Typically a 'housing association' is a not-for-profit organisation which owns, lets and manages rental housing. It may or may not be a registered charity and may/ may not be geared towards assisting particular social groups with accommodation for instance, those on a lower income/ older/ disabled people.
Housing associations generally provide rental accommodation at “affordable” prices; and the definition of affordable varies between different areas and associations. One of the main advantages to renting from a housing association include rent which is usually subsidized to below market value.
Some may also offer shared-ownership schemes to assist people who want to buy a property but cannot afford to do so independently.
They vary in size, some owning hundreds of homes, whilst others are smaller and may just own a single development. However, they all tend to operate in a similar way.
When you enter into a contract with a housing association you need to be clear on whether you are purchasing a share in the property itself and if so, the proportion of that share and also what your options are should you wish to increase or even reduce your owned share in the property. Further, you need to be clear on the rental income that you will then pay on the part that is not owned by you, and when that rent may increase, and what that rent actually covers in terms of repair/ maintenance/ insurance and so on.
Most people who live in a housing association property applied direct to the housing association themselves and they often have long waiting lists whilst a suitable property becomes available. It is therefore important to consider should anything happen to you/ can the surviving joint owner remain in that property? What does your Contract say? Would they be able to afford to stay in the property where they were then paying the rent themselves/ potentially a mortgage also. If you are the only sole owner/ tenant are you permitted to allow a partner to move in and live with you or is the consent of the housing association required. You do not want to find you are inadvertently in breach of your Housing Association contract.
Also, it is important to consider and be clear with your Executors as to what can/ will happen in the event of you dying. Usually, any share in the property will in the first instance have to be offered to those on any waiting list with the housing association themselves so you again need to ensure you have read your Contract and know what would happen in your case. The Executors do not then start potentially dealing with the property in a way that they are not actually permitted to do so.
There is a great deal of information out there about housing association properties, how they work and typical terms and conditions that you would find in their contract documentation but where you are not sure, even in the context of Will drafting, it is important to ask for additional legal advice so the Contract can be re viewed and explained to you.