Subletting

About subletting

Shared ownership is a great way for people who dream of owning their own home in London to get on the property ladder. At ISHA, we have to ensure our homes go to those most in need who intend to use them as their principal homes. We do not sell shared ownership properties to those who plan to rent them out to make a profit, and shared owners do not have an automatic right to sublet their property.

We understand that there are occasions when you may need to sublet your home to alleviate significant hardship or where exceptional personal circumstances mean you will be away from the property for an extended period.

Getting permission to sublet your home

We will consider allowing you to sublet your home if it will help prevent or relieve significant hardship. For example, if you:

• cannot sell the property because it is worth less than the money you borrowed to buy it
• have medical needs or care for a sick relative, and subletting will help your situation
• have temporary employment, and it is too far from your home to travel to
• have a temporary contract to work abroad
• need to live away from home for a limited time for training or education
• are in prison
• are unemployed and need to limit your debts
• don't have a valid EWS1, which is preventing you from selling your home.

The above list is not exhaustive, and we consider each application on its merits. We may take legal action if you sublet your home without our permission.

Applying to sublet your home

To request permission to sublet your home, you will need to provide the following information and supporting documentation:

• How long you intend to sublet for (we usually allow subletting for a maximum of 12 months.
• The reason you want to sublet and supporting evidence such as an offer of a job, a letter confirming medical needs or an income and expenditure sheet showing you cannot afford to stay there.
• Confirmation from our mortgage lender has said you can sublet.
• (Where required) Confirmation that you have permission from the local authority to sublet.

If an agent is acting for you, you must also provide their details and contact numbers.

Telling you our decision

We will let you know our decision within 10 working days of receiving your application.

Consent will be provisional based on us receiving a copy of the tenancy agreement showing the rent, the tenancy start date and copies of a license to sublet form.

We will countersign the license to sublet and return a copy to you.

We will let you know how long you can sublet. This will usually be for at least six months but no longer than 12 months.

If you want to extend the sublet for longer, you must explain your reason to us.

Profitting from subletting

You cannot profit from subletting your home.

You should only charge your tenant the actual costs you have to pay in rent, service charges, mortgage costs, repairs, and any letting agency fees. We may ask you to provide evidence of these costs and the rent you charge.