Advice Needed - Rent Deposit

triplec

Hello,

Not sure if this is the right thread to post it in or not.

Unfortunately over Christmas my wife decided that it was over between us after 7 years and we have 3 young children together.

We are currently in rental property but I now need to move out so that we can both move on with our lives and keep things good between us for the sake of our kids.

The problem I have is all my money is tied up in bills etc. and I'm struggling to find a deposit for a rental property.

I am employed full time and the monthly rental is no problem it is just the deposit.

Has anyone ever been in this situation? Is there any help out there for me?

Any help would be gratefully appreciated.

Thanks

MyOnlyPost

Hi

I appreciate you are going through a tough time and this isn't what you want to hear, but if you are struggling to get money together for a deposit then most landlords will probably fear you won't be able to pay rent.

Is there anywhere you can stay for a couple of months cheaply? When I divorced I stayed with my parents for 3 months, not ideal but it got me out of a hole. Not paying rent for 2-3 months should enable you to save enough to fund a rental property

G_M

Where do you live at present? Rental? Owner-occupiers? If O-O, is there equity?

If divorcing you need to reach a financial arrangement with your spouse, either amicably or via the courts. If selling the property is the only way to get equity out for your alternative accomodation, then that's what you'll need to do.

If there are joint savings, invetments etc, then you could use those while your spouse keeps the property. But without knowing the full financial circumstances how can we answer?

jd87

Sounds like OP is currently still living with wife in joint rental property.

If you're full time employed perhaps you can get a loan? Not ideal obviously but might be the only choice.

Is wife going to stay with kids in the current rental property? If so, half of your existing deposit belongs to you and she needs to give you that money.

[Deleted User]

I don't know if you already have but you and your wife need to work out what you should be paying, what she should be paying. She needs to apply for benefits (and use https://rainydaytrust.entitledto.co.uk/?gclid=Cj0KEQiA5bvEBRCM6vypnc7QgMkBEiQAUZftQIbgzAYN-5f_ChXltPEu1x47g6GzIJHGDlVS9_m5qjkaApKX8P8HAQ if she isn't, or working part time.

I'm afraid the monthly rental and your outgoings are a problem if you can't save up to move on.

If either of you can't afford to live in the property, ( see your partner has children which does complicate this) then you might both have to move out (the LL might consider an early surrender of the tenancy, its worth asking if the property is just too expensive).

You can't pay the same as you have been, and get another property or live in it. You could also go on the Debt Free Wannabe board (either or both of you) and work out if changes to your lifestyle could enable you to save and move on.

You might have to consider a shared property rental (renting a room) in the short term to reduce costs.

Guest101

Short term loan?