Does anyone know about part buy part rent

[GrasstrackGirl]

Does this check out?

My sister and her husband have had a part buy part rent property for over a decade, in that time they’ve also had three children – a girl and two boys.

My dad told me a few weeks ago that my sister and her husband want to move to a bigger property but they can’t transfer the mortgage, so they are selling the PBPR property and moving into my parents house with the three children to present as homeless in order to be eligible to purchase a larger PBPR property?

This doesn’t ring true to me, my sister is fiercely independent and I cannot see her willingly moving back in with my parents with everyone in tow, it is going to be very cramped (however there are enough bedrooms) and my dad isn’t happy
about it at all but he's going along with it.

Also, to say the obvious – they will not be homeless.

However I’m also aware that this is none of my business so I’m struggling with deciding whether to gently ask if there’s something else going on and seeing if I can help or leaving it.

It has crossed my mind that they've either defaulted on the mortgage and they have to vacate or they are struggling financially to pay the mortgage (maybe they had to renew and it’s unaffordable).

But I don't know how part buy part rent works and how they can get a bigger property through PBPR.

Are you referring to shared ownership? I wasn't aware being " in need" was a criteria, I thought it was being a first time buyer and having a deposit. I'm in a shared ownership property myself, have been for 10 years, as a first time buyer. If I move on it will not be to a shared ownership property.

No that’s not correct. You don’t need to be a first time buyer or homeless to buy shared ownership. They can apply for another shared ownership property whilst still living in this one, then complete the sale as a normal chain porting the mortgage over.

You can only purchase a shared ownership as a first time buyer, so they won’t be able to buy another without selling theirs first as then they’ll effectively be first time buyers again.

Ahh looking at the previous post I may be wrong!

Sorry, yes it is shared ownership.

My mum had shared ownership and it just went on her salary, she had to earn under a certain amount, I guess to demonstrate that she couldnt afford the property for the full price.
I dont know of you can sell SO and buy another in the same transcation!

My son has recently bought a shared ownership property.

He had to be a first time buyer.

He had to earn over a certain amount per annum.

He had to be local or work in the area.

And he had to be 'accepted' by the housing association that shared ownership.

It was quite a long and arduous process. There were several people interested in the property but he was chosen as being the suitable purchaser/renter.

Thankfully finalised a couple of months before mortgage rates went up and managed to get a 5 year fixed rate.

Maybe the rules are different depending on the housing association but my mum wasnt a first time buyer.

The rules on shared ownership are here but it says I order to apply:
You can buy a home through shared ownership if both of the following are true:

your household income is £80,000 a year or less (£90,000 a year or less in London)
you cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:

you’re a first-time buyer
you used to own a home but cannot afford to buy one now
you’re forming a new household - for example, after a relationship breakdown
you’re an existing shared owner, and you want to move
you own a home and want to move but cannot afford a new home that meets your needs

Ah so therefore @GrasstrackGirl its not true that your sister cannot sell her SO and buy another!