These are two different arrangements, with different rules, so we've set out both clearly below.
Can I sub-let my OPSO home?
OPSO is intended as your main home, rather than a buy-to-let investment. Under McCarthy & Stone's OPSO sub-letting policy:
- Sub-letting the whole property is generally prohibited by the lease.
- You may be able to take in a paying lodger, but you must speak to the OPSO team and seek permission first.
- Short-term holiday lets or bed-and-breakfast use are not permitted.
Are exceptions possible?
The OPSO team may consider a request to sub-let the whole home in exceptional circumstances, on a case-by-case basis. Any request is subject to the lease, our policy, tenant eligibility and any conditions of approval.*
Don't arrange a tenancy or assume permission will be granted before you receive written approval. If approved, you remain responsible for the Shared Ownership rent and service charge.
*Seek independent legal advice where appropriate
Prefer to rent rather than buy a share?
Renting a home from McCarthy & Stone is a separate option from buying through OPSO, and it's worth exploring if you'd like more flexibility from the outset. Availability depends on the development and property, so it's best to check what's on offer where you'd like to live.
If you take on a retirement rental property with us, it's worth knowing that under the terms of the Assured Periodic Tenancy agreement, sub-letting your rental property is not permitted.
Call our friendly consultants on 0800 201 4811 and we'll talk it through.
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