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Homebuy scheme and renting.

Hello.

I bought a brand new apartment about 1.5 years ago using the government Firstbuy scheme (basically, the govt invested 30% of price)

But due to unforeseen circumstances, i am now considering teaching English in Asia for a year or two. And obviously I won't be able to afford both living there, and paying off my mortgage here (as well as council tax, maintenance, etc)

And i would also like to keep the apartment, to move back to after the 2 years away.

So can i rent out my apartment? i can't find the terms and conditions anywhere :(

Thanks


Thanks

Comments

  • Missme
    Missme Posts: 293 Forumite
    Get a copy of your lease from the landlord - who may/will charge you for it. If you can let the flat it will say so.
  • thanks missme

    But i am the landlord. I bought the apartment using the firstbuy scheme.
  • sandsni
    sandsni Posts: 683 Forumite
    edited 26 June at 1:19PM
    [quote=[Deleted User];63545706]thanks missme

    But i am the landlord. I bought the apartment using the firstbuy scheme.[/QUOTE]

    Do you own the freehold? I think Missme probably meant that if it's a leasehold flat, the lease will tell you whether you can let it or what restrictions the freeholder might have.
  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
    edited 26 June at 1:19PM
    [quote=[Deleted User];63545706]thanks missme

    But i am the landlord. I bought the apartment using the firstbuy scheme.[/QUOTE]

    What he means is, your flat will likely be under a leasehold rather than freehold. You 'landlord' will be the leaseholder.

    You don't actually own the property. You're paying for the lease. More so with shared-ownership schemes, where mortgage default or missed payments has allowed developers/associations to seize the 'owners' deposit value and equity share.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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