Buying a council house?

[bubba28]

I am looking in to buying my grans council house for her. How do i go about it? She's phoned up and has been told that she can buy it for �26000. Can i get a morgage on it or a loan, even though she'll leagaly own the house, but will leave it to me in her will.

[bednobs]

you would be better off asking mortgage companies.

[sleepyj]

its hard to get a morgage on a council house .

[dans1977uk]

I'm a qualified mortgage advisor and it's a piece of cake to get a mortgage on a council house BUT it will be harder as you want to buy it in your name. It will be possible but you need to see an independant mortgage advisor to get the best advice. Look in Yellow Pages (and avoid the really big flashy ads - look for someone fairly local, there will be a good few).

Whatever you do DON'T pay more than �695 as a fee to your mortgage advisor as that's more than fair. You may find some willing to do it for no fee, but given recent regulation changes this is less likely, but many who advertise on tele, or even in local papers charge upwards of �3,000 which you DO NOT need to pay.

[cartman99]

I to work in mortgages, dont pay any fees find a broker that is independent and offers you the option of paying for advice by commission received from the lender.

If the tenancy is just in your grans name then you may have to be a guarantor, whats the value of the house?, chances are it will be much higher than �26k.

Some leg work is required here, but its not impossible there are lenders that will lend on anything. Good luck x

[Eve]

As well as the loan issue it would be worth talking to someone who knows the ins and outs of the right to buy system and the restrictions which apply following purchase such as pre-emption periods when some of the discount must be paid back if it is sold within a certain time.

Also look into any possible issues with it being left to you in her will (bearing in mind in she is elderly it should be done asap, ensured it is valid and traceable and can be changed at any time she likes - maybe worth seeing if a solicitor will do it for a discount with any purchase if your gran is happy with that) and any issues surrounding if she goes into care and payment for that. Any other debts which may be owed by her estate could make a difference.

Might be worth posting a Q on law for some more advice in this area and seeing a legal advisor who can advise you fully on any necessary issues.