Share to Buy Expert Sessions: Your questions about rules and responsibilities
Rules and responsibilities of an owner
Am I able to take in a lodger if I have a spare room?
arrow_downwardMost Shared Ownership leases allow you to take a lodger, however, you should check with the housing association you are purchasing the property from. It’s also worth noting that the income you receive from a lodger will not be taken into account when assessing your affordability for a property, you must be able to afford to purchase the property and make the monthly costs independently of the income from a lodger.
Can I move out and rent my property to someone else?
arrow_downwardShared Ownership leases do not allow you to sublet your home. In some cases, under exceptional circumstances, you may be able to sublet for a specified period but you will be required to obtain written permission from your housing association to do so.
You can find out more about the responsibilities of a Shared Owner here.
Can I purchase a Shared Ownership home as a buy-to-let property?
arrow_downwardResponse from L&Q – No, this is a government scheme for first time buyers to help them get onto the property ladder. If you plan to buy a home for investment purposes, L&Q may be able to assist and recommend other homes that will fit your criteria.
Can I buy more than one Shared Ownership home at the same time?
arrow_downwardResponse from L&Q – No, you can only own one Shared Ownership property at any given time.
Can I decorate in a Shared Ownership home?
arrow_downwardYou are free to decorate your Shared Ownership property as you wish. However, the housing association will not contribute to decorative improvements.
You can find out more about decorating and renovations in a Shared Ownership home here.
Are extensions such as a new porch or conservatory allowed after property completion?
arrow_downwardWhile you are welcome to redecorate your home as you see fit, there may be restrictions to larger works. Your Shared Ownership lease should have details about major alterations to the property, e.g. new flooring, structural changes, which will have to be authorised by the housing association before work commences.
You can find out more about the responsibilities of a Shared Owner here.
Who is responsible for repairs in a Shared Ownership home?
arrow_downwardAll repairs and maintenance to the home are your responsibility, regardless of the share you own. Most brand new homes come with warranty period for defects and a longer warranty to cover any structural problems caused by poor workmanship.
When you buy a flat, the housing provider or manager will generally be responsible for any communal parts of the building and grounds and you will be responsible for all repairs and maintenance to your own flat. You pay a service charge to the housing provider which is used to cover the costs of maintenance and decoration to communal areas.
You can find out more about repairs and the responsibilities of a Shared Owner here.
Can I run a business from my Shared Ownership home? Could I use a spare room as a workspace?
arrow_downwardResponse from SO Resi – You may be able to depending on the nature of the lease and the type of business. Check the terms of your lease or contact your housing association’s property management team for advise.
Am I at risk of eviction if I fall behind on payments on my Shared Ownership home?
arrow_downwardResponse from L&Q – Yes, if you are unable to meet your financial obligations with your mortgage provider and/or your housing association (landlord) you will be subject to legal action. If you are unable to meet these obligations, we recommend you speak with your mortgage adviser and housing association who may be able to assist you during this time that may avoid this action taking place.
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