Can we buy our shared ownership property outright and let it out?
Unless there are exceptional circumstances, under the terms of your shared ownership lease you are not allowed to let your home if you only own a part of it (although you are usually allowed to have a lodger who lives with you). To be able to staircase to 100%, you’ll need to pay to get a valuation done by an independent Rics-qualified valuer. Then you need to calculate whether the money you inherited will be enough to cover 75% of the valuation or whether you’ll need to increase your current mortgage to be able to buy your home outright. If you switch to a buy-to-let mortgage you’ll have to pay an early repayment charge because you’d be paying off your current residential mortgage before the five-year fixed-rate term is up.
__________________________________________
What solution would you provide to this issue?
