We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Elderly person buying council house
Chattykathyblueblue
Posts: 13 Forumite
This is a situation within my wider family
Woman aged 79 has the right to buy her council house at a massive discount with a view to giving it to her adult grandson. Grandson has been good to her (unlike adult children) House has been valued at £165K and she could have it for £62K. What would be the best way to go about borrowing this kind of money, is it even possible for a woman of her age? Grandson could get a mortgage for that amount but I presume that doesn't actually help as the house is in the grandma's name. TIA
Woman aged 79 has the right to buy her council house at a massive discount with a view to giving it to her adult grandson. Grandson has been good to her (unlike adult children) House has been valued at £165K and she could have it for £62K. What would be the best way to go about borrowing this kind of money, is it even possible for a woman of her age? Grandson could get a mortgage for that amount but I presume that doesn't actually help as the house is in the grandma's name. TIA
0
Comments
-
Has she got a good pension?Credit card 2000
Overdraft 210
EF 500 -
If you sell a 'Right to Buy' council home within 12 months of buying it, then you have to repay 80% of the discount.
I would presume the same rule would apply if you gave it away.
In any case where is she going to live ?0 -
The right to buy will only apply to the lady residing at the house (assuming that she lives alone).Chattykathyblueblue said:This is a situation within my wider family
Woman aged 79 has the right to buy her council house at a massive discount with a view to giving it to her adult grandson. Grandson has been good to her (unlike adult children) House has been valued at £165K and she could have it for £62K. What would be the best way to go about borrowing this kind of money, is it even possible for a woman of her age? Grandson could get a mortgage for that amount but I presume that doesn't actually help as the house is in the grandma's name. TIA
The Grandson will not be able to obtain a mortgage on a property he is not buying and has no right to buy.
Does the lady have the £62k available to buy the house?
Can she do that without depriving herself of the funds she may require for her own needs? Have particular consideration to possible care costs that may arise in the future even if she if independent and capable now.
Usually the tenant buying a property under the right to buy will have to retain the property and continue living in the property as primary residence for a number of years before the property can be sold on. (I do not know how these rules are interpreted in the case of the death of the individual.)
She might have to buy the property and leave it to the Grandson in her Will.0 -
I presume she would only give the council house to her grandson after she had passed?Chattykathyblueblue said:This is a situation within my wider family
Woman aged 79 has the right to buy her council house at a massive discount with a view to giving it to her adult grandson. Grandson has been good to her (unlike adult children) House has been valued at £165K and she could have it for £62K. What would be the best way to go about borrowing this kind of money, is it even possible for a woman of her age? Grandson could get a mortgage for that amount but I presume that doesn't actually help as the house is in the grandma's name. TIA
0 -
Has this person actually put in an application to buy, and if so was the application made before November 21st 2024?
The available discounts were greatly reduced after that date with the maximum in most parts of the country having been limited to £34k.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards