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Been living with my mom for 5 years, she has right to buy, I can buy the house outright....
jone111
Posts: 18 Forumite
Been living with my mom for 5 years, she is on the tenancy. I have the funds to pretty much buy the house outright with the discount.
Would I be able to do this? Does my mom have to be on the tenancy? She is in good health but if she requires care later what happens to the house.
My mom doesn't want intrest in the property.
How do I go about doing this? Would get a council house but in savings are likely too high
Would I be able to do this? Does my mom have to be on the tenancy? She is in good health but if she requires care later what happens to the house.
My mom doesn't want intrest in the property.
How do I go about doing this? Would get a council house but in savings are likely too high
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Comments
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Been living with my mom for 5 years, she is on the tenancy. I have the funds to pretty much buy the house outright with the discount.
Would I be able to do this? Does my mom have to be on the tenancy? She is in good health but if she requires care later what happens to the house.
My mom doesn't want intrest in the property.
How do I go about doing this? Would get a council house but in savings are likely too high
If you don't have the RTB, you couldn't get the discount.0 -
I've been there for 5 years. I may have.0
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Your Mum has the RTB, not you. You cannot buy the house at a discount to get a cheap house and profit from the tax payer. Your Mum has a lifetime protected tenancy with the council I would suggest she needs to keep until she needs more care.0
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Unless you are named on the tenancy too you will not have the RTB, only your mother will. The application will have to come from her & as a home owner, it's higly probable the house would have to be sold should she need to go into a care home to help pay the fees.
She has nothing to gain by becoming a home owner. As a tenant she'll get all repairs done free, not have to worry about the cost of buildings insurance & will qualify for housing benefit if on a low income. None of these things are available to homeowners. A secure council tenancy is a very precious thing to have in this day & age.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
How do I get added to the tenancy? If it is sold but I made 100% contribution to the house... my mom wouldn't have any intrest in the property.0
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Why are you so interested in buying this house?
Is it the discount?
The potential to sell on at a profit?
Why not buy somewhere else if you have funds and leave your mum in peace in the rental she has no interest in buying?in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
How do I get added to the tenancy? If it is sold but I made 100% contribution to the house... my mom wouldn't have any intrest in the property.
You don't, you aren't entitled.
Look it's really simple - you aren't the first and you wont be the last - to see this as easy money.
The council are aware of these things and wont allow it to happen.
You aren't going to profit of the taxpayer, so look at alternative investments0 -
If you are not on the tenancy, you don't have the right to buy.
Your mother has the right to buy and can buy it. However, the house would then be hers, irrevocably, unless she signs it over to you. Which she doesn't have to do, because you are going to have to say you give her the money as a gift.
If she buys it, she's giving up a secure tenancy. If she buys it, and signs it over, that'll be deprivation of assets and the council [ if they had to pay for her care] would put a charge on the house to be paid when it's sold. There is no time scale they can't go back to for this.
If you were planning on getting your mother to sell it, remember, she doesn't have to [your 100% contribution means absolutely nothing, because remember, the house has been bought by her - even if it was with your money] and also it can't usually be sold for 5 years after purchase so you won't be making a quick buck here.
There is no point in your mother buying this house.Non me fac calcitrare tuum culi0 -
I thought someone who had lived in the property for a year or more could purchase jointly with the tenant?
Has that changed?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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