part buy part rent property ownership

happyfella

Does anyone live in a part rent part buy property. I had a meeting with occupational health today and they agree with my doctors that the property i live in is not suitable for me.

I own my own property with a mortgage and i have been told that i would not be considered for the scheme until i have sold my property. I cannot get a new mortgage due to not working.

My daughter wants to get a part rent and part buy mortgage so we can all live together and then once we have sold our house we would be using half of the money to buy a bigger share of the property for my daughter.

The housing trust dealing with the scheme wants my daughter to fill in ten forms for her to be considered and to provide a letter with details of a mortgage in principle. It seems very quick to get all this information together.

I am just wondering what people's opinions are of the scheme. I have heard some good and bad things. I would also like to hear of people's experience applying for the scheme

tru88le

My personal feeling is that in my town when the tenants agreed that the council housing should be run by a charitable trust on the basis of lots of improvements would then be possible. What happened was they started demolishing housing stock and building affordable rent properties, where you buy a bit and rent and posh housing estates all over the north west, they went crazy  with strange schemes and drunk on the income from the council rents and their improvements were totally shoddy quality, things like mdf toilet seats and bath panels and the same for the kitchens which cost about £50 to install. While they built 4 bedroom homes with immaculate tiled bathrooms and kitchens with our rent money to sell, our old council landlord was basically given free of charge, housing stock worth £500 million, personally i think if anyone was going to be given it it should have been the tenants who have paid for them 50 times over.
So i have a personal dislike fir all such schemes which are usually poor value fir the buyer and they are marketed to appear as social housing with their 'affordable rent' sdverts but they are really schemes weighted in their favour  masquerading as such. 

happyfella

Had another meeting today, to be honest it is doing my head in. My doctors are telling me all the time i need to move out of my property and into a property that is more suitable and safe for me. They ideally want me to move into a bungalow or a property with a downstairs toilet, and a property that would be safer for me.

I know all the doctors i have are trying to help but they do not live in the real world. Yes i feel unsafe in my property but i do not have a magic wand to come up with a new property and i have not won the lottery. It is ok for them to say that they are worried about getting a call that i have ended up in a wheel chair because of a serious fall or worse, that i have not survived, but i have no realistic way of changing my situation.

My daughter wants to help by getting a part buy and part rent property. i do not like the idea of that too much. If she got a mortgage outright then it would not be enough to buy a property that is needed, even if we sold out house and put all the money to it.

I have spoken to the housing trust and they have said they understand my situation and they could help but they want me to sell the property first and then they would look at my situation. but what happens if i sell the property and then they cannot help.

OH are trying to get a grant to put a downstairs toilet in. They are coming to measure up and want to put the toilet in the kitchen. This will make the kitchen smaller and darker. Although it will give me some independence, i am worried that it is not fair on my wife as it will make the kitchen smaller and darker. also with the kitchen being smaller it would also knock the value off the property and could put people off buying it when i need to sell in the future. so, i cant win whatever i do.

Alex_Alumni

Hi @happyfella how have you been getting on? Have you managed to fit a downstairs toilet in?

I'm sorry we haven't been able to help answer your question as well as we would've liked. Please do let us know if there's anything you're still unsure about. 

TheAlien

I don't like part rent part buy schemes either, you end up being neither tenant or owner, you're just stuck in a grey area.

Is there any room for a small extension downstairs that could be used for a bathroom?  Have you explored the full range of grants available?  Adult Social Care should be able to advise.

Is it possible that a lift could be installed so you can access the upper floor?

Most social housing bungalows are very small, so if you have mobility issues they can be a tight squeeze to move around.

I know I'm asking a lot of questions, but there may be other options.

poppy123456

TheAlien said:

I don't like part rent part buy schemes either, you end up being neither tenant or owner, you're just stuck in a grey area.

Is there any room for a small extension downstairs that could be used for a bathroom?  Have you explored the full range of grants available?  Adult Social Care should be able to advise.

Is it possible that a lift could be installed so you can access the upper floor?

Most social housing bungalows are very small, so if you have mobility issues they can be a tight squeeze to move around.

I know I'm asking a lot of questions, but there may be other options.

Sadly, it's not easy for young people to get on the property ladder these days so sometimes this is their only option. My daughter and son-in-law are waiting to move into their first home, which is a new build with part buy/rent. My grandson will finally have his own bedroom!

poppy123456

It's a new build and they are the first ones to live there so it's extremely unlikely they will be buying a new kitchen anytime soon.