Why Share Your Home?
It is becoming more common for people to share their home with others, either by taking in a lodger to rent a room or rooms, or by purchasing a property with a friend. Different people become interested in sharing their home for different reasons, but the main ones are the following:
- Social reasons – Many people do not enjoy living alone and prefer the more sociable lifestyle involved in sharing their home with another person. Someone who used to live with others, but does not any longer for whatever reason (for example divorce or moving location within the country) may wish to return to a more sociable way of living by sharing their home with someone else.
- Financial reasons – Both of the home share methods (taking in a lodger and shared purchase) help to save the owner or owners of the property money and can thus make purchasing and owning a house more affordable. By purchasing a property together the co-owners will often require a larger property than either would be able to afford on their own, but their share of the purchase price, mortgage repayments and bills will be considerably lower than living alone. A lodger will pay rent which can be used towards paying the mortgage and may help the homeowner to remain in their home when personal finances are stretched.
If you are interested in sharing your home, we provide the following two agreements:
F1 House or FlatShare Agreement: Licensed Room Model
- For use when renting a room or rooms in your home to a lodger.
- The lodger’s rent may be inclusive or exclusive of bills, depending on your preference.
- The arrangement can be terminated at any time by either party on one month’s notice.
F2 House or Flat Share Agreement: Shared Ownership Model
- For use when sharing ownership of a house or flat with one or more other people.
- Intended for use when the shared owners will all live in the property together as ‘flat mates’.
- Not for use for the shared ownership of a holiday home. Instead see the section of this website on sharing a holiday home.
To buy an agreement or to find out more about their contents and application, click on the links above.
