Buying my family council house - help

marliepanda

ambitiouspanda wrote: »

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.

How can it be 'your house' if your parents live there? (Im not sure you can buy it in your own name if you dont live there anymore...)

You've moved out and are having therapy, but now want to commit to living with your mother/paying for your mothers house for the next however many years.

You are one person. Why do you need a big home, especially one that is currently occupied by your parents.

margaretclare

I think that only the tenant - your mother? - has RTB (right to buy).



Depending on the number of years she's been a council tenant she can get a discount on the price of the property.



It can't be in the name of you and your mother as you don't live there. If your mum is the tenant it can only be in her name.


The RTB scheme was not set up to give descendants who don't live there a leg-up on to the property ladder, but to give security to existing tenants.

theartfullodger

margaretclare wrote: »

........The RTB scheme was not set up to give descendants who don't live there a leg-up on to the property ladder, but to give security to existing tenants.

Thought RTB was there as a bribe to buy votes.... and cripple council housing finances: Thatcher passed legislation meaning proceeds of sales could not be used towards new council housing.


Best wishes to all, including those who disagree with me.

Robin9

If you were living at home when your mother dies then I think the tenancy can be transferred to you but not the RTB straightaway

Red-Squirrel_2

margaretclare wrote: »

The RTB scheme was not set up to give descendants who don't live there a leg-up on to the property ladder, but to give security to existing tenants.

I agree with the first part of your sentence, but actually RTB reduces the security of the occupiers.

RTB was set up to turn labour voting tenants into tory voting homeowners.

oystercatcher

ambitiouspanda wrote: »

I But rest assured if I was to go ahead it would be my property/mortgage. .

So where would the rest of the (toxic ? )family live ?

Marvel1

Caz3121 wrote: »

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-mother

Oh dear, it's not good:

ambitiouspanda wrote: »

I am saving towards a mortgage but the house I grew up in hasn't been bought by my mother or father. It's a 3 bedroom home, 2 bathrooms, front and back garden and with a garage. The house is huge and it's in Greater London.

Issue is my mother is a headache at times and me buying the house with her would be for me and my three other siblings 1 who doesn't want to contribute and two others who arent necessarily in the position to help (final year uni/a levels).

I think buying the house of the council would be great as they offered and have a scheme for people who've stayed in the property 15+ years.

I think it would be good, a few renovations, turn the garage into a new bedroom etc.

What do think? My concern is the personal relationship risk etc... But it's a great opportunity to jump into the property ladder..

Any thoughts?

Marvel1

ambitiouspanda wrote: »

The property would be in my mother and i’s name.

ambitiouspanda wrote: »

But rest assured if I was to go ahead it would be my property/mortgage. 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.

Best save for your own.

What will happen to your Mum's half when she passes away?

margaretclare

Red-Squirrel wrote: »

I agree with the first part of your sentence, but actually RTB reduces the security of the occupiers.

RTB was set up to turn labour voting tenants into tory voting homeowners.

I didn't want to get into the politics of it. I've learned a bit about RTB recently as my eldest GD is in process of buying hers. But I've read on these forums people who want to buy their parents' council house, for whatever reason. Sometimes as an investment! That was not the idea.

foxy-stoat

ambitiouspanda wrote: »

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.

So you wont be trying to buy it then.

You luck in getting on the property ladder with your own home in Essexs.