Mortgage and council buying advice please

17
Found 3rd Jan
I've had a mortgage now on my house for 6year and took my mortgage to 13.8years left

Once my renewal due I'll have 12yrs left and ow
£54500

My question is buying my parents house (council property) they can get the full discount 70% now I assume 25-30k for house.
Now I've not done alot of looking into this but can it be done? Buying though my parents on council I understand cant sell for 5yrs but I'm not looking to do that.
So once mortgage date due I would of paid 28500 on my house and assume my house will be worth 110k

Now can this be done? Ie me buying? Any rules for this?
Thanks for you advice

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17 Comments

No you can't buy it unless your parents buy it. Maybe you could add the name, who knows.

I think only the tenants named on the tenancy can buy it otherwise everyone would be doing what you’d like to do.
the other thing to consideris the increased stamp duty payable on ownership of a second home.

Only the name tenant can utilise the discount as far as I’m aware.

I’d suggest taking yourself down to citizens advice who will have someone who can help, for free, or find a local mortgage adviser who offers free consultations, and take in all of the relevant details with you to see if it can be swung.

70% off wow. Are you sure that's right? I thought those figures went in the eighties. I know housing association will give you 10% off after so many years, but you have no right to buy the property you're in, but they can offer a different property of their choice, anywhere. At least that's the way it was when i last checked... Roughly

Wales and Scotland are stopping people buying their council houses, I hope England follows very soon.

Many local authorities have capped the maximum discount allowed. So before you think wow 70% off double check first.

only named tenant can buy their council house so you won't be able to buy your parents' house if they are the tenants.

webtrawler16 m ago

Wales and Scotland are stopping people buying their council houses, I hope …Wales and Scotland are stopping people buying their council houses, I hope England follows very soon.



Scotland stopped 01.08.16 but applications had to be in by 29.07.17 as 31.07.17 was a Sunday.

You may find you can only purchase the house with your parents if you have actually been registered and living with them for at least 6 months to a year. Their local council website or right to buy application will be able to confirm this.

You may find it's a case you will need to literally gift your parents the cash to purchase the house as you and they themselves income and age dependent may not be able to get a mortgage in their own right.

Again think about maintenance and possible care home fees in the future along with little quirks the house has and may need fixed before you put in your application. Up in Scotland and with my local council once you put in to buy your house all repairs stopped apart from to keep the house wind and water tight, so if your heating goes or something springs a leak you or your parents are paying for it.

It's a huge commitment, think carefully.
Edited by: "cheekyweegit" 3rd Jan

Original Poster

Thanks for all the info, again I'm new to this. All I no I see 35% if tenants for upto 5yrs and 1% every year they been in but capped at 70%

Gifting will be a struggle as the money is within my house.so I don't this can remortgage full amount?

I thought stamp duty was only in affect on house over 150k?
I understand all maintenance which can come up at any time
Thanks again

If you buy in your name then the stamp duty rate on a Buy to let/Additional Home is 3% on homes valued at £0-125k.
if your parents buy then the standard stamp duty rate would be 0%

Op, just for clarification, can you say whereabouts in the country the property is so that we can determine the % discount or capped discount? As it’s diffferent all around the country

Presuming there paying rent to council, would your parents be in a position to purchase themselves, mortgage repayments would surely be less than rent.....

andynicol1 h, 16 m ago

Presuming there paying rent to council, would your parents be in a …Presuming there paying rent to council, would your parents be in a position to purchase themselves, mortgage repayments would surely be less than rent.....



Mortgage would be cheaper than rent unless they are claiming housing benefit. Then if they suddenly find the money to buy the house outright the council will want to know where they got that money from if they were claiming housing benefit previously.

webtrawler1 h, 37 m ago

Mortgage would be cheaper than rent unless they are claiming housing …Mortgage would be cheaper than rent unless they are claiming housing benefit. Then if they suddenly find the money to buy the house outright the council will want to know where they got that money from if they were claiming housing benefit previously.



My question was aimed at the OP.....

Just remembered my in-laws were in their 70’s when they bought their Council house. They got a bankloan instead of a mortgage due to their age. Could your parents do the same Perhaps?

Original Poster

webtrawler20 h, 51 m ago

Mortgage would be cheaper than rent unless they are claiming housing …Mortgage would be cheaper than rent unless they are claiming housing benefit. Then if they suddenly find the money to buy the house outright the council will want to know where they got that money from if they were claiming housing benefit previously.


They claiming

Se10ery198520 h, 1 m ago

They claiming



Now thats tricky if they are claiming housing benefit. You would be better off having advice from Citizens Advice on this.
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