Right To Buy

zxcvbn4321

Currently rent my house from the LA and am keen to buy it as consider rent to be dead money. Have been a tenant since 1995 so meet the criteria of qualifying for maximum discount (£26k in my area).

My partner is due to move in shortly and as we are not married, the local housing office have said it is not possible to have the tenancy in joint names. He is the main earner with a clean credit rating, I will be working shortly but have a terrible credit rating (2 CCJs and numerous defaults which dont disappear off credit file until 2011).

With tenancy currently in my name only, will it be possible to have a mortgage in his name only until my credit rating is better?? Dont really want to have to go down sub prime route.

UK007BullDog

No. And even if you were to work it would be quite difficult.

If the property is a flat with balcony access over 5th floor or even concrete you will have a problem getting a mortgage just in your name, even if sub prime.

Partner cannot get a mortgage on the property.

the_other_mce

Hi - rule no.1 - if you post on MSE about RTB you will get lots of unhelpful replies (not the one by 007 BTW). I have seen several threads where the person has been completely slated!!!! Do not pay any attention to them.
However once your partner has moved in you should be able to get a mortgage -married or not. You would have the RIGHT TO BUY as the tenant and your partner can buy with you & you can get a mortgage where both of you are on the deeds quite easily. Your partner may have to live there for a few months (not sure about the rules on that one) and I would also query whether the council's response about having to be married is correct (get it in writing if possible) - it seems a bit sexist in my opinion - what if you were a same sex couple!!!
I would also suggest that you live with your partner for a while before commiting to buy a property - if your partner is the main earner and things don't work out , they stop paying the mortgage etc - you could be left homeless - and once you have bought your property the council don't have to re-house you ( unless you have children of course - and that could take some time!).
Lots to think about, please don't do anything too hasty but good luck whatever you decide.

Dick_here

zxcvbn4321 wrote: »

Currently rent my house from the LA and am keen to buy it as consider rent to be dead money. Have been a tenant since 1995 so meet the criteria of qualifying for maximum discount (£26k in my area).

Hardly dead money then...

zxcvbn4321

Looks like I may have missed the boat on the right to buy............

Copy of Your Right to Buy Your House booklet states....

"the discount repayment period was extended from 3 to 5 years"

"the amount of discount to be repaid if a property is resold within 5 years is now a percentage of the market value if the property when its resold"

Nothing like as beneficial as pre 2005.

123oleary

zxcvbn4321 wrote: »

Looks like I may have missed the boat on the right to buy............

Copy of Your Right to Buy Your House booklet states....

"the discount repayment period was extended from 3 to 5 years"

"the amount of discount to be repaid if a property is resold within 5 years is now a percentage of the market value if the property when its resold"

Nothing like as beneficial as pre 2005.

ooh thats tough .

MABLE

quote
Hi - rule no.1 - if you post on MSE about RTB you will get lots of unhelpful replies (not the one by 007 BTW). I have seen several threads where the person has been completely slated!!!! Do not pay any attention to them.
unquote

Nice one!!!!!!!!!!

beingjdc

zxcvbn4321 wrote: »

Currently rent my house from the LA and am keen to buy it as consider rent to be dead money.

What do you consider interest to be? How would it compare with your rent?

That's the important maths.