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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To stay in London?

29 replies

Dilemma22 · 27/12/2021 12:37

We were saving for a house deposit (prob about 15k off). Not really sure where we want to move to, but we have 2 children in a 2 bed flat, so always planned to move out of London as we can’t afford anywhere here. We love living in London (we are very central). Both of our parents also live nearby.

We’ve recently been offered a 3 bedroom house, with garden, due to someone leaving one of the houses within our housing association. Cost of rent is very low for the area. It would need some work, probably around £15/£20k worth. Do we take the house, meaning we will probably realistically never buy, as we’d have the space we need in the area we love? Or do we continue to save for a house that we’d own outside of London?

Life would be so much easier staying (we both work in Central London, would have no childcare if we moved, neither of us drive, etc). But then would miss the chance to own a properly. WWYD?

I realise this is a first world problem!

OP posts:
PumpOutTheBilge · 27/12/2021 12:41

For me it would totally depend on the property itself and the security of tenure. If you like the housing association property, the area is what you would want and you have security to stay there as long as you want, then I’d be seriously tempted to stay in London.

Original poster
Dilemma22 · 27/12/2021 12:43

Thanks for the reply. Yes, its a secure tenancy, we could stay as long as we wanted.

OP posts:
KittenCatcher · 27/12/2021 12:43

I would take the ha house, you stay central, don't drive, the rent is manageable, you have a garden and your parents are nearby. It will be yours forever, the ha usually deal with repairs and some maintenance.

Dillydilly01 · 27/12/2021 12:43

If it's a house for life, then I'd definitely stay as it sounds like you'd have a much better quality of life.

You could always open savings accounts for your children, and save what you can for them for eventual deposits for their own homes, since you won't have any equity from your own home down the line iykwim.

FangsForTheMemory · 27/12/2021 12:44

I'd take it.

Sapphire387 · 27/12/2021 12:45

If I were you, I would stay.

Insert1x20p · 27/12/2021 12:46

Why does it mean you can't buy- just save the difference between the low rent on this 3 bed and what you'd have paid on a mortgage and then when you've saved a good deposit, buy somewhere and rent it out. Then when you retire and the mortgage on that is paid off you can use the income from that to pay your rent.

Hollyhead · 27/12/2021 12:48

Stay absolutely, as someone stuck somewhere very provincial, I think Londoners underestimate how amazing the resources they have on tap are for children and young people.

Taoneusa · 27/12/2021 12:48

Definitely definitely stay! 100%

You can buy a house somewhere and rent it out if you want a house as an investment, or you can put money into Vanguard or something similar , instead of paying a mortgage.

Stay near family, where you are happy!!

DollyPartBaked · 27/12/2021 12:52

Stay! Especially if you can stay in the area you like and wouldn't otherwise be able to afford to buy in.

AndSoFinally · 27/12/2021 12:55

Why does it mean you can't buy- just save the difference between the low rent on this 3 bed and what you'd have paid on a mortgage and then when you've saved a good deposit, buy somewhere and rent it out. Then when you retire and the mortgage on that is paid off you can use the income from that to pay your rent.

Are you allowed to do that if you have a HA house? I would have thought owning your own home would make you ineligible?

EatSleepRantRepeat · 27/12/2021 12:55

I have to admit, if it wouldn't stretch us too much I would buy, depending on what is in your tenancy agreement. Anything you don't eventually own outright is a political football for tenure length, taxes etc - and if the freeholder/owner of your home goes bust you may end up with a company who are horrendous to deal with. Being a homeowner, even with a mortgage, means you are often looked on more favourably for other kinds of credit as well.

If you can afford both the mortgage and critical illness & life cover, it will be paid off if the worst happens. Could one of you afford the rent and all the bills on your own, or even be able to work part time?

EatSleepRantRepeat · 27/12/2021 12:57

(One caveat - if I recall correctly housing benefits pay towards rent but not towards a mortgage, so it depends how stable your incomes are)

united4ever · 27/12/2021 12:58

Stay but make sure the savings you are making due to the the low rent, plus you're saved house deposit go into savings/pension overpayment etc so you can still afford the rent in your old age.

BigotSpigot · 27/12/2021 13:01

Definitely stay, you can continue to save and always buy somewhere later on for your retirement.

Crunchymum · 27/12/2021 13:11

@Dilemma22

Thanks for the reply. Yes, its a secure tenancy, we could stay as long as we wanted.
I'd take it in a heartbeat.

However I have many, many questions.

How have you "been offered a house" as someone else has left? Unless you are doing a house swap it really doesn't work like that?

You don't get a bigger house because you live close by. You need a proper assessment from your H.A to confirm you are indeed entitled to a larger property and then you join a very long list.

I don't understand how you managed to get the offer of this property to begin with?

It's also incredibly difficult to get a secure tenancy at the moment. All new tenancies with my council are fixed term - if you are rehoused by the council and have a secure tenancy, this is no longer transferable. You swap to a fixed term in your new property.

wallypopz · 27/12/2021 13:13

Why does it mean you can't buy- just save the difference between the low rent on this 3 bed and what you'd have paid on a mortgage and then when you've saved a good deposit, buy somewhere and rent it out.

don't do this

wallypopz · 27/12/2021 13:14

If it's a 100% secure HA property then you should snap it up, very rare

oviraptor21 · 27/12/2021 13:21

Probably because they're in high priority due to overcrowding.
I'm surprised the local authority doesn't look at the amount of savings though if it's enough to get a deposit. Eg. Hounslow £50k limit to be on the housing register.

oviraptor21 · 27/12/2021 13:24

Also - as a PP mentioned - when you retire you will still have to pay the rent. Do you have a pension which will cover this or will you have to rely on housing benefit at this stage? That's a long time to be relying on a limited income.

rattlemehearties · 27/12/2021 13:25

Sounds too good to be true, snap it up! Definitely better for you and your kids to stay in central London in a bigger place. Buying isn't the be all and end all and it's useful to have a landlord responsible for the big issues like boiler, roof etc

Bear in mind though that unless you've also been living in the house, you can't be handed the tenancy by a family member... the HA will check. As others have said, in London the scenario you describe is near impossible to imagine so I'm wondering what's really happening...

TheOccupier · 27/12/2021 13:27

Stay. Being on the property ladder is overrated.

Houseplantmad · 27/12/2021 13:56

Sounds like an amazing opportunity to keep your life uncomplicated and to build in certainty. Good luck.

SocksAndTheCity · 27/12/2021 13:59

@TheOccupier

Stay. Being on the property ladder is overrated.
+1
Russelhobskettle · 27/12/2021 14:00

"We’ve recently been offered a 3 bedroom house, with garden, due to someone leaving one of the houses within our housing association. Cost of rent is very low for the area. It would need some work, probably around £15/£20k worth."
Am I missing something? What's the point about the cost of work needing to be done? You won't pay that will you?