Renting & Selling Affordable house

Hi guys,

Just wondering if you could clear up something for me, I have an affordable house with about 5 years, I am getting married the end of the year and moving to a new house which we are building on my future husbands land.. Did I hear something about the government re thinking the current clawback system. I don't want to sell the house at the moment but just wondering will this be an option in the future without having to pay a hefty clawback to the Co. Council???

Also is the renting of a room or entire house still a no no with them or are they looking into changing this too??? I know you were able to rent a room in certain circumstances before if you were still residing in the property but if your not is this not allowed then.

Would appreciate any answers you might have..

Thanks,

Jen x

There were media reports recently that the government was considering removing the clawback but there's been no actual movement towards doing so. The reason they're considering this is because of the difficulty local authorities are having selling affordable units, so it's conceivable that any such change would only apply to new purchases anyway.

You're still not allowed to rent out your entire house. Renting out a room is usually fine as long as you're living there, although if you bought under the Shared Ownership Scheme you may need to get permission from your local authority first.

Thanks for clearing that up for me.

Jen x

Hi Jen007,
There's a bill going through at the moment on changes to the Claw-back. There's a whole thread on this on AAM. I'd imagine any changes to the claw-back will be applicable to all affordable housing scheme owners and not just to new purchases.
FTB1975

Would you have a link to that thread or let me know where i could find info on it.

Thanks a mill,

Jen x

Hi jen007
Here's the link.....go to the last page and that'll have the most up to date posts

http://www.askaboutmoney.com/showthread.php?t=79994

I thought the new proposal for removing the clawback is only if you want to change mortgage provider and release equity. Surely you will still have to pay the clawback if you want to sell or are they looking at changing that too?

The bill will only apply to remortgaging and buying out the council's share. NOT to selling.