Right To Buy moved 2,000,000 homes into private ownership.
Many of those homes are now at risk in two ways, and their owners and those who subsidised the purchase need to contact us urgently to prevent total loss of their Right To Buy homes to their families. For some, we are afraid it will be too late.. and that was how this topic was started. families all over the UK are losing out, now.
Stephen Pett, MD of Legacy Trusts a division of TPD Ltd says
“Many families will lose money which by RIGHT belongs to the children to pay Community Care Tax. We truly are a Society divided:
- one family will do well, because their parents die quickly, and have to pay Inheritance Tax only of they haven’t bothered to plan. And planning to avoid IHT is easy!
- the other half will lose everything down to the last £14,500 or so in Community Care Tax unless they plan well in advance.
Right to Buy helped by children.
Many parents couldn’t afford to buy their own council or housing association home without help. Hundreds of thousands of children rushed to help their parents with deposits or mortgage guarantees. In most cases, those children expected their financial help to be repaid on the death of the parent, with an appropriately worded Last Will.
But in practice, many are getting NOTHING – find out why….
Right to Buy to Help Children.
These parents were a bit better off, and they wanted to be sure that future generations of their family had the ability to buy their own homes, and not to be at the mercy of the Local Council or Housing Association. In many cases, they have succeeded, but in many more their generosity and sacrifice will be wasted and they will get NOTHING back…
The Spectre at The Right to Buy Feast.
Funnily enough, the spectre is the Local Council. Having given you the Right to Buy, they are now greedily looking for opportunities to grab the home back from you. And in many cases they will succeed.
It all comes down to where you have enough income (between £50,000 and £75,000 a year EACH) to pay should you need care in your old age. If you haven’t enough income or capital to fund it, then the Council will eventually want to sell your home to fund the care. They won’t throw you out of it, or any young children or retired relatives, but ultimately they will sell it and take the money. If you die promptly enough, there might be some change left over.
But my children funded the Right to Buy!
There is a fair chance that they can kiss goodbye to their money, and watch it disappear into the Local Councils coffers. In most cases the children won’t be on the deeds, so they have no clear rights. Even if they are on the deeds, the Local Council may legally cut their share by up to 70% – that is nearly three quarters ripped away.
But I left it to them in my Will!
But in a Will, you only leave anything you still own – if the Local Council have already grabbed your Right to Buy home and sold it, or put a charge on it, it is too late.
What should I do?
Simple, all Right to Buy owners should contact us urgently.