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Original poster

Private Renting/Housing/Unaffordable

14 replies

Twistedsis1 · 15/01/2022 15:20

Hi,

I'm generally just looking for some ideas/advice?

Our landlord has just notified us that he wants to sell the house, ideally as a vacant property. We currently have 19 months left on our tenancy and to be honest, due to our financial situation we won't be doing him any favors and intend to remain within the property until the end of the tenancy agreement (we are good tenants).

This fortunately gives us some valuable time (we have four children) to decide what it is we want to do with regards to where we will be living after this time. We currently live in a nice area and our dc, go to good schools, a reason why we moved to the area in the first place. The problem we now have is that privately rented properties in the area are very limited and very pricey, along with there are typically 20 + applicants for nearly every property that goes on the market, finding somewhere else will be a challenge.
I feel really stuck, our current rent is unaffordable at the moment for us, but we make it work by cutting back on everything else and crucially we keep a roof over our heads.
I don't want to keep paying lodsa of money a month on rent, but i don't know what else i can do? There is no prospect of social housing, we are not eligible and there isn't any anyways. I am seriously considering moving somewhere much further afield where rent is affordable, but this would mean moving the kid's schools, which isn't ideal, but even when I look up north for instance the rent isn't much cheaper for a nice area with good schools.
I'd love to buy a house one day but at the moment that's just not an option.
What do I do? What options are there? What have others done in similar situations? How do you decide on a new area to live in that you have no connection with?

Thanks

OP posts:
RussianSpy101 · 15/01/2022 15:29

I would start with looking online what areas have cheaper rental properties, then check the schools in those areas. Paying less rent may enable you to save for a deposit too.

RussianSpy101 · 15/01/2022 15:29

Do you and DH work from home? If not, obviously check the job market before you move anywhere.

Dragongirl10 · 15/01/2022 15:36

Sadly it is very hard if you have not bought a property before dcs, due to selling off council houses for decades and the lack of new built housing......
You are always at the mercy of rent increases.

I would start by looking at possible ways to increase your income can one of you (or both ) change jobs/ move up? This is the only way to change your situation longer term,,, to earn more.
You have over 18 months, really focus on this..

Also looking at different areas over weekends is a possibility but start with looking at Rightmove to identify cheaper housing first and consider whether you may be happy there.

Babyroobs · 15/01/2022 15:39

have you checked to see if you are entitled to any help towards the rent with UC ? You would be surprised and UC has improved for working people recently with lowered taper rates and increased work allowances.

starpatch · 15/01/2022 18:11

Register an interest with local housing associations for shared ownership. You may be able to afford a 25% share and part rent part buy is usually much cheaper than renting alone. You can also register to look on the resales website. These don't come up often particularly larger properties, but it is worth a try. For what its worth I moved to a cheaper area and really regret disruption to my son's social life and worse school.

Karenity · 15/01/2022 18:18

Yes shared ownership. Also are you sure you're not eligible for social housing. I got my ha property after getting notice - just having notice made me eligible as that's classed as threatened homeless in this area which gives you priority. And they wanted me to be working. (Housing associations have different criteria from council housing.)

Turtletaub · 15/01/2022 18:28

Another vote for shared ownership - if you can find any available in your area I cannot recommend enough. We were in a very similar situation, landlord selling and viewing properties where 20 other people would be 'bidding'. Very nearly homeless. I didn't think I would qualify for any kind of 'help', couldn't afford to buy and even if I could afford the rocketing rents - with everyone in competition thanks to the stamp
Duty break displacing all the renters - I couldn't even find anywhere. I was really hesitant about shared ownership because I didn't know anything about it - but it's given us the security of owning, in an area we love, but for about 60% of what it would cost to rent the same property

fizzwhizz1 · 15/01/2022 18:55

I would register with your local council/social housing list. You'd be surprised that working people are allowed to go on them in most areas. Also, another vote for shared ownership homes.

Gettingthereslowly2020 · 15/01/2022 19:35

People keep mentioning shared ownership but wouldn't OP need some kind of deposit to realistically pursue this as an option? Or have I got that wrong?

seekingasimplelife · 16/01/2022 13:43

OP would need a deposit only for a percentage of the share being purchased. So if buying a 25% share of a house worth £250K, would need a deposit for a £62,500 mortgage. A 5% deposit would be £3,125; 10% deposit £6,250.

Karenity · 16/01/2022 14:43

Yes and she has time to save.

LakieLady · 17/01/2022 10:49

Check out Places For People. It's for housing association properties that you can apply for directly, although in some areas, you also have to be registered with the council for housing.

I suspect that, if you are currently in the catchment for good schools, your rent may reflect that. Does looking a little further away from the school make any difference to rent levels?

Shared ownership may well work for you, but some people find that they can never afford to buy a bigger share, because of rising house prices. And they're not always easy to sell, either. It could still be an excellent move for you, but it's worth being aware of the pitfalls.

When you find somewhere, it's worth asking your landlord if he's prepared to give you a financial incentive to end your tenancy early. A colleague did this and got a few grand, and she was going to move anyway, even before he issued the notice! Even after your current tenancy ends, they'd still have to go to court to get you out if you didn't leave, and that could take months and cost a fortune, so he may well be willing to give you a sweetener.

And I agree with Babyroobs re UC - you may well be entitled to some help.

The housing situation in this country is a nightmare imo. It must be so stressful for people.

JustTryingouthere · 21/01/2022 04:35

OP

Shared ownership sounds like the way forward, however must ensure you understand how it works as some schemes are better then others.

userxx · 21/01/2022 09:09

Council run shared property schemes are better than ones from property developers, I remember that bit of advice from years ago.

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