- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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### My Mother’s Opportunity to Buy her Council House
My mother has been fortunate enough to get the opportunity to buy her council house via right to buy. The council has offered her a great price on the property… £87,000. This is an amazing opportunity for her to secure her own home and build equity for the future.
### Financial Challenges for Universal Credit Recipient
The problem arises as my mother is on universal credit and her only source of income is from sporadic cleaning jobs. While these jobs bring in some income, it is often not enough to cover all expenses. The cash in hand nature of these jobs also poses challenges as it is difficult to prove income for mortgage applications.
### Credit Issues and Mortgage Hurdles
On my end, I have struggled with bad credit due to past mistakes. Despite having a steady income, my multiple defaults make it hard for me to qualify for a joint mortgage with my mother. This financial hurdle complicates the process of purchasing the council house together.
### Uncertainty of Right to Buy Program
I have concerns that the government may soon scrap the right to buy program, given the current property market conditions. Selling off social housing in this climate seems illogical. There is a sense of urgency to take advantage of this opportunity before it becomes non-existent.
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Does it make sense for her to buy? If she’s dependent on UC then she’s not in a great position. If she can’t keep up with payments she loses the house. Once she owns the place she’ll need to sort out repairs etc. which without much in the way of savings could become difficult.
Right now she’s probably quite “protected” by reasonable costs and that council support as a tenant.
Just keep renting it.
If you’re this low income, you probably would struggle to afford maintenance on it anyways.
**IT IS NOT IN HER BEST INTEREST TO BUY THE PROPERTY. IT WILL ABSOLUTELY SCREW HER OVER.**
As it currently is all her rent gets paid, she has zero housing costs. If the property needs repairs the council do it for free. If she bought she would have to take money out of what is a very low amount to live on to service a mortgage where if she misses the payments she can lose the home. Also if there’s any repairs she will have to foot the bill, again money she cannot currently afford to spend.
If she were in employment, even a fulltime NMW job, then it would be a completely different answer but she isn’t.
Simply put, even though the house is a good price, it would be a bad decision to put your mum in the situation of having to service a mortgage if she doesn’t have a reliable income.
There has never been a logic in selling off council housing in *any* climate that has existed since RTB was introduced. Although the current housing crisis is bad, I’m not sure there has been a categorical change to the extent that an end to RTB is imminent.
Isn’t it the case that most council tenants who have the right to buy also have the right to continue renting from the council indefinitely and that for the vast majority of them this is a far more secure housing future than if they bought, especially people like your mother who have low and uncertain incomes?
I’d be surprised if it weren’t better for her to remain a council tenant.
How much of her current income is housing element from Universal Credit? If she owned her home, she wouldn’t get that. How would she pay the mortgage?
Also, she should be declaring the cash in hand income to HMRC and to UC. She’s committing tax and benefit fraud if she doesn’t.
It is not in your mother’s best interests to buy this house. She cannot afford it and she will be giving up a secure tenancy and essentially real security for her lifetime. The only people this would benefit would be you and your siblings should you inherit. I can’t imagine anyone decent allowing their unemployed and vulnerable mother to risk her security so they could get an inheritance in a few years.
Hi /u/Traditional_Corgi596, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/credit-ratings/
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If you have enough savings you could gift her a significant amount for the deposit leaving a very low monthly payment.