Is Shared Ownership a way of getting long term security of tenure?

poppysarah

chickmug wrote: »

He has never claimed benefits but I may ask some questions on that board as I worry whether is would be seen as deliberately depriving himself of his capital? He officially stopped self employment this tax year ending March 2009 and feels he can't claim Job Seekers as he has not paid the right stamp and has too much in savings.

He needs a full benefits check as a matter of urgency.

I'd still say SO is a bad thing for older people - it's ok if the building is new now but it won't be forever.

PasturesNew

poppysarah wrote: »

He needs a full benefits check as a matter of urgency.

I'd still say SO is a bad thing for older people - it's ok if the building is new now but it won't be forever.

If h is only alternative though is private renting, then he could potentially be faced with moving several times in the coming years.

The older you get, the less able/willing you are to have that hanging over you.

Yes, you're responsible for maintenance, but you can't be moved on. Maintenance on a small, fairly new, house/bungalow wouldn't be too much of a burden imho.

chickmug

PasturesNew wrote: »

If h is only alternative though is private renting, then he could potentially be faced with moving several times in the coming years.

The older you get, the less able/willing you are to have that hanging over you.

Yes, you're responsible for maintenance, but you can't be moved on. Maintenance on a small, fairly new, house/bungalow wouldn't be too much of a burden imho.

His last move was last Autumn from somewhere he was told when is took on would be very lon term and they found the move very stressful.

On maintenance he is hoping if things arise he could call on his family for help probably more physically as none are flush with money. He is also hoping if he gets somewhere he can earn a few bob.

poppysarah

PasturesNew wrote: »

If h is only alternative though is private renting, then he could potentially be faced with moving several times in the coming years.

The older you get, the less able/willing you are to have that hanging over you.

Yes, you're responsible for maintenance, but you can't be moved on. Maintenance on a small, fairly new, house/bungalow wouldn't be too much of a burden imho.

I suspect failiure to contiribute towards communal areas or their own property would result in being kicked out.

Owning half of it is no guarantee.

zzzLazyDaisy

maintenance of communal areas is normally covered by a maintenance charge

chickmug

poppysarah wrote: »

I suspect failiure to contiribute towards communal areas or their own property would result in being kicked out.

Owning half of it is no guarantee.

A good point really!

I have read some HA's that if you have a SO with them and you find financially you are struggling they may be able to buy your share back and you can keep living there but your rent goes up.

bitsandpieces

zzzLazyDaisy wrote: »

maintenance of communal areas is normally covered by a maintenance charge

Yes - and things like external maintenance of the property can sometimes be included. In an SO place, your friends would need to stop the condition inside from getting too bad - but, by and large, I don't think anyone would want to live anywhere in bad enough condition to get you kicked out!

People can also get kicked out if they act particularly badly - harass neighbours, racial abuse, etc. Again, though, I'm sure that your friends don't intend to do that!

SmallEnglish

My friend owns a 50% share however once you add the rent, service charge and all the maintentance fees to her mortgage her monthly costs are actually more than if she had taken a mortgage out on 100% of the property.

After 2 years she is now selling her flat, at a loss, and is buying a property with her boyfriend.

I had looked into shared ownership myself but after realising how expensive it has worked out for my friend (who earns way more than me!) I am going to stick with being a lodger for a while longer and keep saving my money to buy somewhere outright.

Meenu

If you have to go on benefits the housing benefit would pay your share of the rent (this happened with a neighbour) but the mortgage would be your responsibility. My flat was new so everything came with decent guarantees, its worth going to have a chat with your local SO office or calling them to ask exactly what you need to know.

gabyjane

Hi yeah i guess you are right in terms of that but i was thinking an agency is more above board than someone out of the paper if you see what i mean! There is a man opposite us and there are many a neighbour trying to get him evicted as he is trouble for a few reasons.i have complained and it is proving very very hard to get rid..they just keep saying social housing tenants have very secure homes?? hmm good for the ones who deserve them..not him!
I hope you find something!