Renting a property bought through affordable housing

greengirl31

Hi there …

I was just wondering if anyone knows of someone being penalised for renting a property bought under the affordable housing scheme. I have recently inherited a property that I plan to move to but was thinking about keeping the apartment I bought in 2010 through affordable housing. I know the scheme doesn’t allow for renting but I also know that lots of people who bought through the scheme have subsequently rented for various different reasons. I’m just wondering if anyone has been pursued because of this and what penalties were imposed ?

The_Morrigan

greengirl31 - contact the council that your scheme belongs to and ask their advice.

In some instances during the recession people were given permission to rent their affordable homes to enable them to move for work (the alternative being defaulting on their mortgages). However, now that the property market has swung the other way they are less likely to allow these alternative arrangements and may insist you buy out of the scheme, sell the property or penalised you under the terms of your contract.

It's not worth the risk imo.

greengirl31

The_Morrigan wrote: »

It's not worth the risk imo.

I think you're right ... I'd be paronoid about what would happen if they found out !!

I'll give the council a shout to see how much it would cost to buy out of the arrangement.

The_Conductor

Closed.