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Housing idea where to start

D.L

Hi, this is the first time I’m reaching out in this way, I need any advice, I have a 5 year old non verbal son who lives solely with me, my ex husband and father of my son walked out on us around 2Years ago, forced me to sell the house we owned jointly, I received a fair amount in equity from the sale of the house and moved in with my boyfriend whom I met around a year after the split, it made more sense than trying to support a whole house on my own on a part time wage, so my boyfriend isn’t the person I thought he was, and he struggles to deal with my son and his behaviours and I struggle to want to be in a relationship with him as a result, I want to move out and have a place for myself and my son, I have a good deposit but i don’t know where to start or how I will then afford all the mortgage payments and bills on my own, I don’t think there council would house me because I have 50k in the bank, they’d force me to use that privately renting but that’s the deposit for a house, for my sons security I don’t want to waste it on renting my son needs a home that he can be himself in and where I don’t feel unable to be myself I want a house with a garden as my son spends a lot of time outside, nothing lavish but I just don’t know it I can get any help with housing or getting on the ladder again, I’m so lost and feel so trapped to stay here because I don’t know what else to do, any advice is so so welcome.

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  • Lotus said:
    have you thought about a shared ownership property?

    These types of property do have their upside but typically they cost just as much as a conventional property but as much harder to sell and the contracts tend to favour the corporate owner, placing maintenance costs on you but giving them their percentage of any growth in value.

    In the situations where there is negative equity then this is all on you.

    I worked with a company that used to build these and sell them and saw that the contracts really are built to protect them at your expense.

    But in this specific situation it may work.

    Most of these tend to be in apartment blocks with no personal gardens though - this sort of property really is at a premium since Covid.

    I wonder if the user would be willing to relocate to a cheaper area in order to get more for her money.

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  • Lotus said:
    have you thought about a shared ownership property?

    These types of property do have their upside but typically they cost just as much as a conventional property but as much harder to sell and the contracts tend to favour the corporate owner, placing maintenance costs on you but giving them their percentage of any growth in value.

    In the situations where there is negative equity then this is all on you.

    I worked with a company that used to build these and sell them and saw that the contracts really are built to protect them at your expense.

    But in this specific situation it may work.

    Most of these tend to be in apartment blocks with no personal gardens though - this sort of property really is at a premium since Covid.

    I wonder if the user would be willing to relocate to a cheaper area in order to get more for her money.

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