Subletting My Shared Ownership Home

Can I sublet my shared ownership home?

We may give permission for subletting in very exceptional circumstances for a temporary period and where the subletting is not for commercial gain.

However, you are otherwise not allowed to move out of your shared ownership property and sublet it as your shared ownership lease does not allow this.

If you sublet your home without our written agreement you will be in breach of your shared ownership lease. Court action will be taken and you will have to end the subletting.

You can live in your property as your main home and take in a lodger with our permission.

 

In what circumstances can I sublet?

Each request will only be allowed if there is a valid reason. For example:

• If you are a serving member of the armed forces and required to serve away of a distance of at least 90 minutes traveling time or 50 miles.
• If you are moving out of the area for a temporary period for work.
• If you need to move out of the property to care for a relative temporarily.
• A prison term.
• If you have been marketing your property for sale for a long time, reduced the asking price, and been unable to secure a sale.
• If your request stems from an issue linked to building safety.

 

How long can I sublet for?

Each request will be considered on a case-by-case basis depending on circumstances, but is for no more than 18 months. Written consent is required from us.

.At the end of the subletting period you will need to either:

• Sell your shared ownership home
• Move back into the property
• Buy the remaining shares in the property if you are able to purchase 100%.

You're responsible for bringing the tenancy to an end. You should ensure you have a full understanding of the Renters Right Act and how assured tenancies can be ended before letting your home.

 

Mortgage Lenders

If you have a mortgage on the property your mortgage lender will need to provide their written agreement.

 

Other Requirements

You'll need to use a reputable lettings agent and enter into a tenancy agreement with the tenant.

The tenant must have a household income of less than £80,000 per year and not be in ownership of another property. They must live in the property as their main residence as one household.

 

Rent

The rent you charge your tenant can only cover your housing costs. This is the cost of covering your mortgage, rent and service charge, as well as any costs for essential electrical, gas and fire safety checks, and a letting agent fee.

Where a subletting request is due to building safety issues, a rent up to market rent level can be charged.

The rent is agreed between you and ourselves before the start of the sublet.

You'll continue to be responsible for paying the shared ownership rent directly to us and will need to provide a correspondence address and contact details for yourself.

 

Managing the tenancy

As the landlord, you'll be fully responsible for all compliance checks on the property. 

You'll be responsible for bringing the letting to an end at the end of the period for which we have provided consent.

You'll be fully responsible for complying with all of the requirements of the Renters Right Act in managing and ending the tenancy.

 

Administration Fees

If we support your application to sublet you will be asked to pay a non-refundable administration fee.

How to Apply

We recommend you read the following guidance before submitting an application:  The Renters’ Rights Act and Shared Ownership: Guidance for shared owners who are renting out their home - GOV.UK

 

To apply please complete the form below and email a copy of any supporting evidence to homeownership@muir.org.uk

Supporting evidence could include an offer of employment or a doctor's letter.

We will then get in touch with you to discuss your request in more detail.

 

Request to sublet your shared ownership home

Note: Questions marked by * are mandatory

*This is a mandatory field. Your name

*This is a mandatory field. Property Address

*This is a mandatory field. Your email address

*This is a mandatory field. Your phone number

*This is a mandatory field. Why do you wish to sublet?

*This is a mandatory field. Is the property up for sale?

*This is a mandatory field. How long has the property been on the market?

*This is a mandatory field. What is the asking price?

*This is a mandatory field. Have you reduced the asking price?

*This is a mandatory field. Have you considered marketing with more than one agent?

*This is a mandatory field. Is the agent marketing the property for the % share which you own / and making buyers aware a larger % share may be available?

*This is a mandatory field. Do you have a mortgage on the property?

*This is a mandatory field. Is the mortgage account up to date?

*This is a mandatory field. Please confirm if your lender has agreed to subletting in principle

*This is a mandatory field. I/we have emailed supporting evidence to homeownership@muir.org.uk

* Spam Guard: Does a dog tweet or bark?