Right To Buy Scheme after Succession 4 years ago

da_rule

I’ve just had a thought OP, is your tenancy with YHN or Newcastle City Council?

If it’s YHN then you may not have the right to buy but may have the right to acquire as YHN are a housing association not a local housing authority. Under right to acquire, the discount is capped at £16,000.

This may have been why they were happy for you to become a tenant in place of your mum, as she would probably have had a preserved right to buy stemming back to when the City Council transferred their housing stock to YHN.

[Deleted User]

If living in council accommodation is costing you £100 a month and this is hurting you.., and you would move to a smaller place if you bought and then rented out the council accommodation.., I wonder if you'd be better off just moving to the smaller place now? You wouldn't be paying out £100 a month for extra bedrooms then.

I am not overly sure you realise how complicated what you are thinking of doing is (being a LL is not overly easy, there's a lot to learn, how would you cover void periods whilst still paying the mortgage, pay for damages - tenants can wreck a place, would you manage it yourself or would you pay agency fees to manage it for you, how much do you know of the legal requirements of being a LL)? Student rentals are often basically furnished.., could you manage that, and furnish your smaller rental?. Then there's the tax. And loss of your benefits. Renting is not the money earner it was.

Particularly if you aren't sure if you have succeeded to the tenancy. You have a lot of optimism, don't blame you for that, but sometimes optimism can lead down a fool hardy road because people tell themselves things they don't want to consider couldn't possibly happen (because it makes what they want to do unaffordable), and then they do. I'd advise doing a lot more research.

csgohan4

Upkeep and maintenance of a leasehold is not cheap, be warned




https://forums.moneysavingexpert.com/discussion/5856039/service-charge-being-billed-for-5000-major-works




https://forums.moneysavingexpert.com/discussion/5789909/new-roof

Harkness

It is with YHN yes, You'v all given us so much to think about thank you all so deeply for all your help,

deannatrois thanks we would not be hiring an agency, Iv managed many lodgers in the years previously so im not too fresh to renting and managing students, But I will be fresh to buying to rent without me living with them,

We have a 2k saved up for this exact reason furniture, emergency repairs or charges things like this but of course i know this is not enough and we will be saving loads more for emergencies.

I couldn't even entertain the idea of downsizing now for no reason other than money, not only would I lose my discount id lose our families home, its a very sentimental house for us all. And in a prime central location, Im happy to pay for empty bedrooms if it meant i get to keep the house. Also we have put far to much money into the house just had a bathroom suit installed, flooring, rooms and bathroom up in the loft plus a staircase coming down. easy we have put in over 5k in the years so i would say its more than just trying to get a better money situation. Im practically un-hireable due to my disability puts a lot of employers off me so they only way i can think to up my life and for my kids and my partner would be to get on the property ladder and work for myself Im aware this is a pipe dream for someone like me but im not going to rest until i dont need to rely on tax payers money to live a nice life im sure many people can agree with me for this very important reason.

Thanks again all the level of detail and ino i get from you all is amazing

Harkness

Its not hurting us at all to pay the extra 100 per month for the bedrooms, we do use them for storge now but previous years i took in lodgers with help from YHN

Lioness_Twinkletoes

Looks like your discount might only be £16k.

It's a ridiculous idea anyway, it is clear the OP hasn't thought it through properly.

Harkness

if wanting a real life is ridiculous then your totally right im so ridiculous this must be unheard of.

Harkness

yhn.org.uk/right-to-buy-information-for-secure-tenents-2

not a reply this is for later

fairy_lights

Harkness wrote: »

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.

This all sounds woefully naïve.
If you can't work how are you going to be able to pay for repairs and service charges?
If you rent out the house - how are you going to be able to afford your mortgage payments AND rental on another flat based on the income from one rental property. Not to mention the possibility of your tenants not paying rent, trashing the place etc.

Caz3121

the questions you are asking are answered here. Eligibility, discounts etc
https://www.yhn.org.uk/manage-my-home/buy-my-home-2/