Housing benefit, shared ownership

Beth2805

New to this... My partner and I are currently private renting. We receive housing benefit with the family premium as we have a child. We are waiting to move into a shared ownership property, where we will be paying rent for 65% of it. When we move will are housing benefit stop for any reason? Will we still receive the family premium?

Cakeguts

How are you going to pay for the other 45% of the shared ownership property?

theartfullodger

Beth2805 wrote: »

New to this... My partner and I are currently private renting. We receive housing benefit with the family premium as we have a child. We are waiting to move into a shared ownership property, where we will be paying rent for 65% of it. ...........

With 45% of the price of your new shared-ownership home in the bank, how come you're getting any HB on your current private rental at all, please??
https://www.citizensadvice.org.uk/benefits/help-if-on-a-low-income/housing-benefit/help-with-your-rent-housing-benefit/

If you or your partner have more than £16,000 in capital, you will not get any Housing Benefit, unless you are getting the guarantee credit part of Pension Credit. If you or your partner have capital of over £6,000, you will be assumed to have some income from that capital.

Not possible (yup, I have "O"-level sums...) if you've got that 45%....

jobbingmusician

You may have o-level sums, but 100% minus 65% is not 45%......

Cakeguts

jobbingmusician wrote: »

You may have o-level sums, but 100% minus 65% is not 45%......

That would be down to me than as I don't have O level sums......and I can't add up. No good at darts scoring etc.

Cakeguts

eggha wrote: »

rather ridiculously it appears you do get HB on shared ownership ...
https://england.shelter.org.uk/housing_advice/housing_benefit/what_is_housing_benefit

How housing benefit is calculated

Find out how housing benefit is calculated if you rent from a council or housing association or pay rent as part of a shared ownership home.

https://england.shelter.org.uk/housing_advice/housing_benefit/how_housing_benefit_is_calculated

Does that apply from when you first move in or do you have to already have any capital you might have invested in the part of the property that you own.

What I couldn't understand was how someone who had enough money to pay for 35% of the shared ownership was able to claim housing benefit because surely they had too much in the way of savings? I can understand that if this money was invested in the shared ownership property then they could get housing benefit to pay the rent because they wouldn't necessarily have any savings.

theartfullodger

jobbingmusician wrote: »

You may have o-level sums, but 100% minus 65% is not 45%......

Ho, ho ho!!! Silly me...

I also have OAP status which just might account for my dumb, obvious, error: Oops!

Beth2805

We've got a mortgage for the 35% of the property, we put an £8000 deposit towards that. So basically we will be paying a mortgage for 35% the other 65% we will be renting

Cakeguts

How did you get a mortgage while claiming housing benefit? Did you tell the mortgage company about the housing benefit?

ScorpiondeRooftrouser

eggha wrote: »

don;t know, all i did was google : "can you get hb on shared ownership"

OP appears to have 8k of cash to fund the deposit requirement, but remains below the 16k capital threshold at which he would lose entitlement to HB. Therefore, on paper, the "ridiculous" situation of being a house owner whilst being funded by the taxpayer.

He's not going to be a house owner.

marliepanda

eggha wrote: »

what???? The OP is asking about shared ownership, the clue is in the name.

35% of one. With all the responsibility of 100%.

Not for me.