Staircasing to 100% - complex questions

Mandog

I've just paid off the mortgage on my half of my shared ownership property (thanks to overpaying over many years and a small inheritance).

Ideally I'd like to buy this property 100% and rent it out. I live in my partner's house. But I have no income at the moment having just had a baby. The cost of the remaining share is probably around 115K.

Some questions:

1. I suppose the Housing Association won't let me buy the rest with a btl mortgage?

2. My partner could probably raise the finance. I assume I'd first have to get him both onto my tenancy agreement with the HA and onto the deeds or whatever at the land registry? (This is not a good solution for me though: everything else - car, family home - is solely in his name and I'd rather keep my assets to myself until he decides to share his! )

3. Assuming I staircase to 100%, could I legally rent the place out? Or will the HA, as freeholder, have a clause forbidding sub-letting?

I'm a bit nervous of having too frank a conversation with the HA as I don't want to draw attention to my irregular situation. Any advice is hugely appreciated.

By all means tell me off for trying to subvert a social housing scheme, however I played by the rules for 10 years and was genuinely the sort of person it was designed for... if that' s any excuse.

Thrugelmir

You need to explore the options with the HA. As shared ownership is what it says on the tin, i.e. not normally a 100% ownership.

Ring them and ask about purchasing the property outright. That'll give you the answer to your question.

With no income how would you fund both the mortgage and property cost. If you let it and received no income for a period of time.

Why not sell it and invest the equity for the benefit of yourself and your baby.

Mandog

Thanks Thrugelmir. I know I need to have a frank conversation with the HA, putting it off I suppose.

I know I can staircase to 100% under the terms of my particular scheme, less sure where that leaves me in terms of renting it out etc. And how much control the HA has over where the funds come from.

There are various reasons we'd like to hang on to the property - it's small and central, manageable, highly rentable, also an ideal London base if my partner took a job abroad as seems possible. I guess my partner would have to cover any gaps in tenancy.