Can I claim housing benefit if I have a shared ownership property?

Can I claim housing benefit if I part own a property?

The value of any property you own or part-own can affect your housing benefit. The equity in the property (the amount you would come out with after deducting the costs of sale and paying off any mortgage) sometimes counts as capital.

Can you get help with rent on shared ownership?

Living in a shared ownership property

You can get help paying the rent and mortgage interest on a shared ownership property. You get the payment and you have to pay it to your housing association and mortgage company. If it’s a leasehold property, you can also get help with some service charges.

Can I claim housing benefit if I have a mortgage?

Housing Benefit does not help with mortgages, instead the Support for Mortgage Interest (SMI) scheme, administered by the Department for Works and Pensions, helps those on a low income pay the interest on their mortgage.

Can I buy another property if I own a Shared Ownership?

One of the requirements of a Shared Ownership property is that you do not own any other property, so you cannot buy another property while you have one in Shared Ownership.

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Do you pay rent and mortgage on Shared Ownership?

Shared Ownership Basics

Also referred to as part buy/part rent, Shared Ownership allows buyers to purchase a share of a property; they will pay a mortgage on the share they own, and a below-market-value rent on the remainder.

Is it hard to sell a Shared Ownership property?

And according to Ms Nettleton, selling a shared ownership property isn’t as hard as people have been led to believe. … “Normally, there is a nomination period where the home is offered to other shared ownership buyers first, but, if one can’t be found it can then be sold on the open market.”

Can you get a lodger with Shared Ownership?

Shared Ownership leases do not allow you to sublet your home. … If you intend to take a lodger, you should check with the housing association you are purchasing the property from, but most Shared Ownership leases allow this.

Who pays for repairs on Shared Ownership?

Be aware that even though you own a share of the property, say 30%, you are responsible for paying the full maintenance and repair costs. There are also likely to be restrictions on whether you can rent the property out. In the great majority of cases, sub-letting is not allowed.

Can I rent from a relative and claim housing benefit?

If you pay rent to a landlord who is also a close relative and you live in the same property then you will not be able to claim housing benefit. If you pay rent to a landlord who is also a close relative and you do not live in the same property then you may be able to claim housing benefit.

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Can you get housing benefit in private rent?

Private tenants can apply for extra housing benefit if the amount they are getting doesn’t cover their rent. This is known as a discretionary housing payment. The Housing Executive decides whether you are entitled to extra benefit and how much you should get.

Does claiming benefits affect mortgage application?

Will benefits affect my chances of getting a loan or credit card? While claiming benefits does not affect your credit rating it could reduce your chances of being accepted for a loan or credit card. That’s because if you are claiming benefits it is likely you have a low income.