Share to Buy Expert Sessions: Your questions about rules and responsibilities

Answering your questions about the rules and responsibilities of an owner!

Rules and responsibilities of an owner

Am I able to take in a lodger if I have a spare room?

Most 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 purchase a Shared Ownership home as a buy-to-let property?

Response 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?

Response from L&Q – No, you can only own one Shared Ownership property at any given time.

Can I run a business from my Shared Ownership home? Could I use a spare room as a workspace?

Response 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?

Response 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.