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how can we buy next door flat?!
upferret
Posts: 691 Forumite
Hi, let me explain. we live in a 1 bed concrete build flat on the first floor. Our next door neighbour was going to but his flat from the council but he cannot get a loan/mortgauge as it is labelled "defective" because it isnt a traditional build. So next week his is going to give his notice in to the council and give it up. My inlaws would like to buy it, is there any way of using our neighbours right-to-buy to buy it in their name? If they do would the current tenant have to live in it for a certain amount of time before changing it into their name? failing that would the council be willing to sell it to my inlaws even though they dont have the right to buy? (Im not sure of the councils stance on "defective" property)
Thanks for any help
nic
Thanks for any help
nic
November £10 a day challenge. Im starting early- 66p so far!
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Comments
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You're in-laws don't have a right to buy it... why should they be allowed to buy it?
What have you in-law done to deserve a discounted house? Have they cured cancer?
Right-To-Buy should be banned, we don't have enough social housing as it is, the last thing we need is even more of it being sold off at a discount to people who just see it as a way to easy money.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
why would your inlaws want to buy this flat .
They could never sell it again if its defective0 -
Do you know what type of concrete construction the property is? The reason I ask is that certain types are mortgageable, not all lenders will lend on it but there are quite a few that do, if you could find out what type it is then I can find out if it's mortgageable or not.My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
Do you know what type of concrete construction the property is? The reason I ask is that certain types are mortgageable, not all lenders will lend on it but there are quite a few that do, if you could find out what type it is then I can find out if it's mortgageable or not.My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0
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Hi to the op
You have been registered since 2004 and therefore I take your question as genuine.
It is not possible for you or your family members to benefit from you neighbours right to buy or right to acquire.
However as has been said the property (flat) probably is mortgageable having regard to the discount that would be available.
If your neighbour then wanted to rent out the property to your other family members then that should also be possible but it would be say 5 years before it could be sold without a clawback from the council.
It is likely that any deal you might want to enter into would be unenforceable before the end of the 5 year period.0 -
You're in-laws don't have a right to buy it... why should they be allowed to buy it?
What have you in-law done to deserve a discounted house? Have they cured cancer?
Right-To-Buy should be banned, we don't have enough social housing as it is, the last thing we need is even more of it being sold off at a discount to people who just see it as a way to easy money.
Have you got a job?0 -
how many floors in the block ? this is also a serious factor in whether it is mortgageable.0
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Yes he has, he's either an AP or a SA IIRC. (starts everyone who doesn't know what they are thinking of suitable answers :rotfl:)Have you got a job?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
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Obviously, nobody other than the sitting council tenant has the "right to buy" this property.
I am guessing that the exterior facades of the flat consist of precast walls. Some older precast elements are known to be defective, due to ASR (concrete cancer), and no lender will ever lend against such properties.
Repair of these defective panels usually consists of replacing them with traditional masonry walls. This is done quite succesfully on houses. However, for blocks of flats, I do not think it would be economically viable.
Why would anyone ever consider buying such a property?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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