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Hi everyone
I am currently renting a new build flat from a housing association as a 'rent to buy' tenant. I have been here for almost three years and live alone.
The idea is you pay slightly below market rate rent and put the savings away to form a deposit to buy the property at the 5 year mark. I think, strictly speaking, I am classed as a private tenant despite it being a not for profit/social landlord, although I don't know for sure.
The way it works at the moment is every twelve months the housing association checks that I have saved enough in the previous year (I have so far) and confirms my current salary and things like that. Assuming all is well, they issue a new 12 month AST. This review happens sometime in December with a new contract issued for start of Jan.
The problem I am having, I am about to lose my job. As in, probably within a few weeks. And I am very, very stressed. I do not know what to do about my housing situation. The review may happen before I lose my job, in which case I am in a new AST for 12 months but with no income and no way to make my savings goal.
Even IF I get housing benefit to cover the rent (and it seems the LHA rate wont cover me fully...or alternatively if I am classed as a social tenant I will have a 14% deduction as I am in a two bedroom property) I will not be meeting the savings goal or have the right level of annual income. I don't imagine I will get another job easily, due to the dismissal being for a serious reason. I also wouldn't get a job on anything like the salary I have now.
Does anyone have any knowledge on what options I may have? I don't want to ask the housing association yet as I don't want them to take swift action and evict me right away, I have nowhere to go...and technically until I actually do lose my job I still satisfy the requirements right now.
Thanks in advance peeps x
I am currently renting a new build flat from a housing association as a 'rent to buy' tenant. I have been here for almost three years and live alone.
The idea is you pay slightly below market rate rent and put the savings away to form a deposit to buy the property at the 5 year mark. I think, strictly speaking, I am classed as a private tenant despite it being a not for profit/social landlord, although I don't know for sure.
The way it works at the moment is every twelve months the housing association checks that I have saved enough in the previous year (I have so far) and confirms my current salary and things like that. Assuming all is well, they issue a new 12 month AST. This review happens sometime in December with a new contract issued for start of Jan.
The problem I am having, I am about to lose my job. As in, probably within a few weeks. And I am very, very stressed. I do not know what to do about my housing situation. The review may happen before I lose my job, in which case I am in a new AST for 12 months but with no income and no way to make my savings goal.
Even IF I get housing benefit to cover the rent (and it seems the LHA rate wont cover me fully...or alternatively if I am classed as a social tenant I will have a 14% deduction as I am in a two bedroom property) I will not be meeting the savings goal or have the right level of annual income. I don't imagine I will get another job easily, due to the dismissal being for a serious reason. I also wouldn't get a job on anything like the salary I have now.
Does anyone have any knowledge on what options I may have? I don't want to ask the housing association yet as I don't want them to take swift action and evict me right away, I have nowhere to go...and technically until I actually do lose my job I still satisfy the requirements right now.
Thanks in advance peeps x
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