Buy Property or Remain on Housing List?!

[PurpleRayne89]

My uncle is moving back home. His property is worth £400k but said he’d sell it to me for £230k as long as he can remain in the property until he leaves which is around 10+ years. He said he’ll pay the mortgage until that time. He will also put down the deposit for me and my aunt will be a guarantor.

I’m living with my 2 children in a single room as we can’t afford to move. I’m on the housing list and bid each week. If I have a house in my name, I’ll be removed from the register. Then I’ll be stuck in this room. If I didn’t take the offer, I may not have another chance to own a home / have an asset. Can I have some advice please?

Background. We ended up in this room at a relatives house because I lost my job during COVID which was well paid. I’m working full time now but don’t earn enough. My ex husband pays child maintenance each month around £750.

Thanks, I’m not going to do it. Sounds far too shady. He’s being cagey and weird about it. He literally just said I’m stupid if I don’t trust him.

not a cultural thing. He’s just a bit of a narcissist.

Presumably he can't get another mortgage on his own at his age so now has to sell to repay it, it must have been interest only with no repayment vehicle? His alternative plan is to add OP to the mortgage and deeds, so they can potentially get another mortgage to cover the o/s £230000 so he doesn't have to sell. And then OP will own half the house (not clear if joint tenants or tenants in common.) Or maybe he's intending to come off the deeds and mortgage altogether and it's just in OPs name. It's all rather complicated. It sounds like a desperate plan to hang onto the house rather than a cynical scam to me. But either way prob best to steer clear.

Well done for not letting him bully you into it. Calling you stupid is horrible and strongly suggests he's in trouble and sees you as a soft touch to get out of it, as long as you have no agency. Glad you've shown him you're actually smart. Would be stupid to make a deal like this with a narc!

Buying the house under these circumstances sounds like a recipe for disaster.

You say that he's had mortgage trouble in the past so what happens if he doesn't pay the mortgage and you can't afford to? It'll be you that's liable as it's in your name.

And what if he doesn't want to leave after 10 years? A lot can change in that time.

If this is a genuine offer then why can't he just sell it to you in 10 years when he's actually ready to leave? I'd definitely stay on the housing list if I were you.

If you want an independent opinion from a mortgage broker who isn't acting for your uncle, you could ring London and Country (They may call themselves L&C now.) I am assuming they're not his broker. They will give you an opinion on whether such an arrangement would be mortgageable. I'm basing that on having used them before and found them very open and straightforward. There was no charge and no obligation for their opinion. Another well known broker is John Charcoal but I haven't used them.

Just remembering I think it's spelt John Charcol.

@Abitofalark thanks. I think at this stage I’m not longer interested.

It's a very confusing situation and like everyone has said and you've come to see, it's not the best idea IMO.

I wish you the very best of luck getting secure housing, hopefully from the council register.

Also have a squirrel around in your local area (online) to look at other forms of long term let housing and housing co-operatives or housing associations that may exist but don't put their properties through the social housing bid system. As well as if you're in secure employment with a good income there's 'intermediate' social housing schemes or 'shared-ownership' too (not gonna lie, in my observation they're quite expensive).

I am so glad you're not being taken in by this OP.

It stinks like a month old corpse.