Shared ownership - renting out a room

LemonSpoon

Hi there,

First time poster, but have been lurking a while so be gentle!

I'm currently looking to buy a 2 bed flat on the shared ownership scheme (part-buy part-rent) and was wondering what the rules are in renting out the spare room for extra cash.

Many of the 2 beds I've been looking at may be slightly out of my budget range. I was planning on saying that I would be living with my younger sister, who has recently graduated and is currently working part time, and she would help contribute towards bills/rent. Once everything was done and dusted, I would then look to find a lodger for the spare room.

However, if I did that, would she have to be put on any applications? Or would her name have to be put on the mortgage as well?

brit1234

Ive never heard of a shared ownership scheme which allows it, one of the vast down sides of the scheme.

Blondetotty

Hi, I'm in shared ownership, have been for about 6 years. My sister initially rented my 'spare room' (I have a 2 bed flat), when she moved out, I got a lodger in who is now dating my best friend but thats completely not relevant to this thread! Anyway, then my sister moved back in when the lodger moved out. She's just moved out and I've decided not to get another lodger in and just live alone.

My answer would be check with the Housing Association. Most allow lodgers/friends/family living in your spare room and you won't need to check or ask permission, or put them on your mortgage.

It's subletting the whole place that most don't allow but as long as you are there living in the property then there shouldn't be an issue.

For info, 3 of my neighbours do the same and also a friend in a different scheme with a different HA.

Kynthia

Taking a lodger is usually fine in building leases as it is not subletting. You are still responsible for the property and the lodger has few rights. The best thing to do is check your lease.