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Question

aayush
aayush Posts: 1,295 Forumite
Part of the Furniture 500 Posts Name Dropper
in House buying, renting & selling
HI I am Share holder of my flat where I pay rent and a mortgage can some pleas help and advise if I able to rent out my flat ?


And do i need to advise any one if do do this ?

Comments

  • Levs01
    Levs01 Posts: 224 Forumite
    Pretty sure you can't as you need either a BTL mortgage or permission to let in a residential one and I don't think they would allow. I would imagine the rental part of you flat would have terms against subletting as well. I could be wrong though.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    I'd imagine that Levs01 is probably right but the definitive answer will be in the terms and conditions of your mortgage agreement, so I suggest you read them.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 16 October 2016 at 6:15PM
    aayush wrote: »
    HI I am Share holder of my flat where I pay rent and a mortgage can some pleas help and advise if I able to rent out my flat ?


    And do i need to advise any one if do do this ?
    * Which country?
    * do you own a lease?
    * if yes, what does it say? Have you read it?
    * do you mean you pay ground rent?
    * is it a BTL mortgage?

    Yes you would need to tell many people, and comply with many laws.

    Read:

    * New landlords: advice, information & links
  • Elfbert
    Elfbert Posts: 578 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    I'm going to guess you might mean you have a shared ownership flat?

    If so, it's vanishingly unlikely that you'll be allowed to rent it out. HAs are usually dead against this.

    Whatever the circumstances, read your lease, and your mortgage agreement. You will find the answer.
    Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.
  • Marvel1
    Marvel1 Posts: 7,508 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    aayush wrote: »
    And do i need to advise any one if do do this ?

    Reading this alone, I highly suggest for the sake of future tenents and yourself, research on what laws youmust follow and the rights of the tenent.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Elfbert wrote: »
    I'm going to guess you might mean you have a shared ownership flat?
    Good point. Maybe.

    I'd guessed a lease + share of freehold.

    But we're just guessing.
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