Right To Buy Scheme after Succession 4 years ago

[Deleted User]

If you live in a flat and get hit by high refurbishment or repair charges you will lose much more than you are gaining by not paying an extra £100 a week in rent. Google this.

Not sure how PIP will give you a high enough mortgage amount to buy a 3 bed flat.

Amara

deannatrois wrote: »

If you live in a flat and get hit by high refurbishment or repair charges you will lose much more than you are gaining by not paying an extra £100 a week in rent. Google this.

Not sure how PIP will give you a high enough mortgage amount to buy a 3 bed flat.

Newcastle is the cheapest large city in UK and OP will have a discount. I don't know how much Op's grant is, but it can be doable.
OP, apply for your Right To Buy and you''ll know for sure. You don't have to proceed if you realize you can't afford and you won't loose your tenancy for enquiring.

Harkness

wowooo thanks everyone for all the answers youv answered everything i needed to know, i think now it will just depend on YHN internal policies if it counts this way or not, I will get in touch with them is my next step, im not sure about successions being for only deaths but though im fairly certain this is what me and my family where fighting about in court when i was attempting to succeed it from her with YHN and im still here 4 years later so im just assuming she won it on my behalf i wasnt there myself so i dont really know how it all went down but im told I succeeded the tenancy from her.

I wasn't named on the tenancy previous to succeeding it but it was our only residence since 2003

My rent is roughly 360 pm with my disability money covers about 260 of that something to do with extra rooms so I need to take roughly 100 from my pips to give to the rent to make it up right, house is top condition though no refurb needed and once out of my tenancy i will hire any builders myself whenever something needs fixing that i cant do. Im thinking for my future and my kids futures not just mine though, This will be the first step for me to get on the property ladder, once mortgage is paid then we will move smaller place and rent this one out to students for newcastle uni and i will be truly self sufficient and be able to support myself and my family all on my own. Its more than just saving 100 extra cash a month, Im wanting to build something much bigger for my life my partner than i am able to do now. I expect most months we will pay more so that it goes faster xD

Thanks again everyone so much for all your help understanding this. my next step is to send of the RTB1 form and pray they let me have the years haha

H

Slithery

You can't just simply compare your monthly rent with a monthly mortgage payment like that and say you'll be saving £100/month.

Buying this property will come with several other ongoing costs that need to be accounted for - service charge, insurance, maintenance, ground rent, etc which are all currently paid for you by the council.

You need to crunch the numbers properly before you can decide whether or not it's a financially viable idea.

da_rule

Op, it won’t depend on any Council policy. The Right to Buy is governed by the Housing Act 1985.

Schedule 4 of the Act sets out that time counts towards your eligibility and discount if you were a tenant or a spouse/civil partner of a tenant. You were neither. As such, your discount will be based on the amount of time you have actually been named on the tenancy (and therefore been a tenant).

Harkness

Thanks Slithery I do know about some of the extra charges that come with buying a property but of course not all of them and it was just an estimate of the savings we would have while in a mortgage of course when we know all the full information and charges we will both sit down and figure everything out to the penny, even if it means not putting in the rtb for another few years its not something we are just rushing into blindly a lot of thought and money is being put into this decision and i have help from an amazing family if any problems come along. Thanks for all your help

Harkness

Thanks a lot da_rule youv been a big help

da_rule

The one plus side of leasehold Right to Buy is that they have to give you a 5 year estimate of service charge. This then acts as a cap (i.e. they cannot charge more than the estimate for the first 5 years). Also, the ground rent is capped at £10 per year.

Ratkin007

It sounds like you don't know if you actually have the tenancy. If the tenancy was put in your name you should have signed documentation i.e deed of assignment. It is the case successiion is when the tenant dies, you have not succeeded to the tenancy. Are letters from YHN addressed to yourself or your mum. You do just need to apply and will get the confirmation direct from the Landlord. You can withdraw at any point.

Harkness

Thanks Ratkin007 i will be and yes i am sure its my tenancy for about 4 years i have my agreement im just not sure weather succession or transfer or what happened im told by my mom it was a succession but if its only the case with deaths it cant have been that either way YHN where happy to let me take over. Thanks