I own 45% of a part-ownership flat, shared with a large well-known housing association here in London, UK.
I pay a mortgage to my lender for the 45% and rent the rest from the housing association. In the contract it specifically states that I cannot let the whole flat or any room to anyone. I was wondering what penalty I would be risking if I were to take on a lodger for my spare room?
I understand why this kind of limitation is in place, but would I be at risk of losing my home or mortgage if I were caught, or would I more likely just be given a slap on the wrists and told not to do this again?
Many thanks for any insights!