Q: Hi all
Been to look into the purchase of a property which is a share of 50%.
Can shared houses are rented out to tenants and there are usually rules and regulations to prevent?
cheers
Obviously, SO is designed to help people buy their first home – and indeed it would appear that the OP is asking about buying Shared Ownership WITH THE PRIMARY INTENTION OF letting it. This, as you say (and as I said earlier in the thread) defeats the object of SO.
However, one of the principal downsides of SO (one that I considered carefully prior to buying my SO place) is that you are tied to it more than a full owner is. Because if for example you need to work away for a year (as in guy's example) you potentially face a choice between having to pay for two properties simultaneously (your rent/mortgage on the SO, and paying for wherever you are living temporarily) or having to sell up for the sake of a short time living away from your usual town of residence, and being unable to reaccess the property market when you return.
I do think that HAs should be prepared to consider flexibility in such circumstances. I do not know whether mine would be, as living elsewhere doesn't figure in my plans – I am 99% certain that I wish to remain in London for many years to come.
But as you say, the OP would seem to be looking simply for a money making opportunity – which wouldn't be allowed.
To request if it is possible to now let it out goes against all the principles of shared ownership, and shows complete selfishness to others struggling
Why should some body profit from such a scheme
This is a ludicrous question
If they found out I had sublet, then they would take steps to reposess immieidatley as it is in direct contravention to the terms of the lease.