djgilbo

10 Years Renting Still Not On The Market

23 posts in this topic

In the last few years of me renting its harder for me to save for a deposit and I now have 7 thousand pounds in my account but this still isnt enough for a deposit and why would i want to buy a house anyway thats £80 000 when its going to fall in years to come now house prices don't rise like they used too?
So ive been thinking and looking alternatively and was wonderin if anyone knows if i can buy my nans council house now the conservative party are helping people buy council propertys again. your views?

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[quote name='djgilbo' timestamp='1334021390' post='909010149']
In the last few years of me renting its harder for me to save for a deposit and I now have 7 thousand pounds in my account but this still isnt enough for a deposit and why would i want to buy a house anyway thats £80 000 when its going to fall in years to come now house prices don't rise like they used too?
So ive been thinking and looking alternatively and was wonderin if anyone knows if i can buy my nans council house now the conservative party are helping people buy council propertys again. your views?
[/quote]

Why do you want to buy a house? Do whatever is in your best interests for the long term. It sounds like you are doing pretty well at the moment with that much saved.

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I think you would probably have to live there for at least a year first and be on the rent book as a tenant .



How is your nan paying her rent now , is with her own money or through housing benefit as I am sure this would make a difference .

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[quote name='trevor_1977' timestamp='1334046271' post='909010234']
I think you would probably have to live there for at least a year first and be on the rent book as a tenant .



How is your nan paying her rent now , is with her own money or through housing benefit as I am sure this would make a difference .
[/quote]


My nan is 81 years old, been a council tenant for over 50 years and lived in the same house she in now for 30 years or more she a pensioner who dont pay rent no more i know i have to live with her for 12 months before i can buy the house in my name but doesnt mean ill get her discount as ill only been a council tenant for 1 year where as my nan is 50 years or more. can she buy the house with my name on it as im her grand son with same surname and bank lend me lets say £30 000 to buy the house does anyone know?

Think a trip to my bank and council office is what i need to do but i have a feeling my bank wont lend me the money if its not my house in my name yet i can be garantour which means its only me who will pay for the house so house is mine when my nan dies and i carry on paying the mortgage and move in etc. Need to do somethink im sick n tired wasting thousands of pounds every year on rent

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[quote name='djgilbo' timestamp='1334050703' post='909010324']
My nan is 81 years old, been a council tenant for over 50 years and lived in the same house she in now for 30 years or more she a pensioner who dont pay rent no more i know i have to live with her for 12 months before i can buy the house in my name but doesnt mean ill get her discount as ill only been a council tenant for 1 year where as my nan is 50 years or more. can she buy the house with my name on it as im her grand son with same surname and bank lend me lets say £30 000 to buy the house does anyone know?

Think a trip to my bank and council office is what i need to do but i have a feeling my bank wont lend me the money if its not my house in my name yet i can be garantour which means its only me who will pay for the house so house is mine when my nan dies and i carry on paying the mortgage and move in etc. Need to do somethink im sick n tired wasting thousands of pounds every year on rent
[/quote]




I would love to know what you find out as my mother will be in the same situation and I have good deposit to buy her house if it is within the rules .

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Council houses (at big discounts). Just the latest form of unearned, inherited wealth for an overprivileged class.

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[quote name='djgilbo' timestamp='1334021390' post='909010149']
In the last few years of me renting its harder for me to save for a deposit and I now have 7 thousand pounds in my account but this still isnt enough for a deposit and why would i want to buy a house anyway thats £80 000 when its going to fall in years to come now house prices don't rise like they used too?
So ive been thinking and looking alternatively and was wonderin if anyone knows if i can buy my nans council house now the conservative party are helping people buy council propertys again. your views?
[/quote]
I guess under your understanding and reasoning, that you think your grans property will fall in value as well.
I suggest you leave it for the more deserving because the way you come across to me is that you want to be seen as hard done by, but also would not mind turning a fast profit.

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[quote name='porca misèria' timestamp='1334069338' post='909010568']
Council houses (at big discounts). Just the latest form of unearned, inherited wealth for an overprivileged class.
[/quote]
Yet another where's my free lunch thread in this little MSE enclave of HPC.

Shame as it could be a useful resource if not for these threads

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[quote name='djgilbo' timestamp='1334050703' post='909010324']
My nan is 81 years old, been a council tenant for over 50 years and lived in the same house she in now for 30 years or more she a pensioner who dont pay rent no more i know i have to live with her for 12 months before i can buy the house in my name but doesnt mean ill get her discount as ill only been a council tenant for 1 year where as my nan is 50 years or more. can she buy the house with my name on it as im her grand son with same surname and bank lend me lets say £30 000 to buy the house does anyone know?

Think a trip to my bank and council office is what i need to do but i have a feeling my bank wont lend me the money if its not my house in my name yet i can be garantour which means its only me who will pay for the house so house is mine when my nan dies and i carry on paying the mortgage and move in etc. Need to do somethink im sick n tired wasting thousands of pounds every year on rent
[/quote]

surely it would be your nan who has to buy and not you, so she will have to have the cash or be able to get a mortgage, but getting a mortgage at 81 is impossible.

also it must be a shit hole if 30k is the discounted price

as its your nan who can buy surely the mortgage cannot be got in your name, so maybe a 30k loan from a bank with a high interest rate is the only way to go

plus the whole thing about you paying the mortgage and then the house being yours when she dies is unfair if she has other grandchildren, why should you gain a house that with thanks to your nan was bought for half its market value, for you to double your money instantly and other grand kids get zilch?

also u said she has no rent to pay so she hasnt to worry about affording rent and being evicted etc, so in fact she is very secure now. that would change if it was no longer a council property and had a mortgage on it, what would happen if say u lost your job, or god forbid died? Edited by shifty_FTB

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[quote name='shifty_FTB' timestamp='1334092836' post='909010955']
surely it would be your nan who has to buy and not you, so she will have to have the cash or be able to get a mortgage, but getting a mortgage at 81 is impossible.

also it must be a shit hole if 30k is the discounted price

as its your nan who can buy surely the mortgage cannot be got in your name, so maybe a 30k loan from a bank with a high interest rate is the only way to go

plus the whole thing about you paying the mortgage and then the house being yours when she dies is unfair if she has other grandchildren, why should you gain a house that with thanks to your nan was bought for half its market value, for you to double your money instantly and other grand kids get zilch?

also u said she has no rent to pay so she hasnt to worry about affording rent and being evicted etc, so in fact she is very secure now. that would change if it was no longer a council property and had a mortgage on it, what would happen if say u lost your job, or god forbid died?
[/quote]

more and more people are out of work than ever before and cant keep up with there repayments and as if you got the cheek to say all the above to me when im trying to find a way to get on the property market as a first time buyer? i sense a bit of jelousy. ps: im the only grand son.

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I just DO NOT understand why some people here get so annoyed and become so hateful towards someone trying to buy a council house and try to sort out not only his life but possibly his future wife/children etc lives! you people say things like what did you do to earn it etc etc. But let me ask everyone here what did the people who have been winning the lotto jackpot for the last 20 odd years do to earn it - pick a few number? did they sweat for it? did they EARN it?

A lot of things in life is LUCK! what did everyone here do to EARN to live in a safe country, have electricity, warmth, hot water, clothing etc etc? I can answer for myself - I have not done ANYTHING to EARN this living compared to all those starving in Africa/Asia etc even here in London there are homeless people living on the street, I have just been LUCKY to be born in a family that loved me and cared for me and who did not kick me out of their lives so I end up homeless on the streets!

I plan to work HARD and SAVE and buy my home someday so my future children do not go through what I went through. A lot of people here only seem to care for themselves, maybe they do not want to settle down have children etc etc BUT EVERYONE TO THEIR OWN....I guess....

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[quote name='erat_forte' timestamp='1334045109' post='909010217']
Why do you want to buy a house? Do whatever is in your best interests for the long term. It sounds like you are doing pretty well at the moment with that much saved.
[/quote]

I know it sounds bad, but I have to say that saving £7k in 10 years doesn't sound to me like 'doing pretty well'.

OP, negative comments relate to 'the big picture', and should be ignored [b][u]if[/u][/b] you want to own a house. The wealthy few have shafted you I'm afraid, and if you've got a way to grab some wealth back, I suggest you grab it with both hands.

Edit: IF the rest of the family are agreeable, with regard to both your gran's children and possible future grandchildren. Edited by AThirdWay

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[quote name='djgilbo' timestamp='1334021390' post='909010149']
In the last few years of me renting its harder for me to save for a deposit and I now have 7 thousand pounds in my account but this still isnt enough for a deposit and why would i want to buy a house anyway thats £80 000 when its going to fall in years to come now house prices don't rise like they used too?
So ive been thinking and looking alternatively and was wonderin if anyone knows if i can buy my nans council house now the conservative party are helping people buy council propertys again. your views?
[/quote]

Would the house be in your nan's name or joint names?

What if she became ill and had very large care costs? Would she have to sell the house (or her share) to fund the costs?

Probably unlikely but what if she married again and left it to someone else or was duped into leaving it to someone else?
If you bought it now and she lived to a 100 can you afford the maintenance costs during the 19 year wait before it was yours alone?

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[quote name='djgilbo' timestamp='1334094771' post='909010992']
more and more people are out of work than ever before and cant keep up with there repayments and as if you got the cheek to say all the above to me when im trying to find a way to get on the property market as a first time buyer? i sense a bit of jelousy. ps: im the only grand son.
[/quote]

why would i be jealous of people getting a clapped out house in a run down old ugly housing estate for a reduced price :blink:

all i said was that as its your nans home, so under right to buy she will need to get mortgage in her name (impossible at that age) or she can buy it outright.

plus i said that she is better in the situation she is in right now, free rent etc, rather than relying on you to have a job and pay the mortgage

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Must be horrible for some people on here reading my topic feels like people want too attack me so therefore i sense jelousy. Maybe its because they buyed propertys in recent years worth £150 000 and now they only worth £120 000 and are in equity nequity. This is something i don't want to get into and house prices will never be the same again, bring on the CRASH!

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even if i dont get the house mate i can assure you that house prices are starting to fall and will continue doing so and there will be a crash which still hasnt even started we are only at the beginninh. ill be silly to buy a house now and be in equity nequity like home owners are recently who brought a house in the last few years at high market value and aint worth the value they brought it at. This is why housing market is so weak because off it. bring on the CRASH

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No big crash is going to happen until the banks start repossessing and/or interest rates go up. Lack of mortgages hasn't sent prices plummeting yet.

Prices are going to drift about as they have been doing for the last couple of years. Some months prices go up, some they go down but nothing really to get excited about.

Big crash? I can't see it happening for a while yet. Maybe if the Eurozone finally decides to fall apart.

As to buying a council house, why not? That is luck, along side buying a house in 1996.

Wouldn't buy a house with an old lady though. If you felt like taking advantage of the situation, read her tenancy agreement. It might have some clauses about adding people to the agreement that enables you to keep the house if she dies....

Don't shoot me for saying that, I didn't make the rules up!!!!! And those rules are clearly ripe for abuse............

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I posted today and failed to check the date of the post I was replying to.

Bad form! Sorry about bringing a dead post back to life, I'll just take my coat and beat a hasty retreat..................

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[quote name='bargain_hunter' timestamp='1334100438' post='909011058']
I just DO NOT understand why some people here get so annoyed and become so hateful towards someone trying to buy a council house and try to sort out not only his life but possibly his future wife/children etc lives! you people say things like what did you do to earn it etc etc. But let me ask everyone here what did the people who have been winning the lotto jackpot for the last 20 odd years do to earn it - pick a few number? did they sweat for it? did they EARN it?
[/quote]

I think people are entitled to feel annoyed when government interferes to give some people an easy step on to the housing ladder and not others. I can't afford to buy either, and have saved a lot more than the OP, but as I'm not eligible for a council house and don't have family who are, I have to continue paying high rent whilst the doleites/elderly/etc or their relatives get a cheap house. I've nothing against the OP, but it does disgust me that the government never helps the majority in the middle, who are neither "poor" or rich. Also, what's the point of selling off the very housing that provides a safety net to those who can't afford market rents!?

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Your Nan has the ability to purchase her house at a discount, that is all that is pertinent. If you can get her to agree and a bank to agree then you can be guarantor of a mortgage on the property that she would purchase and own and she could then will the property to you on her death. There are risks, relatives might intervene when an asset like this is on the table for 'their share', this needs to be discussed up front and you need to look at possibility this could happen. A will should shield you from this but wills can be changed.

There is also the possibility that she is at sometime taken into care and her care costs would be deducted from the future sale of the house. This I think can be avoided if you live there with her before she is taken into care. Forget about all the abuse from the usual crew on here, she has paid rent for long enough. she is entitled to the discount.

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[quote name='jethro' timestamp='1345248597' post='909116473']
I posted today and failed to check the date of the post I was replying to.

Bad form! Sorry about bringing a dead post back to life, I'll just take my coat and beat a hasty retreat..................
[/quote]

Shame on you B)

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