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Shared ownership- having a lodger and general insights

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Hello!

 

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?

 

I worked out I could afford to do this on my own but having someone in would allow me pay my mortgage off quicker.

 

Thanks for any insights.

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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.

 

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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?

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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.

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