shared ownership how to break free??

TanSki

Good evening - I really need some advice I feel like i've exhausted all avenues and really can't see a way out!

my situation; I live in a two bed shared ownership property for over 11years now. I live with my husband and our three young children. ( boy aged 11, girls 7& 2). I live on a second floor with no lift and on going health and mobility problems. I struggle to leave my flat and the situation is having a detrimental effect on my wellbeing.

I own 25% but won't have much left after selling as my lease is running low ( 72 years) and i've been advised to be successful in selling i would need to extend which i m responsible for all costs!
My local HA haven't been much help. The only option I have would be to sell and go privately renting but even then as my husband is not on a vert high income im told this might be difficult. Ideally I would like to re invest any capital back into a larger property, one that would suit our needs but with only mu husband earning its looking almost impossible

HampshireH

25% is a fairly low amount. You say reinvest any capital. Have you had the property valued and if so what is it worth and then what is your 25% worth.

Assume when you bought that the price reflected the low lease at the time also.

For SO properties you usually need to offer it back to the HA for them to try and sell it for 8 weeks or so before going on the open market.

Depending on the house value and any savings you may have, 25% may or may not get you very far.

I.e. if its a 400k flat then 25% isn't too bad. If its worth 75k then it won't get you very far at all.

MovingForwards

Can you not look at another SO property but on the ground floor instead?

TallGirl

Again depending on value would the HA be prepared to buy it back they might need it as rental. Depending on the value of the property if the equity is really small with your health needs and the fact your husband is low wage plus three children you may qualify for social housing. It very much depends on the area you live in and how unsuitable the property is. It's a very big if you are entitled and might be massive fight. I would imagine the house is overcrowded which would also get you some points. Not to be negative or have a go but you might find the attitude on overcrowding is you chose to have three children in a two bed.

If the only option is private renting then you will be entitled to universal credit and help with the rent. Are you on DLA or PiP does anyone get careers allowance for you. Look into all of this your local CAB can help you Shelter is also good for challenging unsuitable accommodation etc.

TanSki

HampshireH wrote: »

25% is a fairly low amount. You say reinvest any capital. Have you had the property valued and if so what is it worth and then what is your 25% worth.

Assume when you bought that the price reflected the low lease at the time also.

For SO properties you usually need to offer it back to the HA for them to try and sell it for 8 weeks or so before going on the open market.

Depending on the house value and any savings you may have, 25% may or may not get you very far.

I.e. if its a 400k flat then 25% isn't too bad. If its worth 75k then it won't get you very far at all.

Hi and thank you for taking the time to reply. My property has had three valuations, all suggesting an overall value of between £250-£300. If I was to lease extend I would only make my money back. I have asked my HA whether they would consider wavering the 8 week nomination period but they have declined. I also need to pay for the selling costs for both sides.

The only think my HA has offered is to claim all expenses at the end of the sale as I do not have any money to cover costs upfront.

TanSki

MovingForwards wrote: »

Can you not look at another SO property but on the ground floor instead?

Following a recent letter to the CEO of the association, they have said there may be a possibility of a transfer but that becomes complicated because of the equity in the property. Also I would be subject to another affordability and my income is sadly no more as I have been on long term sick with only my husband earning ( self employed).

TanSki

TallGirl wrote: »

Again depending on value would the HA be prepared to buy it back they might need it as rental. Depending on the value of the property if the equity is really small with your health needs and the fact your husband is low wage plus three children you may qualify for social housing. It very much depends on the area you live in and how unsuitable the property is. It's a very big if you are entitled and might be massive fight. I would imagine the house is overcrowded which would also get you some points. Not to be negative or have a go but you might find the attitude on overcrowding is you chose to have three children in a two bed.

If the only option is private renting then you will be entitled to universal credit and help with
the rent. Are you on DLA or PiP does anyone get careers allowance for you. Look into all of this your local CAB can help you Shelter is also good for challenging unsuitable accommodation etc.

Thank you very much for your detailed reply. I have recently been awarded PIP the enhanced rate and im questioning whether to apply for UC to see if I would receive some help towards my rent in the meantime, but I am unsure if I'd be better off or not. Its all very confusing.

I have contacted the `LA and they said that I would only be considered for help once I sold and become homeless, which im not willing to risk doing as there is no guarantee they will have a responsibility towards me and could argue I made myself intentionally homeless?

I have sought independent advice from a housing barrister, who said to be very cautious about going down the Council route and to avoid it if it can be helped.

I have contacted shelter who have said pretty much as you have, because I bought at the time when I only had one child, there is no lawful reason for why I should be moved due to overcrowding.

TallGirl

Glad you have got some advice I good news about PIP. UC is ok useful fir people whose income fluctuates and with PIP you should get an extra premium but do double check they often miss it off.

Do you have someone who can claim carers allowance for you they might be able do some housework or shopping for you which might help if you cannot get about.

Good luck with your situation sounds like selling and moving to private rented is only option.

Rosieandjim

Would your housing association consider you for one of their rented properties which would allow you to sell yours and move within the association.


You need to gather as much information as you can about your medical condition and present it to your association. If you can get a consultant to write on your behalf that would help also. I think your medical condition would help you, not the overcrowding, as there are ways round that so concentrate on the above.


I would try to get my local MP involved they sometimes know how to help with these situations

TanSki

Rosieandjim wrote: »

Would your housing association consider you for one of their rented properties which would allow you to sell yours and move within the association.


You need to gather as much information as you can about your medical condition and present it to your association. If you can get a consultant to write on your behalf that would help also. I think your medical condition would help you, not the overcrowding, as there are ways round that so concentrate on the above.


I would try to get my local MP involved they sometimes know how to help with these situations

Hi - Funny you should say that I have already contacted my local MP and they did actually send a letter contacting the CEO to inform them of my situation. The CEO wrote back to the MP's office making out that they have been supportive but in reality they haven't done half the things they raised in their reply letter. I have taken the opportunity from the back of that letter to write directly to the CEO himself asking what additional assistance may be offered given my disability and overcrowding.

The one option was transfer of equity onto another shared ownership property but given `im not working, my husbands earnings fluctuate month to month and his last two years accounts were only OK, not really enough to raise a very large mortgage, so shared ownership would be more affordable but its a struggle to find resale houses with minimum shares out there.

TanSki

TallGirl wrote: »

Glad you have got some advice I good news about PIP. UC is ok useful fir people whose income fluctuates and with PIP you should get an extra premium but do double check they often miss it off.

Do you have someone who can claim carers allowance for you they might be able do some housework or shopping for you which might help if you cannot get about.

Good luck with your situation sounds like selling and moving to private rented is only option.

based on an online benefits calculator it suggests we would be better off applying for UC but with my husband being SE it sounds like a lot of hassle for him, as you have to provide earnings every month and there's the whole minimum income floor etc... its a bit baffling to be honest.