Right to buy Question

Caroline_a

Do you know how much the house would cost OP? And how much do you and your mother earn? There would of course also be the usual costs for buying a house, conveyancing etc. - do you have savings for this?

GreenSnake

mummysboy12354 wrote: »

mums not old still got 15 years till retirement. I understand its just a gamble basically.


why would council sale it? if we own it ?
will be getting a mortgage but unsure if i can do the finance by myself even though mother will be on the right to buy.

The rules will say you need to give up your own council tenancy, as you will be named on the RTB application form.

I was talking about the council possibly wanting you to sell the house to pay for your mum's care home fees, but it sounds like that's a long way off.

So you don't mind living with your mother for a long time?

Your posts are quite inarticulate. Obviously it could just be your predictive text, but it gives the impression you are uneducated. That may be why some others on here will not take you seriously.

Having said that, some of the richest people I know can barely spell their own name!

mummysboy12354

Cakeguts wrote: »

People who own houses have to sell them to pay for care home fees if they need a care home. To be honest your mum buying her home means that she would be more at risk of becoming homeless than if she remains a secure tenant. Owning a home opens up risks of losing it if you lose a job or become unable to pay the mortgage. There are no benefits to pay a mortgage. If you are renting a council home you get benefits to pay the rent if you are not working. If you own the home and you lose your job there are no benefits to pay the mortgage that is why owning an ex council house is more risky than remaining a council tenant.

Buying a council house where someone who is not good with money will have to pay a mortgage is a really really bad idea.

Your correct.

Cakeguts

mummysboy12354 wrote: »

Investment no? isnt that why people buy properties hers is probably worth more than mine. and would be good investment. would be nice for it to remain within the family. as she cant do as she has bad credit. but i understand everyones advice. I may just be young But im just asking a question and im open to advice

This is what you have to consider. Your mum has bad credit. That is because she isn't good at handling money. So if she buys her council house she will be a risk of losing her home because if she can't budget for the mortgage or if she loses her job and can't pay the mortgage the mortgage company can repossess the house and evict your mother. I don't think you would want that?

If she gets evicted the council will not rehome her because not paying a mortgage comes under making yourself intentionally homeless because if you can't afford to pay a mortgage you are expected to sell the house. If your mother loses the house and gets evicted she won't get another council house what she will be expected to do is to rent a room in a shared house. This is one of the reasons why it is a very very bad idea for someone with only 15 years to retirement and bad credit to buy a house. At the moment she has got a secure tenancy for life. She can stay there as long as she likes but once she buys it all these risks arrive.

The same applies to you if you buy your house and can't pay the mortgage. Secure council tenancies are really something that people should not give up without a lot of thought and careful planning to take account of the what ifs.

Red-Squirrel_2

mummysboy12354 wrote: »

Investment no? isnt that why people buy properties

No they buy them to have a secure home. A council tenancy is more secure than a mortgage so you and your mum both already have that.

Caroline_a

Very good points from Cakeguts. In addition, you and/or your mother will be liable for any repairs that the council now pay for. So, boiler repairs/replacements, roof and gutter repairs, etc etc. These can get very expensive, and without a chunk of savings to call on for these situations you and your mother could be in trouble.

GreenSnake

So what's your job OP?

Don't mean to sound rude, but there can't be many employment opportunities for someone with plastic legs and poor grammar.

You really need to get some advice from someone who knows your circumstances better.
I'd start with your bank manager.
Ask for a mortgage agreement in principle.

GreenSnake

mooCakeguts wrote: »

This is what you have to consider. Your mum has bad credit. That is because she isn't good at handling money. So if she buys her council house she will be a risk of losing her home because if she can't budget for the mortgage or if she loses her job and can't pay the mortgage the mortgage company can repossess the house and evict your mother. I don't think you would want that?

If she gets evicted the council will not rehome her because not paying a mortgage comes under making yourself intentionally homeless because if you can't afford to pay a mortgage you are expected to sell the house. If your mother loses the house and gets evicted she won't get another council house what she will be expected to do is to rent a room in a shared house. This is one of the reasons why it is a very very bad idea for someone with only 15 years to retirement and bad credit to buy a house. At the moment she has got a secure tenancy for life. She can stay there as long as she likes but once she buys it all these risks arrive.

The same applies to you if you buy your house and can't pay the mortgage. Secure council tenancies are really something that people should not give up without a lot of thought and careful planning to take account of the what ifs.

Totally agree.
I've seen people end up in poor quality HMOs, towards the end of their working lives. It's an awful aspect to our country, but unfortunately things are getting worse.

One guy I was in school with worked hard as a labourer, but ended up in a filthy HMO with a junkie upstairs and a girl who sold herself to taxi drivers in the room next door.

I pointed out that looking on the bright side, at least he never had any problems getting a taxi to his house!