We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Anything stopping me buying parents' council house?
Options
Comments
-
Running_Horse wrote: »That's an interesting concept. You go to the estate agent for a valuation, and along comes a government official and orders you to sell for less. Not exactly a vote winner, but it could work...in a communist country.
Although it could be argued that is what happens with right to buy; council values a property, and government orders them to sell it for less than it is worth, while not letting them replenish the stock for the next generation, thus forcing up demand and prices in the free market.
You are right sorry I did not make my point clear enough. What I should have said is that the government should be looking at indirect policies in order to prevent property from reaching a level unachievable by first time buyers(some would argue we are already there).November £10 a day challenge - started 10th November
Current total: £00 -
Good point Lynz other than there are tax implications of giving a "gift" of this size.November £10 a day challenge - started 10th November
Current total: £00 -
Good point Lynz other than there are tax implications of giving a "gift" of this size.
tax isnt my strong point, but I guess that the tax payable would be muich less than the amount of interest & fees etc of paying a mortgage over such a long term?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
It isnt mine either
so I'm not sure!! November £10 a day challenge - started 10th November
Current total: £00 -
Inheritance tax implications if the donor doesn't survive 7 years. Maybe longer if the revenue consider it a gift with reservation.
The problem comes if the property needs to be sold or repossessed for any reason. You may not be able to get your money back. I don't think the council will automatically allow a charge on the property, except a legitimate mortgage, while they still have the charge for the discount.
Once you give the money and they buy the house, you have no control. Wills can be changed; peoples health can change; they can use the house as security for loans; dodgy deals, divorces, remarriages and other children crop up.
The theory is fine, in practice you have to put a hell of a lot of trust in future events, for what seems at the time a straightforward act.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Agreed. And the answer is probably not to build more council housing. The problem is the cost of land. The government could buy up land at agricultural rates and allow indiviuals to build cheap new homes. No doubt some would abuse the scheme and sell for a quick profit. But that is another debate for another time.You are right sorry I did not make my point clear enough. What I should have said is that the government should be looking at indirect policies in order to prevent property from reaching a level unachievable by first time buyers(some would argue we are already there).Been away for a while.0 -
Running_Horse wrote: »Agreed. And the answer is probably not to build more council housing. The problem is the cost of land. The government could buy up land at agricultural rates and allow indiviuals to build cheap new homes.
That's effectively happening now - exception sites for affordable housing.Warning ..... I'm a peri-menopausal axe-wielding maniac
0 -
Montag's solution: You can build anywhere you own (save sites of SSI etc), provided it is your only residence. You could add local rules like it must be in keeping with the area, not more than two stories, etc. However, here's the clincher - if you sell in year one, you can look forward to crippling 100% CGT, tapered down to 0% after ten years.Running_Horse wrote: »Agreed. And the answer is probably not to build more council housing. The problem is the cost of land. The government could buy up land at agricultural rates and allow indiviuals to build cheap new homes. No doubt some would abuse the scheme and sell for a quick profit. But that is another debate for another time.
I'd also impose crippling taxes on empty properties & unused urban land."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Running_Horse wrote: »Why blame the council who have no right to stop what is happening, or replace depleted housing stocks?
And why blame the tenant who has been given this option of RTB ?Good manners cost nothing -Bad manners cost friends !Murphys No More Pies member #2130 -
For the umpteenth time, the OP is not the tenant. That is the problem.Sugarplumfairy wrote: »And why blame the tenant who has been given this option of RTB ?Been away for a while.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards