Shared Ownership...is this realistic

DeadMoney

Does anyone have experience of shared ownership?

So I have been in rental for five years, but I really REALLY want to actually, finally get on the property ladder so that I can look into fostering children.

Trouble is I am single and on a low-ish income and I have no other sources of money beside salary, not even working tax credit (even though I work :huh:). Subsequently my bank is only willing to give me a loan of £60k, which won't buy a garden shed in this area.

Shared ownership might be an option, but is it still classed as renting in terms of fostering / tenant rights to have children on the premises.

More importantly, what happens if the Landlord wants the property back. Do I have more rights in shared ownership than I do in rental, or would it be a compulsory sale? I don't want to go into fostering if I can't guarantee a roof over my own head.

Thank you for your time :-)

catflapuk

Hey,

I do not know how shared ownership is classified when it comes to fostering, but you surely have more rights than a normal tenant. The 'landlord' (housing association) cannot give you notice to vacate the property (provided you stick to the lease and don't do anything illegal). It is entirely up to you how long you want to live there, when you want to staircase or sell up or just keep your initial share. They cannot force you to sell your share, but you must be aware there are some restrictions should you decide to sell your share. You may have to sell it back to the HA or the HA will want to find someone to buy your share and you may not be able to put your home on the open market right from the beginning.

silvercar

Why do you think a landlord can restrict you from having children on the premises? Many people fall pregnant and have children while renting.

tim123456789

silvercar wrote: »

Why do you think a landlord can restrict you from having children on the premises? Many people fall pregnant and have children while renting.

I know of a block of flats where the head-lease says "no children" and the MAs are apparently most aggressive in enforcing it on tenants.

though whether they would be able to evict an OO who gets pregnant, I doubt

tim

DeadMoney

silvercar wrote: »

Why do you think a landlord can restrict you from having children on the premises? Many people fall pregnant and have children while renting.

Depends on the landlord I guess, my current tenancy specifies that no children are allowed to reside on the premises. I think this is a building rule rather than a flat rule.

I am also concerned that there is no "stability" in rental. Even if they let me foster in rental accommodation, I could be evicted at any time with little warning, and that is a hard world to force on a child who has already had a hard life. I am looking for security both residentially and financially before I do this. It might take me a few years, but it is my calling if you like :A

Oh that sounded less mushy in my head :rotfl: