Right to acquire with no income

HampshireH

Also the HA are not going to allow your sister to buy the property. They don't just sell off stock. If they want to buy you a home they should probably hit up right move and start there.

theartfullodger

Whangarei wrote: »

...........I am unemployed, in receipt of benefits and have no proof of income from employment ...............

Do you mean you are employed (perhaps cash-in-claw) but have no proof of that income (understandable..). If so there's an easy way to prove it...

Best of luck with your plan: Can't understand how there would be a tenancy with you being the owner...

VintageHistorian

As others have said, your sister won't be able to buy with your discount (why would she, it's not her tenancy) and you won't be able to get a mortgage if you're unemployed. If they gift you the money for a deposit then chances are it'll effect your benefits, and your mortgage lender (if you managed to find one) would be wanting legal guarantees that the money is a gift and that you can afford the repayments yourself. You won't get housing benefit for a property when the mortgage is on your name.

While it's nice of your sister and her family to help out, it can all go very wrong very quickly. What if five years goes by and you're still out of work? What if they both lose their jobs next year and suddenly need that money back? Will they be able to continue to pay for your place, or will they prioritise their family bills over yours?

Right now as a housing association tenant, all your repairs will be carried out for you. Drunk idiot comes round a corner too fast and smashes in to your wall - housing association will have it repaired. Bad storm sweeps by and rips the roof off the property - housing association will have it repaired. They'll rehouse you while the work is being done, because they have to. While your family say they'll handle the repairs, where will you live in the meantime? Will they be willing to pay for you to privately rent somewhere else? Will they even be able to afford it?

Also remember that if you give up your tenancy now in order to buy, you'll be at the back of the queue if it all goes wrong and you end up homeless. Back to your sister and her husband losing their jobs - if they have to let your place go in to arrears then the bank will mostly evict you in order to sell. Good luck getting another house through the local authority, they're not going to prioritise you.

Family matters can go very sour very quickly when money is involved. Think very, very carefully about whether you can guarantee that you'll still be a happy family if something goes wrong in the next few years.

Whangarei

HampshireH wrote: »

I'm not convinced that anyone other than you can get a mortgage on a RTA property as any discount is yours. Bit like RTB. Someone more qualified will come along and advise.

It would be like your sister buying the house and benefiting from the discount which wouldn't be right.

Totally understand where you're coming from but she won't be benefiting from anything at all because she will neither live in the house or have ownership in due course, in fact she is losing out if anything as she (they) will be stumping up large amounts of their hard earned cash do this.

HampshireH

She will be benefiting from being the owner of a property she isn't entitled to a discount on.

HampshireH

If her and her husband buy you a house (Any house because they can't buy yours) and anything were to happen to their relationship it would be divided ul. The house would become part of any separation proceedings. Etc . Obviously hope that doesn't happen.

But it could...

Whangarei

pinkshoes wrote: »

Don't forget that in having this money gifted to you, your benefits will be stopped. (And not declaring having received such a vast sum of money would be fraud...)

How do you then intend on providing for you and your daughter? Are you able to get a job?

You need to see the NOW picture, not just what you can leave for your daughter a couple of decades later.

Oh yes, definitely declaring everything to the relevant bodies, I am so about doing everything legally hence why I get advice first. I am currently looking for a job to tide me over and hopefully secure a job that pays both mortgage and living expenses. In the mean time my sister is happy to help me out financially.

Cakeguts

If you are so sure that you will get a full time job why can't you wait until you do?

seven-day-weekend

It will have to be be bought in your name with your name on the deeds, with money that has come from your bank account, whether that be with your relatives gifting it to you, or through a mortgage in your name only. No-one without the right to acquire can go on the deeds. The house will belong to you and you only. Do your relatives understand that?

Slithery

Your sister could remortgage her own property to raise some cash, and then lend you the full amount needed for your RtB as a personal mortgage with a charge put on the property. Then just pray she never gets divorced and has to repossess.

If I were you though I'd forget all about your scheme until you're earning enough for the mortgage and deposit yourself. That's what everyone else has to do.