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Does anyone know anything about part rent/shared ownershop properties?

(6 Posts)
everything2me Thu 09-Jul-15 20:05:41

Long story short. Selling family home, my share of equity about £35,000. I only earn about £9,000 self employed.
Could I get a rent to buy/shared ownership property by paying approx £35,000 into it, and renting the rest? as I cant get a mortgage. Would I possibly be able to get housing benefit on the rented portion?
Children are currently 13 and 18, but might both be over 18 by time it happens. Any help appreciated smile

Rockchick1984 Thu 09-Jul-15 23:21:41

In theory yes but obviously if you're looking at it being up to 5 years away then it's totally possible that things would be different then.

TheHoundsBitch Thu 09-Jul-15 23:25:54

I don't think you are eligible if you have owned property in the last three years. We are just looking to move out of our shared ownership house and it's been a good first step on the ladder, but we have a relatively cheap rent through our HA so we've been able to save up.

TheHoundsBitch Thu 09-Jul-15 23:28:25

how much are houses where you want to be? I think 25% is the minimum share in most HAs.

everything2me Fri 10-Jul-15 15:43:06

Thanks for your advice. I have seen on the shared ownership site that you are entitled if owned before but cannot afford to buy now. Also I have seen properties for around £110,000, so I should be able to do 25% share. I am more concerned that it would not be agreed due to my incoming being so low at moment, for paying rent side, and not sure if they would take into account housing benefit. In five years time it could all be so different, but its something I need to consider, as may have to sell up sooner (if ex gets his way). Thanks x

ComtesseDeSpair Fri 10-Jul-15 17:01:59

Generally speaking, to qualify for shared ownership you need to be able to cover the occupation rent and any service charges from income - Housing Benefit won't be accepted. You can purchase a share with a lump sum, although bear in mind that the smaller the percentage you buy, the higher the figure you'll have to pay in rent. Most Housing Associations have minimum incomes for accepting you for shared ownership, so you'd need to contact a few to see what the financial qualifying criteria are.

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