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Renting out council house from old shared ownership scheme
Kash79
Posts: 1 Newbie
I bought a share of my house from the London based council back in 2001. This only required me to buy my % and they still own there majority % with no shared rental fee, unlike the new scheme.
As the family has changed in size, I'm looking into if I could rent it out in the future.
If so, do I:
Any advice would be greatly appreciated.
As the family has changed in size, I'm looking into if I could rent it out in the future.
If so, do I:
- Have to inform the council?
- Need to split the rental income with them and if so how?
Any advice would be greatly appreciated.
0
Comments
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Phone and ask the council. A lot of shared ownership schemes don't permit you to let out the property though.0
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The reason people usually get on the shared ownership schemes are that they cannot afford to buy a complete property outright. Can you now afford to buy outright? If you can, great! But allow someone else the same opportunity and sell yours back. If you can't, maybe you can take the benefits of the scheme to another property?0
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It would be surprising if you were permitted to let the house. You own a percentage, but the council also owns a percentage.
Check the documentation you were give at the time of the purchase - presumably you've got it in a safe place. If you can't find it, phone the council, but don't expect to get the answer you want, and don't expect them to give you that answer quickly.
As others have said, it could be better to sell your share back to the council, and then use the proceeds as a deposit on a bigger place.0 -
As said above the majority of shared ownership properties can't be rented out, in some cases it might be different if you own 100%. Sell it and buy your bigger home and let someone else have the chance of home ownership.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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No, sub-letting, even informally renting out a spare room, is forbidden, and is a condition in the lease. Check your lease!0
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