Cutie86 Â Â 0 #1 Posted January 9, 2019 Hello! Â Does anyone have shared ownership on a house or flat, if so what are the pros and cons? I am looking to find one with 50% ownership and 50% rent a two bedroom house or flat. My plan would be to stay in the house and then let one room out, would I be able to do? Â I worked out I could afford to do this on my own but having someone in would allow me pay my mortgage off quicker. Â Thanks for any insights. Share this post Link to post Share on other sites Share this content via...
Isabelle   10 #2 Posted January 9, 2019 Check the terms of any potential mortgage very carefully, some don't allow lodgers. Also you would need to have some kind of legal agreement with the lodger that they can't lay claim to the equity in the house, as they have contributed towards the mortgage during their stay.  Share this post Link to post Share on other sites Share this content via...
Cutie86   0 #3 Posted January 9, 2019 1 hour ago, Isabelle said: Check the terms of any potential mortgage very carefully, some don't allow lodgers. Also you would need to have some kind of legal agreement with the lodger that they can't lay claim to the equity in the house, as they have contributed towards the mortgage during their stay.  Thanks Isabelle! Are you currently in a shared ownership if you don't mind me asking? Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #4 Posted January 14, 2019 On 09/01/2019 at 12:20, Isabelle said: Check the terms of any potential mortgage very carefully, some don't allow lodgers. Also you would need to have some kind of legal agreement with the lodger that they can't lay claim to the equity in the house, as they have contributed towards the mortgage during their stay.  Also check the lease and its covenants. Share this post Link to post Share on other sites Share this content via...