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RTB discount/ joint mortgage but only one person living at the home
nickynic1
Posts: 2 Newbie
Hello everyone, I would like your honest opinions and no judgements.
I lived in a council flat with my mom since childhood, I moved out in 2011 to live with my partner. Four years after that my mom met someone and wanted to move in with the new guy. She asked if I wanted to move back to the flat as it would be cheaper rent and she no longer wants to live there. We took up the offer as we were also expecting. After living there for 2 years we decided to utilise the RTB. However, I had to the this with my mom jointly as she is the main tenant. My mom is in her early 50s and her partner is retired so I doubt they would qualify for a mortgage, or even if they did the term would be short. We received the full discount on the property, I had every intention of giving my mom some money if we sold the property.
Now I am planning to remortgage solely and she is requesting half of the discount money 50k if I sell after 5 years and if I don't to pay up after 10 years. Do you think this amount is fair?
I lived in a council flat with my mom since childhood, I moved out in 2011 to live with my partner. Four years after that my mom met someone and wanted to move in with the new guy. She asked if I wanted to move back to the flat as it would be cheaper rent and she no longer wants to live there. We took up the offer as we were also expecting. After living there for 2 years we decided to utilise the RTB. However, I had to the this with my mom jointly as she is the main tenant. My mom is in her early 50s and her partner is retired so I doubt they would qualify for a mortgage, or even if they did the term would be short. We received the full discount on the property, I had every intention of giving my mom some money if we sold the property.
Now I am planning to remortgage solely and she is requesting half of the discount money 50k if I sell after 5 years and if I don't to pay up after 10 years. Do you think this amount is fair?
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Comments
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I don't think your mum was just allowed to move out the council property and sub-let it to you. I also doubt she was eligible for the RTB discount as she was no longer living in the property when you jointly applied for RTB. In fact if it wasn't her main residence at the time of applying she wouldn't have met the eligibility criteria.nickynic1 said:Hello everyone, I would like your honest opinions and no judgements.
I lived in a council flat with my mom since childhood, I moved out in 2011 to live with my partner. Four years after that my mom met someone and wanted to move in with the new guy. She asked if I wanted to move back to the flat as it would be cheaper rent and she no longer wants to live there. We took up the offer as we were also expecting. After living there for 2 years we decided to utilise the RTB. However, I had to the this with my mom jointly as she is the main tenant. My mom is in her early 50s and her partner is retired so I doubt they would qualify for a mortgage, or even if they did the term would be short. We received the full discount on the property, I had every intention of giving my mom some money if we sold the property.
Now I am planning to remortgage solely and she is requesting half of the discount money 50k if I sell after 5 years and if I don't to pay up after 10 years. Do you think this amount is fair?
As the "tenant' if your mother disposes of the property before 5 years is up she has to pay back some of the discount to the council. Someone has to pay for that.
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We are both named on the tenancy. However, she is the main tenant. She did not inform the council and her mail is still coming to the flat.0
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And on that note I'm out.nickynic1 said:We are both named on the tenancy. However, she is the main tenant. She did not inform the council and her mail is still coming to the flat.0
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