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RTB: Housing Question
dp93
Posts: 9 Forumite
Shouldn't of bothered typing a thing. 
0
Comments
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How will your mum afford maintenance?
Do you have siblings?
If she has been paying low/subsidised rent, how come she hasn't got savings? Low income? Just curious as to why you think that means not only cheap rent for her, but to also allow you (a non-tenant) to be given the house when she dies (presumably to sell)?
Why don't you use your savings to buy yourself a house that you have 'earned'?
Why move back with your mum? Again, it seems to be in your best interests, certainly not hers. Why can't you just rent or buy?
Not a dig, honestly, I am just trying to understand.
If you gift her the money, she will own it. There's no 'technically you will both own it'. Lending may be an option. I don't know their restrictions.
Check out this thread (although, like you say, there are plenty of others):
https://forums.moneysavingexpert.com/discussion/5183835/can-i-buy-my-parents-council-house2024 wins: *must start comping again!*0 -
There are several things here that you have not considered which are not of benefit to your mother.
1 She has a home for life at the moment that is maintained by the council.
2 As an owner she will become responsible for the maintenance of the house. If you give her the money to buy it because she doesn't have any money she will have to ask you for money to pay for new boilers, plumbers, roofers, etc. Many parents would be embarrassed to have to ask their children for money. You take away her dignity.
3 As an owner if she needs sheltered housing she will have to buy it. As a council tenant she could be offered a council sheltered housing flat instead of the house.
4 If you have enough money to give her to buy this house you also have enough to put down a deposit on a house on the open market.
5 You cannot get a mortgage on this house because you do not have the Right to Buy. The only person who can get a mortgage is your mother and she won't because she doesn't earn anything.0 -
If you gift her the money for the house it is her house.
You will not be able to put a charge on it to 'get your money back' if she needs care.0 -
Right okay so what if I 'borrow' her the money with some sort of stipulation just to cover the initial outlay. I'm only asking because im pretty sure ive read something about it in the past, that it can be covered in some form of contractual agreement of some sorts, that it is not needed to pay back unless the house is sold basically.
You would not be able to get in ahead of the council. They will take priority over it to pay for her care, as it will be her money. You will be a secondary creditor and you would get back whatever was left once her care was completed and she, sorry to say, died.
If you have read something which states you can do that, then I suggest you find it, but you cannot. That would be far too easily abused in the situation you describe, and no one would ever pay for care.0 -
Your mother could write a will leaving you as the sole beneficiary of £x amount, and leave the rest to be split equally, or something to that effect.0
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looking after her doesn't hurt shes looked after me all of her life after all.
You must be joking right?! What part of your scheme actually benefits her in any way? I've read this whole thread top to bottom and back to front and I can't find a single advantage for her to you buying the house.Know what you don't0 -
People talk rubbish when it comes to right to buy. You are better asking the council and/or doing your own research.
For example, if you live there for a year, you can buy the house jointly with your mother. You do not have to be a tenant yourself. Look it up.0 -
When mum owns her own home she may mysteriously become very attractive to gold-diggers (you clearly aren't one of those..), hooks up with a toy-boy, marries, boots you & any siblings out and leaves everything thing to the nice young chap.
What's not to like, eh?0 -
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Thanks Fairy.ABCDEFGHIJKL:jNOPQRSTUVWXYZ0
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