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Not sure what to do - living in such a small house


surrey_36
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Id be grateful for some advice.

 

I just do not know what to do

- I have a mortgage on a small one bedroom house,

no equity,

the place needs so much work doing to it.

Me and my 2 children live in the house, it is very cramped but do-able.

 

I had to give up being self employed recently as my 2 babies were demanding 100% of my time,

I often think that I should just sell the house and rent somewhere as all the time i am on income support I would be able to get assistance with housing benefit.

 

Would that be a stupid thing to do though, I have a property, albeit small and cramped and in desperate need of maintenance.

Im on the ladder would i be foolish to sell up?

 

Does anyone know if I rented my house out and then rented somewhere else,

would I still be eligible for housing benefit or not because Im a home owner (obviously if i was not making profit from renting which i wouldnt be)

 

Any advice would be great, also,

 

I currently have planning permission to extend it to a 3 bedroom but I dont have the money to do it.

 

Im hoping that once I can start working again I will be able to raise the funds to start the work.

It seems a shame to sell up but its so very difficult living in such a small space,

especially as my son is super-hyper active and loves to run everywhere!

 

Inevitably i have to go out a lot!:madgrin:

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This is a question indeed.

 

Obviously a one bed property is not ideal for a Mum and 2 young children.

 

However, you should make yourself a list of pros and cons.

 

The following are just some things I would be looking at before making and plans to sell and move into a rented property.

 

 

Security of tenancy - what happens if you find somewhere you really like in the private sector - but the Landlord decides not to renew your tenancy ?

 

Social housing is very difficult to come by now - especially 2 bedroom properties since the "bedroom tax" came into play.

I dont see Social Landlords offering a 3 bedroom property as they are reserving those for larger families.

 

Rents are apparently quite expensive.

 

Repairs - in theory Landlords are supposed to do the repairs and maintenance - however if you read round the forums, we are finding even Social Landlords are poor at doing these.

 

You are at the mercy of "visits". Landlords are allowed to inspect properties at regular intervals, would you be happy for someone to be visiting you to see how you are looking after the property. Ok, they have to give notice, but again, not all of them do.

 

Are you not entitled to some benefits toward your mortgage payments ?

 

I am not sure whether you would keep your benefits if you were to rent the property out and then find another for you to rent and live in. Of course you then also become a landlord yourself and would be responsible for maintenance and other associated Landlord responsibilities.

 

Are you struggling to pay the mortgage, currently ?

 

A property with planning permission approval, tends to attract a premium. Especially if there is time to run on the permission.

 

Do you have a safe place in the garden for your young son to run off his excess energy ?

 

I will have a googly and see if there are any articles on ownership v rented property :)

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http://www.zoopla.co.uk/property-advice/rent-or-buy/

 

Seems as though there are quite a few.. I will pop some of them here for you.

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Ooh, this is good - it is a calculator to help you work out the cost of renting v buying.

 

http://www.greengem.co.uk/Rent_V_Buy/rent_v_buy.php

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5: Forum rules - These have been updated - Please Read

 

 

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If you sold the house, would you be able to cover the mortgage, plus other costs involved in selling ? If you then wanted to rent, would you have enough of a deposit to put down. I would presume that the local council would not help you find a property, if you had made yourself homeless.

 

Is the house in a rentable condition ? Would you be able to afford to do any works to it, so that it can be rented out ? Normally letting agents will have a list of requirements, before they will agree to let the property for you. Would the mortgage company even agree for you to let the property, with no equity ? From what I have heard, you would normally need at least 20% equity before mortgage companies would consent to let.

 

More questions than answers, but you will need to look into this much further. I think you may have to stay where you are at the moment and put up with the lack of space.

We could do with some help from you.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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