I am interested in buying my parents' council house. There is a reduced price for occupiers, would I be classed as one? The house is in my mum's name and I'm on the electoral register there.
I don't think my mum would be allowed a morgage, but I could save for a few years and buy it outright at 30 grand at the reduced rate. However, if the house isn't in my name, can I buy the house at a reduced rate? Tax laws won't allow me to gift that much money to my mum.
Anyone know where I stand?

I believe you can actually gift a large amount of money to someone else as long as you live for at least 7 years after the gift is given.
Is there an expert out there who can verify this?

you're right, inheritance tax would only apply if you died within 7 years of gifting the money.

I understand you can put in to buy if you are included on the tenancy. Note i say included, not put on in replacement of your mum.

Originally posted by 1Man&hisBMW
I understand you can put in to buy if you are included on the tenancy. Note i say included, not put on in replacement of your mum. When we bought our council house I wasn't on the tenancy, never had been, but was allowed to be included as having the 'right to purchase' (as 1Man says, included, but not instead of) because I was on the electoral register at this address and therefore it was my permanent place of residence.

Sounds very similar to your situation.

Are you sure you will get it for £30000 though, even with the max. discount now I think you would be lucky to find a house for that little (don't forget their is a ceiling on the maximum £s you can get off the price, around the £28000 mark IIRC)

Good luck

Maximum discount in Sheffield is £24k. Looked into buying 2 bed semi for my parents in law earlier this year, and after appeal, even that was valued at £80k. So purchase price was £56k.

I am sure that you would have to be on the rent book in order to qualify to buy.

I bought my uncle and aunties council house quite recently, (well in the last couple of years) never having been on the rent book.
The solicitor drew up a contract, that said we were buying it together, with their contribution being their discount (£24k), and my contribution being the cash up to the value of the house (£18k). The contract says that each year my share of the house increases by 10%, until eventually its mine, all mine, when I will kick them out onto the streets and sell it for a huge profit.....

I got max discount and bought my council house for 21,375 so there are cheap council houses out there!

Originally posted by karenjane39
I got max discount and bought my council house for 21,375 so there are cheap council houses out there! But how long ago?. £30K + max disc. £24K + market value of £54K. Not that many around for that now (unfortunately).

i am unsure if it would apply down here but my dad bought my grans council house in scotland without even living there, he acted as a guarenteur... so if the purchase price is too high then you could get the mortgage in thier name but with you paying it

You can buy your parents council house, the solicitor will set up a deed of trust which protects all parties concerned. The house becomes your sole property on your parents death and no death duty/ inheritance tax will be payable.

Yorkiepud,

I bought my house in March this year.