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advice on buying a flat

2 replies

Linnet · 27/08/2006 22:52

My granny and I both live in Housing Association flats and we both have the right to buy. My granny would get the full discount and I'd get about 50%.

I think it would be wise to buy our flats although my granny is an OAP with no savings and I'm pretty sure she wouldn't get a mortgage as she only has her state pension coming in.

But would it be possible/legal, for me to get a mortgage big enough to pay for my flat and hers?
With the discounts I'd be able to get a mortgage to cover both flats. What I'd do is use some of the mortgage for my flat and give granny the rest to cover hers and I'd pay the repayments. then when granny leaves us, which hopefully won't be for a good many years yet her flat would come to me.

Does anybody know if that is possible?
Obviously if this was to go ahead I'd get proper legal advice from a solicitor but I just thought I'd sound out mumsnet first just incase anybody knew.

OP posts:
bambi06 · 27/08/2006 23:11

as long as she could afford a mortgage[ie the money you get from your mortgage that you give to her] they dont care hwere the money comes from surely.. a friend did this with her parents council house and she gave her mom the money and she had to buy it, as you cant buy the flat for her...go for it it s worth it but make sure she writes in her will that the flat will be left to you, also they cant sell the flat on to anyone else within a period of time[not sure how long] think it could be years though.

Linnet · 28/08/2006 23:05

bump

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