Right to buy help! Living with parents!

Sam1471

I am in a situation where I live with my parents (and have done for over 20 years) and they are both on pension credit. We live in a council house and due to the 'household earnings' rule I have to pay the full rent as it is based on my earnings and I have to submit my pay slips to show what I earn.

The tennacy agreement is in my fathers name and my parents have lived in the house for over 40 years so are entitled to a good right to buy discount. Can I buy the house as I have been living in the property for a considerable period? With the discount I would be able to get a mortgage that would be considerably less than the rent I currently pay yet have the added benefit of investing in a house.

My parents only recieve around £250 per week between them to live on and if i lived elseware they would have their rent and council tax paid in full for them. However due to my earnings I have to pay the bills as it is based on my earnings and they simply cannot afford it.

I know this is a long post but wanted to give a detailed description of the situation I am in. Ive spent hours searching forums for an answer but can only find posts from people wanting to buy their parents council house yet do not live there.

Any help would be much apreciated, Thanks .

Pixie5740

There are lots of RTB threads on the forum, many started by people in the same situation as you i.e. living with parents and trying to make use of the parent's right to buy.

Your father (the tenant) has the right to buy and the discount is his. As you live with your father you can make a joint application to buy with him. If you require a mortgage then you will have to get a mortgage with your father. Should your father require care in the future then your home can be used to pay for that care.

You're only 20. Do you plan on living with your parents for the rest of your life? If not, what do you plan to do with the property when you want to move on with your life?

xylophone

Is it possible for you to be added to the tenancy?

hazyjo

Asking the obvious - do you propose living with them forever?!

xylophone

You're only 20.

Are we sure of the OP's age?

https://www.gov.uk/right-to-buy-buying-your-council-home/overview

itchyfeet123

Do you intend to keep living with your parents until they both die? If not, you need to think through whether buying the house will make things harder for your parents when you move. Will you be able to charge them enough rent to pay the mortgage, and will their housing benefits be allowed to pay you rent? Or, will you have to sell up and force your parents to move out of their home of 40 years?

On the other hand, if you've been living there for 20 years (I assume this is in addition to the first 18 years of your life), you may all be quite happy to live together forever, or at least as long as they're alive. In that case, if you are really sure your circumstances won't change and your parents won't become homeless, go for it.

Your council is the best source of information on whether you can buy the place and are entitled to the discount.

Pixie5740

xylophone wrote: »

Are we sure of the OP's age?

https://www.gov.uk/right-to-buy-buying-your-council-home/overview

Educated guess. Parents have lived in the property for over 40 years and OP has lived with parents for over 20 years. Ok, over 20 years so maybe not 20 but in 20s.

fairy_lights

Sam1471 wrote: »

My parents only recieve around £250 per week between them to live on and if i lived elseware they would have their rent and council tax paid in full for them. However due to my earnings I have to pay the bills as it is based on my earnings and they simply cannot afford it.

It sounds like the best possible financial scenario for your parents would be for you to move out - as you say, they would then get rent and council tax paid for them and £250 a week between them would give them a pretty comfortable disposable income.
I know buying their house using the discount might seem like a bargain, but your parents would lose their long term security and you would be tied in to a property with them for the foreseeable future, which could cause problems if you meet a partner and want to move out.

Sam1471

I would plan on keeping the house and continue living here. It would be nice to keep in the family as it has personal value as well as monatary.

Its just frustrating for someone in my situation having a significant amount of your income dissapear on rent when it could be invested. It feels like being peanalised for coming from a low income family who without me would be relying on housing benefit etc. The cost of living here has now put me a 5 figure number out of pocket. However if i went elseware on my earnings I would struggle to get by at all so I have no choice to continually pay out a significant proportion of my income.

Not sure about being added to tenancy, dont know the rules regarding this or what affect it may have

Sam1471

Also im 26

sparky130a

Sam1471 wrote: »

I am in a situation where I live with my parents (and have done for over 20 years) and they are both on pension credit. We live in a council house and due to the 'household earnings' rule I have to pay the full rent as it is based on my earnings and I have to submit my pay slips to show what I earn.

The tennacy agreement is in my fathers name and my parents have lived in the house for over 40 years so are entitled to a good right to buy discount. Can I buy the house as I have been living in the property for a considerable period? With the discount I would be able to get a mortgage that would be considerably less than the rent I currently pay yet have the added benefit of investing in a house.

My parents only recieve around £250 per week between them to live on and if i lived elseware they would have their rent and council tax paid in full for them. However due to my earnings I have to pay the bills as it is based on my earnings and they simply cannot afford it.

I know this is a long post but wanted to give a detailed description of the situation I am in. Ive spent hours searching forums for an answer but can only find posts from people wanting to buy their parents council house yet do not live there.

Any help would be much apreciated, Thanks .

Exactly who would this benefit?