Comments on: If I buy a 25% share ownership of a 3 bedroom flat - Can I move in and rent out the other two rooms? http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/ Sell your flat fast for cash Sat, 26 May 2012 16:44:54 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Cari http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/comment-page-1/#comment-293 Cari Mon, 13 Jul 2009 12:31:49 +0000 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/#comment-293 Hayley is correct that you cannot sublet a Housing Association shared ownership property, but my understanding is that you are considering renting out two rooms whilst still residing in the property yourself and using the third room. This is perfectly do-able. I am about to do this myself because I have found a 2-bed shared ownership property which would enable me to rent a room out for an amount which would cover two thirds of my expenditure on mortgage payments, rent, service charges and council tax. I have looked into all the legalities and it is fine, and you don't need to inform them at all. Bottom line is, you cannot move out and rent out the whole property. But you can live there and take in lodgers and charge them rent without any repercussions. Hayley is correct that you cannot sublet a Housing Association shared ownership property, but my understanding is that you are considering renting out two rooms whilst still residing in the property yourself and using the third room.

This is perfectly do-able. I am about to do this myself because I have found a 2-bed shared ownership property which would enable me to rent a room out for an amount which would cover two thirds of my expenditure on mortgage payments, rent, service charges and council tax. I have looked into all the legalities and it is fine, and you don’t need to inform them at all.

Bottom line is, you cannot move out and rent out the whole property. But you can live there and take in lodgers and charge them rent without any repercussions.

]]> By: DF http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/comment-page-1/#comment-292 DF Sat, 11 Jul 2009 12:21:37 +0000 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/#comment-292 you're usually forbidden from subletting under the terms of the shared ownership scheme, whether this covers people renting a room while you live there I don't know. you’re usually forbidden from subletting under the terms of the shared ownership scheme, whether this covers people renting a room while you live there I don’t know.

]]> By: Hayley http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/comment-page-1/#comment-291 Hayley Fri, 10 Jul 2009 17:03:23 +0000 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/#comment-291 I have a 25% share of a flat. When I bought this there were rules included in my contracts etc that state that while the housing association have shares in your property you cannot sub-let it. Contracts also states that if anyone else moves in that you need to notify the housing association. This may mean that they increase your rent, or may only approve them to move in if they are family members / friends. You need to make sure that you can afford to pay the current rent and mortgage with just your normal salary, otherwise they will not allow you to purchase the property. Though I can understand you wanting to be able to purchase further shares. Best thing for you to do is contact the housing association and ask if them if there will be anything in your contract / lease to stop friends moving in with you. There should be an e-mail address available as well as a phone number on their website. Hope this helps. I have a 25% share of a flat. When I bought this there were rules included in my contracts etc that state that while the housing association have shares in your property you cannot sub-let it. Contracts also states that if anyone else moves in that you need to notify the housing association. This may mean that they increase your rent, or may only approve them to move in if they are family members / friends.
You need to make sure that you can afford to pay the current rent and mortgage with just your normal salary, otherwise they will not allow you to purchase the property. Though I can understand you wanting to be able to purchase further shares.
Best thing for you to do is contact the housing association and ask if them if there will be anything in your contract / lease to stop friends moving in with you. There should be an e-mail address available as well as a phone number on their website.

Hope this helps.

]]> By: Happy Man http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/comment-page-1/#comment-290 Happy Man Tue, 07 Jul 2009 11:22:05 +0000 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/#comment-290 If anything they will want the rent for their 75%. I doubt it. If anything they will want the rent for their 75%. I doubt it.

]]> By: vincentv247 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/comment-page-1/#comment-289 vincentv247 Sat, 04 Jul 2009 17:01:11 +0000 http://www.sellflatfast.co.uk/flat-mortgage/if-i-buy-a-25-share-ownership-of-a-3-bedroom-flat-can-i-move-in-and-rent-out-the-other-two-rooms/#comment-289 The housing association usually has a set of guidelines or rules that govern among other things sublets. See if your association has any rules and if they deal with subletting. Suppose they do allow it, check with a local solicitor or legal help center to see if there are any local laws governing subletting. Generally, it's best to tell the association what you are doing, and that, if it applies, you are aware they can't forbid you to do so if they protest. The housing association usually has a set of guidelines or rules that govern among other things sublets. See if your association has any rules and if they deal with subletting. Suppose they do allow it, check with a local solicitor or legal help center to see if there are any local laws governing subletting. Generally, it’s best to tell the association what you are doing, and that, if it applies, you are aware they can’t forbid you to do so if they protest.

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