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Letting a home bought through Ownhome...
pedrof
Posts: 2 Newbie
I'm currently living with my parents, and am thinking about buying a home through the Co-Op Ownhome scheme.
I'm not sure what the situation would be if, say a year down the line I could not afford bills/expenses etc, I needed to move out.
Clearly in a year's time I would not want to sell the property as it will be worth less, but could I rent it out?? (and move back to cheap living at my folk's!!)
I know there are 'permission to let' forms & things that are sometimes required, but would you be able to do this on a 'FTB' scheme?
When I speak to the Co-Op I seem to get conflicting answers each time I ring!!
I'm not sure what the situation would be if, say a year down the line I could not afford bills/expenses etc, I needed to move out.
Clearly in a year's time I would not want to sell the property as it will be worth less, but could I rent it out?? (and move back to cheap living at my folk's!!)
I know there are 'permission to let' forms & things that are sometimes required, but would you be able to do this on a 'FTB' scheme?
When I speak to the Co-Op I seem to get conflicting answers each time I ring!!
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Comments
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Not sure about this scheme in particular, but most of these schemes make it clear that you can not let out your property.0
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"The property must be for entirely residential purposes and be your main home."
http://www.ownhome.co.uk/servlet/Satellite/1213946567273,CFSweb/Page/CFSCtplBlank
(click on 'What sort of home can I buy?')"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Would that not just mean that you can't run a business from it, and you can't own more than one property? I thought if you only have one property and you rent it out, it's not treated as a business (ie. you don't pay tax on it etc.) ??0
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If you rent it out, then it won't be your main home
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