Giving up assured shorthold tenancy

AliceBanned

Hi

I've posted on here before about buying my housing assoc flat under Right to Acquire, but after trying several times, because it is concrete I cannot get a mortgage. I am commuting 40 miles each way to London and now as I am a tenant of a housing assoc I am looking at other options, such as First Steps London and intermediate rent. I am going to see a flat tomorrow in Hackney, which if I move to (back to London after 7 pleasant years away, which is a bit scarey) i will save £300 a month in outgoings. it is a flat with shared kitchen near Victoria park and will cost me £532 a month inc bills and council tax. i think this is a great price. However I would be saying goodbye to being a housing assoc tenant for good. I hope to buy a place of my own in Herts towards the end of next year. I think I could save £800-£900 towards a deposit if I move. Where I am I don't seem to be saving anything but have £3k deposit and approx £3k debts. I am 45 and single. it's all a bit bleak sometimes but I feel I'm getting nowhere. Would this be a crazy move? Thanks

Just like to get feedback/advice. I won't know until I've seen the place but will more or less have to decide there and then and give the new landlord (a housing assoc) a deposit and one month's notice to my old housing assoc. it's a big step as I have furnished my place and made it home, it is quiet and pleasant but I'm paying a lot in fares and petrol, spend my social and work life away from there and don't now feel I have a reason to stay as I can't buy it, which had been my long term plan.:(

AliceBanned

I meant to say £800-£900 per month towards a deposit.:). Where i am I can save about £500 pm.

PamWine

I personally think you would be MAD to give up this tenancy. Its one of the most secure!
Check you tenancy agreement....you can sub-let (with written permission from your HA for a period of 24months) whilst you move to London, before you make your finaly decision.

I speak from experience

AliceBanned

PamWine wrote: »

I personally think you would be MAD to give up this tenancy. Its one of the most secure!
Check you tenancy agreement....you can sub-let (with written permission from your HA for a period of 24months) whilst you move to London, before you make your finaly decision.

I speak from experience

OK, thanks. I do wonder whether I'm being a bit crazy! I think I need a change and maybe shouldn't give it up lightly, as I've held on through thick and thin in the past. However I do want to move on and miss the freedom of not having a fixed tenancy, strange though it may sound, but these flats can also have the affect of holding people back, ie from changing jobs etc. There is a downside to them as well. My travel costs are currently £280 a month for train and £100 petrol, plus car running costs. So that's quite a big incentive as travel in London is relatively cheap ie bike, scooter, bus for me.

AliceBanned

I've just enquired, and I cannot sublet as it is means-based letting.