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Is it possible to buy share ownership and rent it out or have a lodger?

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HappyUser
HappyUser Posts: 301 Forumite
in House buying, renting & selling
Hello!



Is it possible to buy share ownership and rent it out or have a lodger?


Thanks!

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  • MovingForwards
    MovingForwards Posts: 16,945 Forumite
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    Who owns the remaining share and what do their terms and conditions say?

    Usually it's no to renting it.
    Mortgage started 2020, aiming to clear it in 2026.
  • Marcon
    Marcon Posts: 10,749 Forumite
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    Read the terms and conditions.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    HappyUser wrote: »
    Hello!



    Is it possible to buy share ownership and rent it out or have a lodger?


    Thanks!


    Id say no, a shared ownership is for the person going through the application process to be living in the property and not to rent it out.


    It would be detailed in the contract you sign as to what is/isn't allowed.
  • asm89
    asm89 Posts: 136 Forumite
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    Lodgers are normally allowed. Renting out only when you own 100%
  • HappyUser
    HappyUser Posts: 301 Forumite
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    OK and if after 3-5 years you want to sell your share, is the other shareholder obliged to buy it or you have to sell it on the market?



    In the latter case, I see huge difficulties to find buyers.


    Also, will the price be determined with the newest valuation?
  • MovingForwards
    MovingForwards Posts: 16,945 Forumite
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    Depends on the terms and conditions, some say you have to market it through their site for a set period before it can go on general sale.

    The price will be determined by what it's market value is at the time you list it for sale.

    Have you read anything on the shared ownership site you are looking to buy from?
    Mortgage started 2020, aiming to clear it in 2026.
  • parkrunner
    parkrunner Posts: 2,610 Forumite
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    Put it like this, if you don't tell them they won't know. I have a friend who has rented out his shared ownership flat for almost two years now. I don't know what the risks are though to be fair.
    It's nothing , not nothink.
  • G_M
    G_M Posts: 51,977 Forumite
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    You really need to read the details of the shared ownership scheme rather than firing off random questions as they occur to you......
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