I'm hoping someone can give me some advice on this...
If I purchased my Council flat (lease) under the Right to Buy Scheme and
within the first three years decided I had to move (due to unreasonable
behaviour from neighbours or an improvement in my financial position so i
can afford someone better) where would I stand with regards to renting
out the flat to a business for use as an office? Would that side-step
all the usual red tape on renting out to sitting tenants?
I know normally with a mortgage you can't rent out any residential
property without permission from the lender unless you have a buy-to-let
I don't want to go down the buy-to-let route as I plan to live in the
flat for a few years, but the problem neighbour situation may force me
to move sooner than I would like.. and I don't want to have to pay a
mortgage then for x years on an empty flat. The Right to Buy Scheme
means you can't sell within the first 3 years, else you have to pay
back some or all of the discount.
Assuming there is no flexibility to sell early under Right to Buy for
exceptional circumstances, would renting to a business as an office under
those circumstances be a violation of the mortgage and cause problems?
What other options do I have? Apart from just approaching the lender
and asking permission to sub-lease? I'm planning to get a mortgage with a
building society if that makes any difference..
Thanks for any advice!
- posted 8 years ago