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Renting out my one bed flat yay or nay?

24

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    It might be useful for OP to keep a foothold in the property market in case it all goes Pete Tong with BF.
  • silvercar
    silvercar Posts: 46,942 Ambassador
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    Crashy_Time wrote: »
    Chances of not getting ANY rent are probably slim, although 850 p.m might be ambitious?

    And you post this without any idea of where the flat is other than 'London suburbs'!
    It might be useful for OP to keep a foothold in the property market in case it all goes Pete Tong with BF.

    This^^^^^.
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  • mrsammyp
    mrsammyp Posts: 178 Forumite
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    If you are just moving in with him then why not request a consent to let from your mortgage provider to start with and see how it goes.

    I'd definetily speak to an accountant or use a tax calculator to work out how much tax you would pay in the next couple of years.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    If you have a tenant and they stop paying the rent you still have to be able to pay the mortgage and any service charges. The fact that the flat is in London doesn't mean that you won't get a tenant that stops paying the rent.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    agrinnall wrote: »
    In that case why not sell it and bank the (tax free) profit that you have made since 2012?


    Maybe because the buyer pays the tax, and that is putting a lot of them off?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Crashy_Time wrote: »
    Maybe because the buyer pays the tax, and that is putting a lot of them off?

    What? The OP hasn't even tried to sell it, so has no idea whether any potential buyers are put off or not. And the tax I refer to is the CGT that the OP will have to pay should the flat be sold at some time in the future after it has been let.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    agrinnall wrote: »
    What? The OP hasn't even tried to sell it, so has no idea whether any potential buyers are put off or not. And the tax I refer to is the CGT that the OP will have to pay should the flat be sold at some time in the future after it has been let.


    But you didn`t say that, you said sell it now and "bank the tax free profit". In response I said that tax on buyers could make this difficult.
  • economic
    economic Posts: 3,002 Forumite
    Crashy_Time wrote: »
    But you didn`t say that, you said sell it now and "bank the tax free profit". In response I said that tax on buyers could make this difficult.

    hahaha you make me laugh. you do realise you are the joke on here dont you? and no one takes you seriously?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    economic wrote: »
    hahaha you make me laugh. you do realise you are the joke on here dont you? and no one takes you seriously?


    Why bother responding in that case?
  • economic
    economic Posts: 3,002 Forumite
    Crashy_Time wrote: »
    Why bother responding in that case?

    to inform others who dont know about you. if people listened to you, they would be much worse off financially. no one wants to be a loser like you crashy.
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