Finances going forward, what can I do?

[ej8888]

I've been separated for 4 years, divorcing now due to delay caused by ex staying abroad after I left him and blocking the sale of our one property in Portugal. We are both British and he has finally returned, agreeing to divorce and sale. In the meantime I'm working full time, getting top up benefits and renting a 2 bed flat for £1550pcm. (It may sound extrortionate to some people but it's a good price for where we're living, close to my family.) If I sell the house, we are going 50% each (for a number of reasons) and then I will probably get between £100 000 - £150 000. I will have to pay some capital gains tax the following tax year. I will not be able to get top up benefits as I'll be too wealthy, and I will struggle to reinvest in a property around here, but I don't want to spend my money on renting, which is lost forever then.

My son has ASD and ADHD and has had a lot of bullying on school, changed schools once already and finally settled with friends. I do not want to move him to a cheaper area far away, and I'm also helping my parents with things several times a week nearby. They do not want to live with me, but where/how can I get a property? I have really struggled to get permanent work and so I don't have a permanent job contract to recommend me to a mortgage lender. I also am 53 in June. The soon to be ex husband is a drain and he only thing I can to do cope with his dysfunctional life and attitudes is to divorce him. He is not reliable, trustworthy or stable and likes drinking, so that's a dead end.

I have thought about buying an investment property somewhere to rent but also think I may regret it with nightmare tenants, poor returns, etc, and mess that up. My own heath is not great, and I struggle but keep working as I'm not bad enough to get disability. My PIP was rejected. I can semi-retire from teachiing in 7 years, but wiill only get £14, 000 pa pension. Then £16,000 in 14 year's time. What can I do?

Have you looked at shared ownership as a means to some property security?

I’d focus on getting a permanent job and buying a flat. Focus on trying to pay it off before retirement. Otherwise you’ll spend it all on rent, which seems wasteful.

It is a buyer's market at the moment I think so you may get a good deal ( I am struggling to sell mine -area dependant of course)

I considered renting mine out BUT I believe renters will soon have more rights and this concerned me (specifically , getting rid of BAD ones I mean !)

Shared ownership is an option, BUT can be costly when you factor in the rent on the remaining share plus there are sometimes management fees of shared areas etc

I wouldn't become a landlord. Shared ownership is a good suggestion, also, I know you said you won't be able to claim any top up benefits now, but in the future you can claim on the rent portion of the house ( just not the mortgage), which might be worth considering.

You should take union advice about ill-health retirement from teaching and it could be worth reapplying/appealing the PIP decision. Nothing g is set in stone with DWP.

You have a classic problem of making a choice between several bad options rather than what we all want - a clear cut "this is good" and "this is bad". Life doesn't work this way. You just need to pick the least bad option available to you.
Yes, this may mean moving away from your support network to an area where housing is more affordable. Is it great? No. Is it better than renting until you run out of money? Quite possibly.
Also make sure to book an appointment with CAB so that you are aware what you may be entitled to if you do buy a property and essentially end up with no savings. This may considerably change your welfare entitlement.

Although if OP earns enough to get a mortgage on a property in her area where 2-bed flats rent for £1550 pcm (even allowing for her possible large deposit) she probably won’t be eligible for any benefits.
The advantage of renting is knowing your outgoings each month - no surprise bills. That combined with new rights for renters make me think you would benefit from renting but do not consider buying a rental property, for the same reason. I would move to a cheaper area, invest the lump sum and rent (this is what I did and it’s working well). Reading between the lines you need security and to feel in control after your relationship. Btw consult a solicitor, CAB are so stretched they are only seeing people about domestic violence and homelessness atm (was told this by my mum).

Each citizens advice is a separate charity and the availability varies hugely from area to area.
OP I am concerned that you are getting aUC? Top up whilst owning a share in the overseas property. There are exemptions it’s a complex area but I wouldn’t want you falling foul of the rules by accident. I can see the argument for continuing to rent. I’m not sure the new laws will make such a difference as there will still be the legal right for landlords to gain possession if they want to sell.

Thanks for clearing that up re CAB (my mum was asking in Herts area regarding my nephew's situation). Tricky one re security isn't it? You are right to mention LLs selling.
There are also downsides to shared ownership. I just know of my friend (widow) struggling owning her house with very little money so went without a boiler for 18 months. HOWEVER speaking to some young people (mid 20s) in Suffolk area, they are all managing to get on the property ladder as it is more affordable. Mostly choosing new builds. Perhaps an option? (I appreciate it's not "cheap"! Just possibly more realistic).