that so long as she gets what she wants

teddysmum

Cakeguts wrote: »

Because of the repairs needed to a non standard construction building your mother could spend more on it than the house is worth. Most people are wary of buying a non standard construction property so it could prove difficult to sell if she needs to move. This house is not a good one to buy. Perhaps your mum would do better to save up and buy an open market retirement flat? You can buy some of these from the age of 50 so if your mum has a lot of savings she could get a 10 year mortgage?

As shown in the media, there are often strings attached to specialist retirement homes, with family left with large get out payments , when the owner dies.


In one case the family had to pay several months' fees as the deceased hadn't given relevant notice.