Renting out your affordable home

Thinking of renting-out?

In some circumstances you may rent-out your affordable home for a temporary period. However, permission is usually required from the Council to do this.

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What you need to know

Many affordable homes are subject to a s106 Planning obligation. This is a legal agreement which usually specifies who would qualify to rent your home, and at what price. Before doing anything else, you should check these requirements in your s106 agreement. For more about this, please see Understanding your s106 Agreement.  In some cases the Council may have nomination rights. This means that we have the right to nominate a tenant using the Homechoice register.

Finding a tenant

The housing options team at Cornwall Housing provides a free and impartial service for

  • landlords
  • tenants and
  • owner occupiers

They may be able to help find you a tenant. Contact the Housing Options Team on 0300 1234 161 or by email: info@cornwallhousing.org.uk

Costs and fees

You may have to pay a chartered surveyor for a Royal Institute of Chartered Surveyors (RICS) open market rental valuation. You may also need to pay management fees to the company that you choose to let your property through.

What you need to do

  • Obtain your s106 agreement
  • Obtain an open market rental valuation
  • Prepare details about your property
  • Take some photographs
  • Send all of this to Help to Buy South West

What Help to Buy South West will do

  • Calculate and agree the rent level
  • Ensure that the tenant you find qualifies to occupy your property

Renting the property out yourself or through a Letting Agent

If the Council has nomination rights on your property, we will nominate a potential tenant. We will do this using our Homechoice register. Where the Council do not have nomination rights and should you choose not to use Cornwall Housing to find a tenant, you can:

  • market your home yourself, or
  • market your home through a private letting agent

Either way, the requirements of your s106 legal agreement still need to be complied with. Any potential tenant found by you, or by your letting agent, needs to contact Help to Buy South West (HTBSW). This is so that they can check that the person is eligible to rent under the terms of your s106 agreement.  HTBSW will ask the potential tenant to return the Affordable Housing Eligibility form. They will also ask for following evidence to prove that they:

  • meet the local connection
  • are in housing need and
  • cannot afford to buy a property on the open market

Where can I find my s106 agreement?

Your s106 agreement is usually kept with the Deeds of your home. For more information, see Understanding your s106 Agreement.

What if my s106 needs to be changed?

See What if my Section 106 agreement needs to be changed? for more information.

Obtaining a rental valuation

Depending on what it says in your s106 agreement, you will normally need to provide a formal open market rental valuation. This must be provided by a qualified RICS valuer.  A non-exhaustive list of RICS chartered surveyors can be found here.

Renting-out a Shared ownership (part rent-part buy) property

Shared Ownership homes are usually provided by housing associations. If you want to rent-out your property, you should go directly to the housing association to whom you pay your rent. They will be able to advise you on the restrictions and what you are, or are not able to do.

Further information

You can view this information as a PDF leaflet:

Download our bite-size guide to renting out your affordable home.