Share:
The Shared Ownership scheme is an ideal solution for many first-time homebuyers. By only purchasing a share in a property, the size of the initial deposit required is a fraction of that which would be required to buy a home outright. But can your partner move into your Shared Ownership home?
There are no restrictions on taking in a lodger to your Shared Ownership home, as long as they can legally rent in England. Alternatively, you may be able to add your partner to the lease which will require a solicitor. Subletting is less common, and may be restricted by the terms of your Shared Ownership lease agreement.
Keep reading to learn more about the Shared Ownership rules surrounding subletting and lodgers.
As you own a portion of a home in Shared Ownership, you are entitled to certain benefits such as the freedom to decorate how you wish and the ability to purchase additional shares for reduced rent. However, your landlord still owns the portion of the property which you do not own. This means that there are certain restrictions when it comes to adding an additional person to the lease or subletting.
Learn more about the benefits of Shared Ownership by clicking here.
Your housing association will not need to be informed of any lodgers you take into your Shared Ownership property. However, you must first check that your lodger can legally rent in England, otherwise you face a heavy penalty. Some leases may not allow lodgers, so make sure to check your Shared Ownership lease agreement before taking a lodger in.
It is usually possible to add another name to a Shared Ownership lease, but it will require input from a solicitor. Your partner will also need to complete an eligibility and identity check. As per Shared Ownership rules, your annual household income – when combined with your partner’s – must remain below the required £80,000. Your rent account must also be up to date, and you will be issued with a new mortgage from your lender.
Use our quick and simple eligibility checker online today to ensure your partner can join your lease.
Generally speaking, Shared Ownership leases restrict subletting. The decision will ultimately come down to your landlord, but make sure to check the terms of your lease before considering subletting as an option. If you are planning on living in the property you are subletting, it is far more likely you will be able to sublet. You are only able to sublet your entire home if:
Learn more about how to own your Shared Ownership property outright by reading our detailed blog: Can You Own 100% of a Shared Ownership Property?
At Plumlife, we are committed to delivering the ideal living solution for every single one of our customers.
We will be with you every step of the way to ensure you have a smooth transition into home ownership, and one of our stunning properties could be your next dream home. Contact our team to find out more, or view our available properties online today.
Share:
