Purchasing property from Together Housing - inquiry

Bucki

Hello all

This is an inquiry for those who may have had such experience or knowledge on this matter.

Long story short: is it possible to purchase a property from Together Housing association where my parents live (they are on PIP due disability) and I lived there for a while (few years) and have moved out & and i got my own place on mortgage & also work full time etc etc.

So, my idea was

- I purchase the property via mortgage
(where my parents live)
- I therefore become the landlord
- I then rent the property to my parents

Questions is:

- is that allowed
- is it possible
- is it eligible to rent it to my parents and of course get the rental money paid to me
- what goes against is if otherwise?
- what would be the alternative option?


I came across this document (https://assets.publishing.service.gov.uk/media/672ca32b21fd56bd96b1a2e4/Right_to_Acquire_RTA1_form_2022.docx) but hand on hard I do not really follow it well.

Would appreciate your advice. 

Flugelhorn

I think if people buy from housing associations it is meant to be the occupier who buys it but someone will know the definitive answer.

ETA: "The home you want to buy must also be:

• a self-contained property
• your only or main home

Joint applications

You can make a joint application with:

• someone who shares your tenancy
• up to 3 family members who’ve lived with you for the past 12 months (even if they do not share your tenancy)"

one problem with you buying and renting to your parents is the lack of security for them - what if you went bankrupt / divorced / died - the property would be your asset in each case - I think also if they are on any benefits they may not get any housing assistance if it is rented from a family member 

Bucki

Thanks Flugenhorn

it’s a tricky one.
i lived there for few years but moved out since a while.  As for not getting paid by housing assistance if its rented from a family member - this applied if the landlord lives in same property.

in my case, i got my own place already.
the catch here is “must be sole property”.

Caz3121

I suspect this is a non-starter.

https://www.togetherhousing.co.uk/find-a-home/homes-to-buy/buying-your-rented-home/

Can my children buy my home for me?

Family members can give you the money to buy your home but family members who do not live with you will not be included in the transfer documentation.

so if you gave them the money to purchase the property, maybe by way of remortgaging your own property they could buy it but rent would not be payable as they would be the owners

Flugelhorn

Bucki said:

Thanks Flugenhorn

it’s a tricky one.
i lived there for few years but moved out since a while.  As for not getting paid by housing assistance if its rented from a family member - this applied if the landlord lives in same property.

in my case, i got my own place already.
the catch here is “must be sole property”.

I don't think it is tricky - you just can't do it as you don't  live there and own another property. the only thing you could do is give them the money to buy it  - or if they are struggling financially, then pay their rent for them