We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying my family council house - help
ambitiouspanda
Posts: 68 Forumite
My parents have asked me to buy my family home. We’ve been paying rent to the council for over 20 years. Apparently if we were to buy we have an equity of £100k due to some kind of council housing scheme. The council apparently would put down £100k and we would add a small fee of some sort. Has anyone experienced this? The property would be in my mother and i’s name.
**2018 G O A L S**
[STRIKE]1) Pay off overdraft[/STRIKE]
2) Pay off credit card by November 2018
3) Begin 2019 debt free and be debt free for the rest of my life!
[STRIKE]1) Pay off overdraft[/STRIKE]
2) Pay off credit card by November 2018
3) Begin 2019 debt free and be debt free for the rest of my life!
0
Comments
-
Ask the council for details of the scheme. Is it the right to buy?0
-
Why would your parents want to give up a secure council tenancy?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You are most likely referring to the Right to Buy scheme. Only tenants are able to purchase their council home under the Right to Buy.
Speak to your local Council; they'll have a dedicated team that can advise.0 -
Thank you very much!! Will call them.**2018 G O A L S**
[STRIKE]1) Pay off overdraft[/STRIKE]
2) Pay off credit card by November 2018
3) Begin 2019 debt free and be debt free for the rest of my life!0 -
"My family council house"? Surely state asset ,built and paid for by taxpayers?0
-
Funded by loans repaid often many times over by rental income. Not paid for by taxpayers.theartfullodger wrote: »"My family council house"? Surely state asset ,built and paid for by taxpayers?
Council housing is owned by the council and by law has separate accounts, The Housing Revenue Account. It cannot fund other council spending or be funded by separate means.0 -
OP - you may want to have a look at the responses (and unanswered questions) last time you posted about this
https://forums.moneysavingexpert.com/discussion/5591185/should-i-buy-a-house-with-my-mother0 -
ambitiouspanda wrote: »My parents have asked me to buy my family home. We!!!8217;ve been paying rent to the council for over 20 years. Apparently if we were to buy we have an equity of £100k due to some kind of council housing scheme. The council apparently would put down £100k and we would add a small fee of some sort. Has anyone experienced this? The property would be in my mother and i!!!8217;s name.
If the property is in London and your discount (which is capped at70%) is 100k, so unless you consider 70k a small fee...
More like a large mortgage....0 -
Has the relationship with your mother improved?
https://forums.moneysavingexpert.com/discussion/5464023/live-with-toxic-parents-in-order-to-buy-or-rent-save-then-buyAll shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
Has the relationship with your mother improved?
https://forums.moneysavingexpert.com/discussion/5464023/live-with-toxic-parents-in-order-to-buy-or-rent-save-then-buy
It is hard to say because I have since moved out from home and I am in therapy. None of my siblings are showing any interesting in buying this home and I would like to buy. It seems like a good opportunity to get on the property ladder but I have some reservations about her controlling behaviour from time to time. But rest assured if I was to go ahead it would be my property/mortgage. I am not rushing into anything. I just want to collect the facts and make an informed decision. I am only 25 and the opportunity to buy a big home in Greater London seems plausable considering the way things are going. If not, I was saving towards buying a home in Essexs.**2018 G O A L S**
[STRIKE]1) Pay off overdraft[/STRIKE]
2) Pay off credit card by November 2018
3) Begin 2019 debt free and be debt free for the rest of my life!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards