Just when things were getting better......

Forgotit

I need some advise please. I currently live in a shared ownership flat where my father owns 25% and I rent the 75% from the housing association. I've now lived there for just over 15 years now and I love my home. But my father has just dealt me a huge blow. Due to him being near retirement age and unable to find a job he's going to have to sell the 25% of my flat he owns. Trouble is, if he sells back to the housing asscociation I have to move out apparently, even though I'm actually named on the original tennant agreement. The main problem being is currenlty i pay a very reasonable amount of rent and if i move out my rent for another much smaller place is going to be a minimum of 3 times what I pay now. The only other option i would have to avoid this is to buy the 25% share from my father, which I would love to do but my credit rating will stop me from being able to get a mortgage. 25% of the current cost of my flat would be roughly £30,000.00, where the hell do I get that kind of money? Or do I just move out and rent somewhere else meaning that I'll have alot less money to pay my debts back with and I probably won't actually be able to get on the housing market until I'm 40!

Any suggestions would be greatly appreciated! I'm feeling pretty down right now about the situation.......

happy_bunny_2

Would your dad consider selling you the flat outside the mortgage, maybe somewhere in between what you pay now and what you would pay in increased rent? Obviously some kind of formal arrangement.

surfamakikomi

I agree with happy_bunny, talk to your dad about the situation and what he wants. He may just want to use the money instead as an income which would mean he may be happy with a payment of £x a month from you. If he wants to buy something from the money then you may just be forced to accept the situation and just think that you had it good while it lasted.

Speak to your dad and be open about your finances and I am sure things will work out

FBaby

I read it that her father needs to sell to be able to claim benefits, which he won't be able to do under the circumstances as this will be considered as capital. Unfortunately, even if he sells to OP at lower price, this would most likely be seen as deprivation of capital.

OP, you say that you would have to move out apparently. Have you double check this?