Renting our House Short Term

Charlie007_2

Thanks all for your replies & advice, really helpful...

Yes I know selling would be an option, but I did try a while back and the house stood unsold for about 8 months. There are also about 3-4 other for sale boards lying up and down the road for exactly the same type of property.

So we realise that the house is not going to sell in this current market for a min of 12-18 months. We need & want to move back into our house, obviously a lot wiser this time.

We are just clearing our financial mess to be in a position to move in June July '09 time. I will give the tenants notice in April/May '09 and give them as much time as they need to find another property. I will not force them out onto the street as they have been very good tenants so far, which I can appreciate is very hard to find.

socrates

At the beginning of your post you were moving back in May or June, today it is June or July - I wonder if it will drag on for longer - it seems that way especially if your tenants say August then it could be August or September.

I understood your position for a short term fix but its getting longer

Charlie007_2

sorry the thread is getting longer & longer and I did not check the dates I had originally given. We want to move back in the property around June '09 so I know I need to give the tenants at least 2 months notice.

I will inform them in May '09, but if they wish they can take upto 3 months to find a new suitable property. I just want to try to be as fair as possible to them as I say, they have been very good tenants uptill now.

regards

socrates

The point I think people have been making is the longer it goes on the more the risk.

Anyway good luck!

SabbyK

Hi, I am new to the forum but just wanted to say, we asked our mortgage lender (nationwide) about renting our house out, as apparently they don't do buy to let mortgages. we were just told to fill in a Permission to Let form from the branch and send it, but there shouldn't be a problem. will most likely have to change it to a buy to let at the end of our current mortgage deal in Oct 2011. We are very lucky this means we can stay on the tracker we are on and hopefully get an income from the property.

The form did ask if we were letting to Local Authority/DSS, so presumably if we ticked yes we would not have been granted permission. There were a few other things, it did ask about the rental value and income so the fact that you are subsidising may raise a flag, or may not given your circumstances if you have disposable income now that you are rent free ish?
Hope this helps and good luck.

Doozergirl

Charlie007 wrote: »

sorry the thread is getting longer & longer and I did not check the dates I had originally given. We want to move back in the property around June '09 so I know I need to give the tenants at least 2 months notice.

Stop justifying yourself. No one can question your motives. :cool:

Some people can't be right without picking holes.

Charlie007_2

Thankyou Doozergirl, we think we have made the decision that is best for us, keeps us paying the mortgage in full and on time, clear our debts and then gives us the ability to move back into our home. We will give the tenants notice in May '09 with the hope of moving back in anytime from June '09 onwards.
If it was longer term than I agree, it adds to the risk!! We would have to inform the mortgage company.