Right to buy

almightybear

Hello. I've had to move back in with a parent. I'd like to use the right to buy scheme so we can buy the council home. I know I have to wait a year before I can be put on the rent book and be able to buy the home with my parent. 

But do I have to wait the full year to get the ball rolling on this as I know it can take several months to complete the process.

dimbo61

Maybe speak to the housing association  your parents are paying the rent too.
Have a look on their  website.
Do you have an idea how much discount they ate entitled  too ?
Can your parents get a mortgage ? Age is an important factor and credit history

almightybear

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

powerful_Rogue

Is your parent happy with this idea and aware of the consequences?

almightybear

powerful_Rogue said:

Is your parent happy with this idea and aware of the consequences?

What consequences?

powerful_Rogue

almightybear said:

powerful_Rogue said:

Is your parent happy with this idea and aware of the consequences?

What consequences?

Losing a secure tenancy, no unexpected repair bills etc.

almightybear

Ahh right . I cant see their being any issues, the home is in great condition and I know a few trade people that could help out 

Caz3121

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

You may want to check this out but I understand that you may need to both be on the mortgage for the purpose of purchasing using your parent's discount...depending on their age this may affect the term of mortgage
items 7 and 8 here may be useful https://www.ownyourhome.gov.uk/scheme/right-to-buy/faqs/

almightybear

Caz3121 said:

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

You may want to check this out but I understand that you may need to both be on the mortgage for the purpose of purchasing using your parent's discount...depending on their age this may affect the term of mortgage
items 7 and 8 here may be useful 

From section 8

 "A family member (or someone else) could provide the funding for the purchase. However legal ownership of the property can only be in the names of the eligible tenant/s and other eligible applicants."

I thought that meant I could get a mortgage for the home but my parent and me have to be on the deeds. Is that wrong?

theartfullodger

almightybear said:

powerful_Rogue said:

Is your parent happy with this idea and aware of the consequences?

What consequences?

Among other things, parents & you finding that whereas if renting you can apply for Housing Benefit or the "Housing Element of Universal Credit" there is no similar benefits available if owners..  No, one never knows what your financial circumstances will be in future so an assertion that that will never be an issue may well be er... over optimistic.  

Plus repair bills etc etc 

The right2buy large donation option has been withdrawn in several circumstances in this country (I mean UK..). e.g.
https://www.gov.scot/policies/social-housing/council-housing/

I've nothing against benefits btw: Being 75 I get the usual 6 benefits the old get: Free prescriptions, winter fuel allowance, free 'bus pass, £10 Xmas bonus, free eye tests, State pension.  Thank you all you generous tax-payers you.

Best wishes to all

powerful_Rogue

almightybear said:

Caz3121 said:

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

You may want to check this out but I understand that you may need to both be on the mortgage for the purpose of purchasing using your parent's discount...depending on their age this may affect the term of mortgage
items 7 and 8 here may be useful 

From section 8

 "A family member (or someone else) could provide the funding for the purchase. However legal ownership of the property can only be in the names of the eligible tenant/s and other eligible applicants."

I thought that meant I could get a mortgage for the home but my parent and me have to be on the deeds. Is that wrong?

As I understand it:

If you get a mortgage in your name only, you won't be able to claim the RTB discount.

If you get a mortgage in both your names, the RTB discount will apply.