Hi All -
I would like a little advice please as to the following scenario / circumstance -
My partners father has had his council house for 43 years - he is now elderly (72 years and he remains in good health), during most of these 43 years as a tenant he was in employment and paid full rent - when he stopped working he moved onto receiving housing benefit and essentially the rent is now paid for him.
Over dinner last week he asked us why we didn't consider buying the house as he would be entitled to a very large reduction in the value price - his rational was that he could have bought the house 3 times over in all the years he paid rent !!
At first we didn't think much of this, but after making initial basic enquires the property price of the house is estimated at around £70,000 - he would qualify for a 70% discount - meaning potentially the house could be purchased for just £21,000.
Do any members know if tenants are able to purchase their homes with the support of family (ie in this instance the tenants daughter and me, her partner). ??
My partner is the only child to the tenant (her dad), therefore we don't have to worry about other family members wanting to buy it and we have the full backing of him to do so - I have mentioned it to people at work and naturally the overwhelming response has been "do it as quick as possible" due to large discount available. Our thought process would be not to buy this with a view to sell on for profit, it would be for in later years when the inevitable occurs (partners father passes), we would move into the family home where my partner grew up.
Please can i have peoples thoughts - i appreciate these questions do often stir peoples opinions and emotions.