Renting out a 106 property

[HPenthusiast]

Hey just after some experiences from other people. 😊

Earlier this year I had to start renting out my section 106 property due to relocating for a new job. The job is fixed term so I won’t be away long term but COVID meant I started the job later than expected.

The local council has allowed me to rent it out until October 2021 however, I’m not sure I will be be able to move back by this date and am happy for the tenants to carry on. Has anyone been able to ask for an extension in this position before?

Thank you in advance.

Can you explain what you mean by "Section 106 property"? An S106 is just a legal agreement for a planning application so you could mean any number of things.

Oops sorry- so basically affordable housing where by I own a % of the property and got an affordable mortgage (I don’t pay rent on the other percentage). I had to ask the council for permission to rent out the property but I’m only allowed to do so for a certain amount of time. However it can be negotiated closer to the end period.

Did you ever get this resolved? I'm buying a section 106 at the moment and would like to have the option to let out the property should I need to move for work in the future.

You do own 100% of the property though, it's just that it can only be sold for 70% market value or whatever percentage the restrictive covenants on the house dictate.