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Stuart J
Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 20643
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Hi there I currently own 70% of a shared ownership property

Resolved Question:

Hi there

I currently own 70% of a shared ownership property and have begun the process to buy out the remaining share.

I know there are restrictions on subletting shared ownership properties, but my understanding was that on buying out the property i.e. becoming 100% owner, this would no longer be 'shared ownership property' and I would be able to rent out the property just like any other. I have just recently heard people mention that this is not an automatic right, though. Is that correct?

Many thanks for your help.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Stuart J replied 1 year ago.

What you have been told is correct, it is not an automatic right.

What exactly does your shared ownership lease say regarding this?

Customer: replied 1 year ago.

We have asked the housing association for a clarification but the only clause we can find is this:


 


'Not to underlet or part with possession of part only of the Premises and not otherwise than by way of mortgage to underlet the whole of the premises'.


 


What does this mean?


 


Also I thought this would only be applicable in a shared ownership i.e. less than 100% ownership situation.


 


If this does have effect, we are also applying for a lease extension at the moment, so can we request that, provided we staircase up to 100%, this restriction be removed?


 


many thanks again.

Expert:  Stuart J replied 1 year ago.


It means literally what it says.

You cannot rent a bedroom out (part with possession of part only
of the premises) and you cannot let the whole of the property out (and assured short
hold tenancy) but you can remortgage or mortgage it.



Sometimes there is a provision within the stair casing where the
covenants such as this no longer apply but as it is at the moment, even if you
own 100% you can still not sublet.



Once you have 100% and you apply for a lease extension, by all
means ask for the covenant to be lifted but the landlord is under no duty to do
so.

 





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Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 20643
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
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Stuart J
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PGD Law. 20 years legal profession, 6 as partner in High Street practice