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someone else live in my shared ownership flat
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ler_fler555
Posts: 1 Newbie
i wanted to buy shared ownership flat for my parents so that they could live there for free. from my side I was ready to pay mortgage/rent/service charges myself as flat purchase would be on my name. recently, however, i learned that only mortgage holder can live in this type of flat. This is one of the rules of shared ownership scheme. is that really so strict rule or companies-major shareholders turn blind eye on this issue?
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Comments
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The purpose of the shared ownership scheme is to help people onto the housing ladder, not to encourage those who are buying to let (even to family members) as you'd be (even though no rent would be paid)1
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The rules are here https://www.gov.uk/shared-ownership-scheme/who-can-apply you could gift your parents a deposit, or buy them a share outright, but it's them who would need to qualify to buy it and them who would need to go through the affordability assessment. Quite rightly you can't buy a shared ownership home as a buy to let, even if its for your parents1
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