Right to Buy purchase - advice needed

JohnTaylor

Hi everyone,

Both my Mother and myself would like to buy our family home through our local council's Right to Buy scheme.
We have had approval from the council and have accepted the offer.

Whilst I am able to easily get a mortgage and would be able to pay this off entirely on my own, my Mother must be on any mortgage as she is the main tenancy holder of the house.

The big problem here is that she is 71 years old and therefore most lender's will not entertain the idea of adding her to any mortgage at all (even the ones who say that they do!) I had hoped that we could get a joint mortgage (with me paying this entirely) to cover her until she's 80 and then remortgaging to lessen the monthly payments.

So the issue here is how do we go about trying to purchase the house? Is there a way if securing a mortgage where I would pay and 2 names would appear on the deeds? Are there any guarantor mortgages that would enable me to buy the house but have her name on the deeds?

I do realise that it is very late in the day for her to have considered this, but having been widowed and having had to raise 4 kids on her own, buying the house wasn't at the top of her list. But with her having now retired and both of us being in a better financial position to buy the house, we can't find a way to do it. The aim is purely to get her on the deeds so that the house can be bought.

Having tried 3 brokers, assorted high street banks and the Government's Right to Buy helpline, we're still not able to get any further. So any help or direction would be really appreciated - many thanks!

Conrad

The only way is the Council taking her off the deeds. If she is on the property deed but not the mortgage deed and you cannot pay the debt, no lender could repossess as her rights to the property deed cannot be circumvented.


Too many Councils overlook this problem, I'm dealing with this for a friend right now but my instinct is the Council wont take the Parent off the Deed and RTB documents.


I was thinking this s a business opportunity for someone willing to buy the place cash and share in the equity (Councils tend to sell way below real market value) but I don't know how this third party would get their name on the deeds to secure their interest as the Council would scupper the idea I expect

JohnTaylor

Hi Conrad - thanks for the quick reply.
The problem here is that the council have been very insistent that my Mum must be on all the house deeds.
So whilst my intentions are for solely for my Mum's benefit, the process behind RTB and getting a mortgage at her age actually rules her out from buying the house.
As mentioned I am able to easily get a mortgage if was solely in my name, which makes it more frustrating! I am being told from brokers and banks that something would be possible, although very slim. But finding that slim chance is just so difficult!

Conrad

If I were you I would call the small Building Societies.


Try National Counties, Harpenden Saffron etc. Start with your local


These places still employ thinking Humans

JohnTaylor

Thanks for your help Conrad, will follow up these leads :T

jjgold

this thread can't be for real

horseymchorseface

your mother has a secure tenancy for life, that is not something to take lightly

Brock_and_Roll

I am struggling to see any benefit to the mother (or indeed to the council) from her buying the property at this stage given that she has a secure tenancy for life.

chanz4

you mean whats in it for the op Brock

gycraig_2

So basicallly you want to cash in on your mums right to buy before she dies leaving you a house for pennies and going completely against the point of the scheme.

Considering the council get pennies from the sale and probably can't replace it why on earth would they try to help you in this scenario ?

gycraig_2

Conrad wrote: »

The only way is the Council taking her off the deeds. If she is on the property deed but not the mortgage deed and you cannot pay the debt, no lender could repossess as her rights to the property deed cannot be circumvented.


Too many Councils overlook this problem, I'm dealing with this for a friend right now but my instinct is the Council wont take the Parent off the Deed and RTB documents.


I was thinking this s a business opportunity for someone willing to buy the place cash and share in the equity (Councils tend to sell way below real market value) but I don't know how this third party would get their name on the deeds to secure their interest as the Council would scupper the idea I expect

A business opportunity ?? Can't see why councils losing houses for pennies on the pound would want to scupper someone making a profit from there loss ...