Shared Ownership - second home

cazzablanca80

Hello, can i ask for advice on my case. I am already on shared ownership scheme alone and own 35% of the property I got 2 years ago. Again instead of doing the logical thing and buying additional shares I would like to buy a second property, since getting it I have a higher salary and since the pandemic  I want to move out of London as my flat is small and I feel isolated and I work from home for most of the year, I have checked my affordability and I can afford to get a second mortgage for a place outside London but I I want to keep my small London apartment as I need to be in for work 2-3 days per week and I can work from home rest of the time in the second home. Does anyone know if the shared ownership housing association could decline such a request? I'm not looking to rent out any of the properties but to use them both as my home. 

K_S

@cazzablanca80 I haven't done a similar case but afaik the requirement "You must not own any other property" only applies at the time that you buy your shared-ownership property.

You would have to check with your HA to be sure but as long as you aren't renting it out, sub-letting it or leaving it empty, I'm not sure why you would need to get the HA's permission for using the flat as a pied-a-terre.

cazzablanca80

Hi thanks for your reply. My lease stated that you can't own a second property at the time of purchase and during the lease unless I have HA consent. Not sure what they base this consent on and on what criteria. 

cazzablanca80

This is what I found in my lease 

K_S

@cazzablanca80 Ah, in that case it's unlikely to be forthcoming for the reasons you have stated. But there's no harm in asking.