Right to buy

[Deleted User]

Such posts always get similar responses. 

almightybear

freesha said:

almightybear said:

_Penny_Dreadful said:

almightybear said:

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.

You’re not going to be out on the rent book or tenancy agreement. After living with your parents for 12 months you are then eligible to make a joint application for RTB with at least on of the tenants. At least on of your parents will need to be named on the mortgage because it’s their right to buy not yours and the discount that essentially forms the deposit belongs to them not you. 

You will need to explore if it is likely you will get a joint mortgage with one of your parents and for that you would be better of posting on the Mortgage & Endowments board. 

I can afford the cash deposit if it was full market value  and I can borrow 50k more than the house would cost with the discount without the deposit  . 

I know there are some mortgage companies that will allow certain benefits as a income in a joint mortgage application . With My earnings alone its more than affordable. . So I'll probably have to look at broker that will allow someone on benifits to be a joint applicant 

I'm not trying buy to sell on for a profit, I'd just like to see the family home stay in the family 

Do you not think the 'family home' would be better being passed to another family in need, presumably as you once were?

This isnt about the morality of right to buy. 

almightybear

Zoe02 said:

Such posts always get similar responses. 

I did wonder how long it would take to that sort of response 

almightybear

freesha said:

Another one bites the dust. Buying social housing should be outlawed.

Maybe if houses were more affordable I wouldnt have to use the scheme.  

elsien

If your parents are in ill health, is the house suitable as they get older and perhaps have decreased mobility?
If not then they may be better staying as tenants and looking for a move to ground floor/adapted in the future.

As an aside I don’t get the “family home”  thing.  My family moved multiple times throughout my childhood including different countries. Home is where you are now not where you might have lived 30 odd years ago.
Most people talking about buying the family home tend to  mean “somewhere I can afford that I can get at a discount.”

tooldle

Maybe if houses were more affordable I wouldnt have to use the scheme.  

But, what is best for your parents and their circumstances? If they have little in the way of income how does this work for them in a worse case scenario.
Have you looked to see if the tenancy can be passed on?