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Hi guys,
I'm gonna try cut a long story as short as possible here. My mom bought her house under the right to buy scheme in 2013. A couple years later, her employers reduced her hours due to cut backs and I've been paying the mortgage for her for the last three years. Anyway I'm currently with my partner and recently found out she's pregnant. So I now need to find a place with her which would be too difficult paying two rent/mortgages. My mom has said I can have the house in my name due to me paying the mortgage for so long and her being unsure when she would be able to pay it herself. I have savings, enough to clear the mortgage which would have been a deposit for my own, but I am happy to rent if I have my mom's house as I would like to keep it for the future.
So, I spoke with a solicitor and they advised I need to speak with the council as they have the right of first refusal within the first ten years. I've written the letter, I just wanted to ask, should the letter fully explain the situation in hope that the council/person reading it will hopefully (not likely, but hopefully) be somewhat compassionate? Or should it be very formal and to the point?
Also, I was advised of three options I could do going forward and have questions for each one:
1. Transfer of equity, however I was advised that this has a 7 year stipulation where the house can still be taken back by the council under certain circumstances. Is this correct that you have 7 year stipulation under transfer of equity? I thought this was only if the house is gifted to someone else?
2. Put myself as a joint owner with my mom on the mortgage. Does this give me any rights if any situation happens where the government want to take money for example if my mom needed care etc.?
3. Get legal documentation saying I own a precentage of the house. Again, does this really give me any actual rights? I feel like if I did this option, the council could easily override the document.
Thanks for any help with regards to this. I'm basically worried that I buy the house and then it later back fires, the council take it back and have lost money which is my life savings for my own place.
I'm gonna try cut a long story as short as possible here. My mom bought her house under the right to buy scheme in 2013. A couple years later, her employers reduced her hours due to cut backs and I've been paying the mortgage for her for the last three years. Anyway I'm currently with my partner and recently found out she's pregnant. So I now need to find a place with her which would be too difficult paying two rent/mortgages. My mom has said I can have the house in my name due to me paying the mortgage for so long and her being unsure when she would be able to pay it herself. I have savings, enough to clear the mortgage which would have been a deposit for my own, but I am happy to rent if I have my mom's house as I would like to keep it for the future.
So, I spoke with a solicitor and they advised I need to speak with the council as they have the right of first refusal within the first ten years. I've written the letter, I just wanted to ask, should the letter fully explain the situation in hope that the council/person reading it will hopefully (not likely, but hopefully) be somewhat compassionate? Or should it be very formal and to the point?
Also, I was advised of three options I could do going forward and have questions for each one:
1. Transfer of equity, however I was advised that this has a 7 year stipulation where the house can still be taken back by the council under certain circumstances. Is this correct that you have 7 year stipulation under transfer of equity? I thought this was only if the house is gifted to someone else?
2. Put myself as a joint owner with my mom on the mortgage. Does this give me any rights if any situation happens where the government want to take money for example if my mom needed care etc.?
3. Get legal documentation saying I own a precentage of the house. Again, does this really give me any actual rights? I feel like if I did this option, the council could easily override the document.
Thanks for any help with regards to this. I'm basically worried that I buy the house and then it later back fires, the council take it back and have lost money which is my life savings for my own place.
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