can my daughter buy our council house

AdrianC

wubbzy wrote: »

she is only 18

Will she really be able to get a mortgage?
Does she have any equity saved up?

and is not on the tenancy

Then she can't. End of.

i understand mainanence costs

OK, good.
And the risk?

we would obviously be paying rent as we are now

Woah up... I thought she was going to be living with you?

i was trying to help her get a good start, something we didn't have, i thought if she could use our discount it would help her that was all

The two questions that matter...
1. Does she really intend to spend the rest of your lives living with you?
2. If not, isn't she going to want to sell and buy her own home? Remember that she probably won't be able to get a BtL mortgage with her parents as tenants - especially not without being a home-owner, and she'd have to pay +3% SDLT and not get the usual FTB incentives as and when that time comes.

Mickygg

So basically you want a good start in life for your daughter so she can buy your house at a huge discount and then sell after 5 years at full market value? I don’t know the answer but damn I hope it’s not possible.

Annisele

wubbzy wrote: »

myself and my husband are not in a position to be able to buy our council house which we have lived in about 18 years.

To go back to the beginning - are you sure that you and your husband are not in a position to buy? (I.e. have you checked with a mortgage broker?)


Sometimes people will say they can't buy because they have bad credit. Sometimes those people mean they're undischarged bankrupts, in which case they're right. But sometimes they just mean that they once paid a phone bill a bit late.


It would also be unusual for an 18 year old to have enough income to support a mortgage. Not impossible, if the 18 year old has a very good job or if the house price is very low - but unusual.

AdrianC

Mickygg wrote: »

So basically you want a good start in life for your daughter so she can buy your house at a huge discount and then sell after 5 years at full market value? I don’t know the answer but damn I hope it’s not possible.

I don't think the OP wants the "sell in 5yrs bit"...

Wicked_Lady

Why don't you just continue to rent the property and let your daughter save up for a deposit to use as and when she wishes? It's likely to take her many years to be honest.

It also has the benefit of keeping the house in the LA/SH rental sector when its no longer needed so that some other needy family can benefit.

Cakeguts

wubbzy wrote: »

myself and my husband are not in a position to be able to buy our council house which we have lived in about 18 years.

our daughter will soon be able to buy a property, we were wondering if she would be eligible to buy our house if she continued to live in it with us for a while, also any chance our discount be able to be passed onto her or not, thank you x

This is not the way to help her.



For a start if she is only 18 she probably doesn't want to have a huge debt that will last for 25 years secured on your house.



She can't get the discount on your house until it is sold and then where would you live? If you sell the house you will have to use the money to buy another one.


How much would your daughter have to earn to pay two mortgages because this is what she would have to do if she didn't want to live with you for the next 25 years.


You can't get any money out of the house until you sell it so how does that help your daughter?

ian1246

Terrible Terrible idea. If you want to help your daughter get a good start in life, talk to her about finances. Set her on the path to saving as much as possible. Maximise her returns in a way which doesn't risk the cash (i.e. Help to Buy ISA or regular/fixed savers), perhaps have her live with you at subsidised levels so that she has opportunity to acquire that all-important deposit.

Remember, if she can get a 25% Deposit together she would be in a cracking position for when she decides she wants her own house (Lower interest rate vs. 10% Deposits etc...). In the meantime, she would be free to live her life. At that age she should be exploring the world, dating, deciding what she wants to do for a career etc... - rather than saddled with a 25 year debt and landlord responsibilities.

A mortgage and the responsibilities which come with it are for when you are ready to settle. At 18 years old, its unlikely that is the case (your just starting to understand what it is like to be an adult and to explore your own path). It could actually end very badly if pushed into it before she is ready.

This would also have the added advantage of protecting you in terms of your secure tenancy - something which should not be overlooked.

wubbzy

thank you to the helpful replies, it really didn't need some of the comments, some people ar to quick to think negatively of people.

my daughter has a lump sump saved it really doesn't matter how, but it was inherited

never even thought about selling in 5 years

i only wondered if she could get our discount, at the end of the day people are allowed to buy council houses with discount, wether or not this should be the case was irrelevant to the question really.

i didn't mean now i was thinking in a couple a few years when she's working full time, there's nothing wrong with thinking ahead

i don't know much about mortgages etc so didn't no the difference between buying your first or second house

my daughter is my only daughter and i was just thinking of ways she can do well for herself

as for rent i meant i wouldn't expect her to pay a mortgage and us live in it free

we can't get a mortgage as we are getting a plan together with step change at the moment which will last 6 years, hence how this situation came about as previously we hoped to buy it soon ourselves

wubbzy

ian1246 wrote: »

Terrible Terrible idea. If you want to help your daughter get a good start in life, talk to her about finances. Set her on the path to saving as much as possible. Maximise her returns in a way which doesn't risk the cash (i.e. Help to Buy ISA or regular/fixed savers), perhaps have her live with you at subsidised levels so that she has opportunity to acquire that all-important deposit.

Remember, if she can get a 25% Deposit together she would be in a cracking position for when she decides she wants her own house (Lower interest rate vs. 10% Deposits etc...). In the meantime, she would be free to live her life. At that age she should be exploring the world, dating, deciding what she wants to do for a career etc... - rather than saddled with a 25 year debt and landlord responsibilities.

A mortgage and the responsibilities which come with it are for when you are ready to settle. At 18 years old, its unlikely that is the case (your just starting to understand what it is like to be an adult and to explore your own path). It could actually end very badly if pushed into it before she is ready.

This would also have the added advantage of protecting you in terms of your secure tenancy - something which should not be overlooked.

thank you for this reply i see your points fully, she has a help to buy isa, i take nothing from her and have spoke to her about saving, she knows our struggles even though we both work full time, due to situations and debt from our past. its because of our struggles i wondered about this as were now getting on in age and have not been able to buy. i think your right in what you say tbf thank you

[Deleted User]

wubbzy wrote: »

we can't get a mortgage as we are getting a plan together with step change at the moment which will last 6 years, hence how this situation came about as previously we hoped to buy it soon ourselves

Then it's a non starter then because to use your discount she would need to make a joint application with you which would mean a joint mortgage.