want to buy parents council house

rosa246are

hello

I'm currently living with my parents in a council house and I pay council tax and have paid for a while, I now have a stable job and want to get a mortgage in partnership with my parents (they are working as carers)  I wondered,  is there any thing I should look out for or if this would be possible ?  the house currently is right to buy council house and they have lived here for more than 10 years

I would appreciate any response / advice

[Deleted User]

Why? Your not going to want to live with your parents forever are you? 

rosa246are

Deleted_User said:

Why? Your not going to want to live with your parents forever are you? 

thanks for the reply,

I would like this house to be in our name as they would like to made amendments to the house to make it more comfortable for them e.g. when they get older for example

p00hsticks

Are you listed on the tenancy agreement ?

As I understand it, only those listed on the tenancy have the right to buy, and a mortgage can only be given to those owning the property.

So if you are not named on the tenancy, your parents would need to buy it and take out the mortgage in their names.

You of course could assist them financially whilst you are living there by paying them rent, but I don;t believe the mortgage company would take that into account when calculating how much they would be prepared to lend your parents.

macman

As above: are you a tenant?
Whether you pay CT it not has no relevance to RTB.
Your parents need to think very carefully about whether they want to surrender a secure tenancy for life in exchange for a mortgage. Worst case, they end up homeless.

davidmcn

And if they need adaptations at a later date, they might prefer to get them for free as council tenants rather than them (or you) having to pay for them. 

[Deleted User]

rosa246are said:

Deleted_User said:

Why? Your not going to want to live with your parents forever are you? 

thanks for the reply,

I would like this house to be in our name as they would like to made amendments to the house to make it more comfortable for them e.g. when they get older for example

I don't see why you need to be a joint owner for them to do that. 

[Deleted User]

p00hsticks said:

Are you listed on the tenancy agreement ?

As I understand it, only those listed on the tenancy have the right to buy, and a mortgage can only be given to those owning the property.

So if you are not named on the tenancy, your parents would need to buy it and take out the mortgage in their names.

You of course could assist them financially whilst you are living there by paying them rent, but I don;t believe the mortgage company would take that into account when calculating how much they would be prepared to lend your parents.

A family member who has been living with the tenant for the past 12 months can make a joint application for RTB. The tenant will need to be party to the mortgage though since they’re the ones with the right to buy and it’s their discount that’s going towards the deposit. 

sheramber

If you are a joint owner of your parent's house you will need to pay the additional stamp duty charge if you buy your own house in the future.

AdrianC

rosa246are said:

Deleted_User said:

Why? Your not going to want to live with your parents forever are you? 

thanks for the reply,

I would like this house to be in our name as they would like to made amendments to the house to make it more comfortable for them e.g. when they get older for example

Lovely, but that wasn't the question.

If and when you want to move out, then what? You can't easily buy a home for yourself...
Would your parents be in a position to buy you out of the jointly-owned one?

Can we ask how old you are? How old your parents are, and the rough state of their health?

p00hsticks

Lover_of_Lycra said:

A family member who has been living with the tenant for the past 12 months can make a joint application for RTB. The tenant will need to be party to the mortgage though since they’re the ones with the right to buy and it’s their discount that’s going towards the deposit. 

Thanks for the info - I wasn't aware of that.