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    • jamels2
    • By jamels2 15th Jul 17, 8:44 PM
    • 267Posts
    • 43Thanks
    jamels2
    Let to rent
    • #1
    • 15th Jul 17, 8:44 PM
    Let to rent 15th Jul 17 at 8:44 PM
    I own a maisonette i let out where the tenant is settled and i dont especially want to live in it myself.

    I dont really know what i want except my own place now as i live at my dads. I am considering just renting a small place and leaving my maisonette let out.

    Later on when i know exactly what i want i would then sell the maisonette and buy the place i want to live.

    Is this sensible? My other option would be stretch myself and buy a second property but i feel like with my budget i would be compromising on the second property. I doubt i can afford something i really like.

    With renting if i dont like the place or area i an only commited for six months. Views welcome.
Page 1
    • Pixie5740
    • By Pixie5740 15th Jul 17, 9:07 PM
    • 10,626 Posts
    • 14,601 Thanks
    Pixie5740
    • #2
    • 15th Jul 17, 9:07 PM
    • #2
    • 15th Jul 17, 9:07 PM
    Have you not made a decision yet? You've been asking more or less the same question since 2012.

    http://forums.moneysavingexpert.com/showthread.php?t=4439875

    http://forums.moneysavingexpert.com/showthread.php?t=4824081

    http://forums.moneysavingexpert.com/showthread.php?t=5616836

    Did you ever extend the lease or is your BTL still a depreciating asset?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • jamels2
    • By jamels2 15th Jul 17, 9:57 PM
    • 267 Posts
    • 43 Thanks
    jamels2
    • #3
    • 15th Jul 17, 9:57 PM
    • #3
    • 15th Jul 17, 9:57 PM
    Hello pixie, i have now extended the lease to 150 years.
    • saajan_12
    • By saajan_12 17th Jul 17, 10:23 AM
    • 565 Posts
    • 365 Thanks
    saajan_12
    • #4
    • 17th Jul 17, 10:23 AM
    • #4
    • 17th Jul 17, 10:23 AM
    How long do you expect this situation to continue? Letting a property and renting yourself is an inefficient way to do things because

    -> Paying tax on maisonette rent income but you have to pay gross rent yourself.
    -> Hassle if either property has repair issues: have to report and wait for LL to carry out repairs on your residence, and have to liaise with tenants to get a access etc for repairs on let property, rather than just deciding what's necessasry and effecting repairs when it suits you as an owner occupier.
    -> Deposit registration responsibilities and need to prove deductions on let property while potentially having to chase deposit return with your LL.

    IF you plan on selling anyway, I would just sell now, and be in a position to buy with no chain when you know what you want.
    • jamels2
    • By jamels2 17th Jul 17, 7:20 PM
    • 267 Posts
    • 43 Thanks
    jamels2
    • #5
    • 17th Jul 17, 7:20 PM
    • #5
    • 17th Jul 17, 7:20 PM
    Hi my only concern with that is i honestly dont know where or what i want to live in. I feel if i sell now i may still end up renting first until im sure of somewhere i want to buy.
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