About House / Flat Sharing
If you are interested in sharing your home with a lodger, click here to read the free House or Flat Share Factsheet, which provides further information and guidance.
If you are interested in co-owning a property with someone else, click here to read the free Co-Ownership of a Property Factsheet, which provides further information and guidance
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. The main reasons why people may want to share their home with others are as follows:
- Financial reasons – Both of these home share methods help the owner or owners to save money and can thus make purchasing and owning a house more affordable. 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. 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 if they lived alone.
- Social reasons – It is also more sociable to share your home with another person than living alone. Following a change in circumstances, for example a relationship break-up or a relocation, someone may wish to return to a more sociable and cost-effective living arrangement by sharing a home with another person or persons.
For people interested in sharing their home, we provide the following two agreements:
- 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
- The arrangement can be terminated at any time by either party
- For use when sharing ownership of a house or flat with one or more other people (also known as fractional ownership)
- 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.