Right to Buy - £80K property, 50% discount

3 Posts
Hi there,
I got an offer to buy the council flat I live in.
It's worth £80K and I get 50% discount, so I have to pay £40K.
I tried to get a mortgage, and I had a decision in principle, but the flat I live in, didn't meet the banks criteria for a mortgage, so they refused it in the end.
So my brothers are trying to help me buy it.
I got 40% of the money. I'm borrowing 60% from my 2 brothers - they are helping me out without conditions.
My questions are:
1- Will it be a problem if I borrow most of the amount required? It's all legit money. My brothers have been working and saving for many years.
2- If I do purchase the flat, is it likely that the council will refuse to buy it back in future?
3- Are there different criteria for 'borrowing' and 'gifting'?
I got an offer to buy the council flat I live in.
It's worth £80K and I get 50% discount, so I have to pay £40K.
I tried to get a mortgage, and I had a decision in principle, but the flat I live in, didn't meet the banks criteria for a mortgage, so they refused it in the end.
So my brothers are trying to help me buy it.
I got 40% of the money. I'm borrowing 60% from my 2 brothers - they are helping me out without conditions.
My questions are:
1- Will it be a problem if I borrow most of the amount required? It's all legit money. My brothers have been working and saving for many years.
2- If I do purchase the flat, is it likely that the council will refuse to buy it back in future?
3- Are there different criteria for 'borrowing' and 'gifting'?
0
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Replies
the solicitors will perform money laundering checks re the source of the funds.
https://forums.moneysavingexpert.com/showthread.php?t=5932721
https://forums.moneysavingexpert.com/showthread.php?t=5946603
https://forums.moneysavingexpert.com/showthread.php?t=5817694
Also owning a house is expensive, maintenance, new boilers e.t.c
https://forums.moneysavingexpert.com/showthread.php?t=5856039
https://forums.moneysavingexpert.com/showthread.php?t=5789909
If your the leaseholder your going to be at the freeholder's mercy
G_M/ Bowlhead99 RIP