Leaving a council tenancy to move back in with mum need some reassurance

[prestatynprlck]

For context I am 28 and single. I was given a council tenancy on a one bedroomed flat three years ago. Since then my circumstances have changed and I now earn 38k a year and I am in a position where I could buy a 2/3 bedroomed house soon. I have a 5% deposit saved but I need 10% really otherwise I am going to get stung my interest rates. I could save this in a year moving back in with my mum. I need to bite the bullet and do it however I know I would never get given another council tenancy again and I feel a bit scared of letting it go. Am I mad to consider giving up a secure tenancy to move back in with my mum?

It makes sense to try and own a home. I think the problem is that you have more security where you are than at your mum's while you save. So your housing situation will become less stable with no guarantee of how it will turn out. If you stay in your flat you have stability until you buy even if it takes longer.

I think you would be crazy to give up your tenancy. My brother and wife left theirs to buy their own home. In 3 years their circumstances changed, noone could have predicted it, they are barely surviving and bitterly regret their choice. I know this is not the case for most people but having a secure tenancy is security beyond what most people have.

I wouldn't give up a secure tenancy OP.

Yes it will take longer to save for your home, but if something goes wrong - you get ill and can't work or you had to spend your savings on an emergency, you'd be giving up a lot if you lived with your mum with no prospect of getting another home.

I'd stay in the flat.

Your mum wants the company, fair

But

She'll not have that company when you buy and move back out

It's a tricky one but I'd stay put I think. Even secure jobs can become insecure.

You are in a very fortunate position. I would leave the flat to someone that needs it. You’ll only be putting yourself in the same situation as many others in their twenties but with a secure job and a good salary you could get out of it by your thirties.

Another vote for staying, OP.

If living with your mum didn't work out for any reason, you'd have to rent privately and then you'd never be able to save that deposit.

Agree with this totally.

Anything can happen in life, and if something did that impacted on your earning power, you'd be stuck at your mother's and/or have to into expensive, insecure private rented accommodation.

Do not give up your tenancy.

Oh, and your mother's desire for company isn't going to be solved in the long-term by you moving in with her temporarily, and it's not your problem to solve, anyway. She needs to take other steps to address that for herself.

DO NOT GIVE UP YOUR COUNCIL TENANCY. THEREIN LIES CRAZINESS!

sorry to shout!

I would stay where you are but I would save extra hard.
Can you take in a flat mate to save on utilities?

Live with your parents for a bit when you have put the deposit on a house and are painted it etc.

Absolutely stay where you are, don’t give up the tenancy. It may take a little while longer to save up your deposit, but anything could happen in the interim and if for any reason your circumstances change and you can’t afford to buy, then you’d be absolutely stuck.

I would move back in with mum, whilst yes council properties are hard to get, it's only a one bed flat and you are talking about buying a house. Plus you are releasing it for someone in need. Definitely the right thing to do

This thread has been really helpful because everyone around me is telling me the opposite and it's given me some perspective

Stay in the council flat. Buy it under right to buy. When your wages go up, remortgage the council flt with a buy to let. Let out the council flat and buy something in a nicer area with a residential mortgage.

She isn't getting on the property ladder though! She is going to move in with her mum. (And she is giving up SOCIAL HOUSING for this!) I love my mum. I do. But seriously, I would rather have eaten ground glass and shit it out, than ever have moved back with her once I moved out at 20.

No matter how well you get on with your parents, sometimes it's just impossible to live with them past the age of 20-21.

And my DC. We love the bones of each other. They moved out a few years ago. but I think hell would freeze over before they'd ever come back and live with me and DH. Some people are quite happy to keep coming back home again and again. Boomerang children they are, who never truly grow up til their middle age (42-43+ ...) Bouncing from one bad relationship to another, and bouncing from job to job, (with fairly large gaps in their employment,) acting like they're 19, even when they're in their mid 30s (some of them!)

@prestatynprlck You would be absolutely insane to give up your council tenancy. Definitely do not do it. I think in some ways being in cheap affordable secure social housing is actually better than owning your own home these days. Most houses have an ever open mouth, and you never stop forking out money and throwing it into a bottomless pit when you're a homeowner.

It depends on whether you are happy in your very low rent council property which is the right size for you (1 bed) or if you have a good relationship with your mother. Think worse case scenario: If I lost my job and had to live with my mum for 2-3 years would I be fine with that? Lots of adults happily live with their parents or even share are you one of those people or do you need your own space? What percentage of your wage goes into your rent? then compare what percentage would go into your mortgage. Would you be fine buying a property if the price went down after your bought it or are you thinking of it as an investment? As a tenant the council are responsible for most major repairs such as a boiler, windows needing replacement. Do you have enough to cover those expenses and the mortgage, home insurance etc. I think if you can answer those questions you will know what you want to do.

The Goat wholiesdownonBroadway has a good point!

Stay, don't move. A bird in the hand etc.

@FancyBiscuitsLevel That's exactly what I was wondering and was surprised it took so long into the thread before anyone asked.
If OP is able to live with her DM now, why did she qualify for Social Housing in the first place?

As someone whose 28 year old has just bought a house after returning here post Uni, I also say don't do it. The parent/child dynamic returns, and it doesn't work (no matter how much you love your child).

Apart from any moral reasons, this route is fraught with problems and not as secure an option as you may believe. OP has said she doesn’t want to buy the flat - we don’t know why but many social flats will have high service charges and costs for owners. BTL is also in a precarious situation and too much to think of taking on at this point.

Do not give up that tenancy until the keys for your own place are in your hand!

This is a no brainer. Owning a home is an investment, it will only go up in value. Getting on the ladder as early as possible gives you the best chance of progressing to a point where you'll be bringing your kids up in your ideal/dream home (and location). You have to take risks in life to get where you want to be, the risk you're proposing is measured and sensible.

I gave up my housing association house recently tbh the rent wasn't as cheap as council I was paying £900 per month yes cheaper then private I know but I also had the world's vilest most bully's of neighbour's and lived on a street of hell which tortured my mental health for years I couldn't even exchange because everyone knew how bad the street was so I gave it back to them I don't regret it one little bit

£900 a month for social housing?!

What on earth were you renting? I don't know any social housing that is that expensive. Even in London, most social housing is less than £600 a month.