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Right to buy

Superhudd

Superhudd

Simon Davies
What a nice touch, just worked out my parents will get the full 75k discount

There two bedromm semi is worth 140k looking at the land registry records. Thus taking the full 60% off as they have been tenants all there lifes.

60% off 140k = 84k off

Max off is 75k therefore will receive the full amount.

I can buy there house for them as an investment at 65k. Property is not sellable for 5 years but they have got years in them yet.

GT6 on the backburner :lol:

Well done Cameron.
 
monkeybarry said:
how can you get a mortgage on their house?
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I'll just guarentee it against mine, which is fully paid.

Ultimately I get a nice investment, they get more of there pension to spend on themselves, inparticular more coach tours abroad lol

Or much better way of life.
 
Let me expand..

I have savings, around 45k.

I'll just give this to parents to make a down payment, and I will gurantee the rest via mortage through them with my house as guarentee for the remaining 20k, or I could probably wait two years save the extra, but that could be difficult with baby 6 months away, would take longer probably 4 years (Needs to be done before next election just in case). In 5 years they hand the ownership to me, then hope they live another few years to avoid inheritance tax.

What I can see happening loads of companies offering pensioners a better way of life. They pay the house with the 60% off upto 75k and you get to live in it to the day you die rent free.
 
Boonie said:
And you screw the system, nice one.
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Actually its about giving my parents a better way of life, they have both worked up until retirement age, both without outside pensions due to what they did for a living and basically scrape by on the pension that they get having paid all there life into national insurance and taxes. Never claimed any sort of dole ever either. This situation makes there lifes so much better you wouldn't believe, and I bet given the chance every single person out there would do the same for there parents if the same predicament was what was offered them.

Think about how much they have paid into local council coffers for the past 40 odd years. More than the average I'd suspect. Something ultimatley you and I gain from.

Its not at all about screwing the system, I leave that to the dole tossers, the 5k a month scrongers thanks very much.
 
Superhudd said:
Let me expand..

I have savings, around 45k.

I'll just give this to parents to make a down payment, and I will gurantee the rest via mortage through them with my house as guarentee for the remaining 20k, or I could probably wait two years save the extra, but that could be difficult with baby 6 months away, would take longer probably 4 years (Needs to be done before next election just in case). In 5 years they hand the ownership to me, then hope they live another few years to avoid inheritance tax.

What I can see happening loads of companies offering pensioners a better way of life. They pay the house with the 60% off upto 75k and you get to live in it to the day you die rent free.
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I still don't fully get it. My understanding of what you've just typed is that you're going to remortgage your current house in order to pay for your parents house..that's correct right?
 
Kingdawson said:
I still don't fully get it. My understanding of what you've just typed is that you're going to remortgage your current house in order to pay for your parents house..that's correct right?
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I will use my house to enable my parents to get the mortgage at there age, without it I don't think they will get a mortgage for 20k when they are on govenment pensions. Basically I become a guarantor on there mortgage by using the value of my home.

I also pay off the mortgage.... as quick as possible.
 
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Superhudd said:
What a nice touch, just worked out my parents will get the full 75k discount

There two bedromm semi is worth 140k looking at the land registry records. Thus taking the full 60% off as they have been tenants all there lifes.

60% off 140k = 84k off

Max off is 75k therefore will receive the full amount.

I can buy there house for them as an investment at 65k. Property is not sellable for 5 years but they have got years in them yet.

GT6 on the backburner :lol:

Well done Cameron.
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Will be a good inheritance for you
 
spitshine said:
Will be a good inheritance for you
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For my children to be honest.. as long as I don't need to pay inheritance tax, which I need to read up on tbh. I think I don't have to pay it if they gift it to me and they live for a certain amount of time. If I have to give up 50% means yes they get a better quality of life but I wouldn't gain anything.
 
Superhudd said:
I will use my house to enable my parents to get the mortgage at there age, without it I don't think they will get a mortgage for 20k when they are on govenment pensions. Basically I become a guarantor on there mortgage by using the value of my home.

I also pay off the mortgage.... as quick as possible.
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but that's entirely legal isn't is? how exactly is that screwing the system?
 
Isnt screwing the system like council house tenants not being means tested? Someone on a 100k+ salary can still reside in one
 
Well there we have it

Any cash handed down at least seven years before the donor dies is exempt from death duty, which is currently 40% of any sum over a tax-free band of ?ú325,000

Read more: http://www.thisismoney.co.uk/money/...ies-are-getting-around-IHT.html#ixzz1qzZDudxv


SO basically I need to get this done asap.

They cannot sell the house until 5 years passed of doing right to buy

They need to live 7 years to avoid inheritance tax

12 years maybe!

Then and only then would it be a good investment for my kids to enjoy.
 
I know a guy whose dad died last august very sad not knocking that i think i will be in the same boat soon. But this guy moved into his dead dads council house and is still living there only just being told to leave 9 months on, he rented out his own house for a year while he moved into his dead dads house. Cheeky **** asked if he could stay with us for a few months till his house is free again.

Im going to start drinking in a new boozer soon.
 
You can screw the system in many ways, in my opinion this is one of those. You are taking advantage of a government subsidised scheme to gain a profit in the long run, no matter who benefits from it I am just saying that in effect you are screwing the system. Not saying its right or wrong it just is what it is.
 
Superhudd said:
Well there we have it

Any cash handed down at least seven years before the donor dies is exempt from death duty, which is currently 40% of any sum over a tax-free band of ?ú325,000

Read more: http://www.thisismoney.co.uk/money/...ies-are-getting-around-IHT.html#ixzz1qzZDudxv



SO basically I need to get this done asap.

They cannot sell the house until 5 years passed of doing right to buy

They need to live 7 years to avoid inheritance tax

12 years maybe!

Then and only then would it be a good investment for my kids to enjoy.
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Just seen this post, so will you still go ahead even though the risk is there that the investment may not return in the long run?
 
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