can i buy my nans council house if I give her the money to buy it?

Question

My nan lives in her council house. She can buy the houe at a reduced price, she has said that she thinks i should buy it for her to live rent free and after she passes i could sell the house. So it would be an investment. Is this legal for me to do and would my nan have to buy the house.

Answer 1

if your nan has the right to buy the house she will get a discount i think its usually around 30%, with her age she will not be able to get a mortgage, unless you live with your nan and is on her tenency agreement and have been for more than 12 months you cannot get a mortgage and buy it either.



so yournan would need the whole amount already to buy the house outright from the council, then as long as she doesnt ( and i hate to say it ) " pass on " in the full 3 years following her buying it and the house being solely hers, then u can sell it on again.



do you see what i mean???



yes she has the right to buy her house to live out her days rent free



you or your nan would need the total asking price outright in funds to pay the council for it because she wouldnt get a mortgage



you cannot get a mortgage to buy her house unless you have lived with her and is on your nans secure tenency agreement at the council offices for a minimum of 12m to say u live there



once the house belonged to your nan or you if the above wasnt a concearn, you have to have the house a full 3 years before you can sell it on

Answer 2

The council will only sell the house to your nan. There is nothing to stop her buying it with your money, but there is probably some small print which says the house can not be sold/transferred within X years (or pay back the saving). Your nan would then have to transfer the house to you once this time is up.

Answer 3

Your Nan ought to notice or you could notice for her from the councils leaseholder dept. not something is stable till that's signed even however you sign each and every of ways by, you could pull out of it they are generally sluggish the main suitable siging of the leasehold or freehold of the main suitable deed. Then at that factor there is not any pulling out. She ought to sign and you pay for it on the morgage papers the two names could properly be on the papers. given which you are the only paying. yet once you pay money then you definately can positioned it in her call.Or yours, To be left to you if something happens that way you get to pay much less capital advantageous factors tax. Be rapid simply by fact the government are thinking of scuffling with the sixteen% low value off for the valuables. know this that the 1st valuer is generally the only that is extra desirable than the district valuer. It takes a time yet worth it interior the long-term, do basically it till now the government take the supply away it is all.

Answer 4

The only person that could buy it is your Nan. You would have to give her the money and then she would have to leave it to you in her will.

Answer 5

Lots of people do this.

There can be problems though as your nan has to be the nominal owner.

She could leave the house to someone else in her will.