Right to Buy, Outright

Trickytree2

Guerillatoker wrote: »

The only one that holds water is the repairs & maintenance - which is one of the things I was hoping people could help me gauge, as opposed to asking me to justify my change in circumstances (Which you don't seem to applaud after all, just mock).

I've already mentioned I would be happy to move out once I've purchased it. Seeing as me & my brother already decided to support my mum when my dad died I would be supporting her even if I moved out and didn't buy the house.

I know this is a foreign notion to many people but we're happy to support the woman who raised us to be in the position to afford this in the first place.

The point about divorce is a real one - the value of the property would be counted as a marital asset and so subject to the divorce settlement.


The question of repair costs depends on the condition of the property now - when were the windows replaced, what sort of windows are they, are there any flat roofs, when was the boiler and heating system replaced, how old are the electrics, what is the condition of the roof like, any damp issues etc, etc.


The ongoing maintenance costs shouldn't be too much but there will be fairly regular largish expenses - new kitchen, new boiler, rewiring, new bathroom, new windows. How frequently they occur depends on alot of things.


I think part of what upsets people is that you are seeing this as an investment rather than just somewhere for your Mum to live. If all you want to do is provide her with a stable place to live why not just gift her the cash and let everything be in her name and wait until her death for your share ? Sorts out all the various tax issues if you do it that way.

Guerillatoker

CocoLouie wrote: »

So even with a possibility in the future they you would be forced to sell (even if it is a very small chance), you are willing to put your mother at risk of being homeless for your own gain? You do know that your mother wouldn't get rehoused by the council if that happens don't you?


Also if your mother needs care after signing her share of the house over to your brother then the house could still be used for fees since it is deprivation of assets.


Hopefully your mother gets some independent advice on the matter so she knows all of the risks as you can only think of £££

My mother wants us to buy the house. We're not wrestling it out of her hands. I will have to discuss the risks with her in more detail.

Interesting that you infer all I can think of is £££ when I have made it pretty clear that I already finance my mum's lifestyle, so if I wanted to sacrifice her on the altar of profit I could just stop.

I'm still gonna pop you a thanks for bringing social care & deprivation of assets to my attention, though.

Trickytree2 wrote: »

If all you want to do is provide her with a stable place to live why not just gift her the cash and let everything be in her name and wait until her death for your share ? Sorts out all the various tax issues if you do it that way.

Now this is something I hadn't considered at all, thanks.

Sunny_Intervals wrote: »

These are exactly the kind of hypotheticals you need to consider, not for financial reasons, but for your mother's sake.


I knew someone who paid off his mother's mortgage and put her house in his name, with the intention of selling it when she passed. What he didn't account for was getting married several years later and then passing away shortly after separating from his wife. His mother nearly lost her home.

Bloody hell, is there any benefits getting married? Think I might have to resort to a poly-amorous lifestyle with all these risks!

CocoLouie

" I predict this going wrong in the future.

What happens if he needs his share for something?Originally posted by cjdavies"

Guerillatoker wrote: »

Well, that is certainly a risk but he will not be purchasing this with his life savings.

In that situation I suppose we would have to sell, which would be for substantial profit if it is not in the next couple of years.

Here is you looking at the ££££ :money:

HampshireH

Maintenance wise consider the following:

• When were windows/doors upgraded
• When was roof last done
• When was boiler last replaced
• When was kitchen/bathroom upgraded
• any structural defects to note

Once you have the answers to the above and factor in the various lifespans you should be in a position to establish future costs based on average lifespan (not emergency replacements)

Obviously decorating, general day to day maintenance and upkeep are general expenses.

This should go someway to your planning for future costs.

Don't forget once an application for RTB is made the HA cease all repair responsibilities.

lincroft1710

Guerillatoker wrote: »

Bloody hell, is there any benefits getting married?

Well, there's, erm and er, well let me think, there's, erm

Possibly not!

Guerillatoker

fairy_lights wrote: »

A lot could happen in the next 30-odd years.
Indeed you may rack up huge debts and need to sell, or you and your brother may fall out, or your mother might remarry, or you might marry and be forced to sell the house in a divorce. You might not want to think about hypothetical worst case scenarios now but what will you do if any of the above situations do happen? Where will your mother end up?
She would be far more secure NOT buying, than buying and risking ending up losing her home in old age.

Its not that I don't want to think about it, its just they mostly seem manageable risks, like skydiving. Perhaps I am being naive.

We fall out? - Well if one of us forces to sell, we would have to have fell out pretty badly with our mum, too.

Mother remarry? - Actually, this is a good question I didn't consider. Would her new husband suddenly have full rights to a property she bought before she met him? Surely not?

I marry? - If it means financial ruin, I just won't.


THAT SAID: You lot are bringing up risks I haven't considered, I am thankful for that. That is advice that I am happy to receive. The judgements I'm happy to argue. This is a financial advice forum, not The Wright Stuff.

CocoLouie wrote: »

" I predict this going wrong in the future.

What happens if he needs his share for something?Originally posted by cjdavies"





Here is you looking at the ££££ :money:

That is me looking at the apocalypse.

What kind of debt suddenly rears its head and demands a house worth of cash? Genuinely curious, maybe that is what I truly have not considered.

Pixie5740

Does your brother live in the property with you and your mother or is he just putting up the remaining money?

If it's the latter he could lend your mother, or you and your mother depending on how you want to do it, and place a second charge (the council will have the first) against the property to secure the loan. This would protect the money in the event that your mother requires care later in life, or if your mother decides to get a toyboy and leave him everything in her will, or if you get married and divorced, or whatever other what ifs you can come up with.

Guerillatoker

Pixie5740 wrote: »

Does your brother live in the property with you and your mother or is he just putting up the remaining money?

If it's the latter he could lend your mother, or you and your mother depending on how you want to do it, and place a second charge (the council will have the first) against the property to secure the loan. This would protect the money in the event that your mother requires care later in life, or if your mother decides to get a toyboy and leave him everything in her will, or if you get married and divorced, or whatever other what ifs you can come up with.

Aye, it is the latter. Thanks for the advice.

I don't suppose you could direct me to a source or just what I would need to type in google to get more info on this arrangement? Nae bother if not.

Pixie5740

It's a private mortgage as opposed to one with a commercial lender like Halifax etc.

CocoLouie

Guerillatoker wrote: »

That is me looking at the apocalypse.

What kind of debt suddenly rears its head and demands a house worth of cash? Genuinely curious, maybe that is what I truly have not considered.

You know there are risks but you deem them manageable. Why take even the smallest of risks at all when it comes to your mother having a roof over her head? How does this benefit anyone other than you or your brother?


Plenty of reasons why someone would need money from a house: divorce, have children and need a bigger house themselves, get sick or have an accident and can no longer work, redundancy, gambling problems, fall out with other owners/tenant, care home fees, additional stamp duty to pay.