Use of a Housing Association to Rent own house to tenants...Possible?

Ego_Shredder

During this country's financial meltdown our household is considering the option of renting our house out and also finding another elsewhere to rent for ourselves. This would give us more time to find a suitable property while house prices are unstable. Later, we plan on selling our house and moving to a smaller property. I have to travel more than I would like to my work, so living nearer while renting would be less stressful. My mother is also considering a bridging loan to help us pay the small remaining amount of mortgage. We have not moved house for forty years, so we are out of touch with modern ways and practices! We have very little income so any money for home improvements or storage costs for clutter are very difficult.


So one possible option is this, but with a few questions:

• Is it possible to let a Housing Association (HA) rent your own house out to other tenants?
• What would be involved in this?
• What safeguards would you have against your house being trashed by the tenants?
• How much would you receive in rent?
• What do the HA typically charge in fees?
• Who/which organisations could give me more information on this?

I hope this all makes some sense!

Thank you

BitterAndTwisted

Ego_Shredder wrote: »

So one possible option is this, but with a few questions:

• Is it possible to let a Housing Association (HA) rent your own house out to other tenants? It is but it's very, very high-risk! HA's usually find these sorts of properties for their less responsible tenants or those who are almost guaranteed to be more trouble than they're worth.
• What would be involved in this? Dunno
• What safeguards would you have against your house being trashed by the tenants? Absolutely none, save a hefty deposit but some tenants manage to cause thousands of pounds-worth of damage. Jowo just mentioned on another thread this morning about a friend who did this and is now faced with £7k-£8k's worth of repairs and refurbishment, meanwhile the LA have paid £1k towards it and don't want to know. I'll see if I can find the link for you.
  
• How much would you receive in rent? There are too many variables to answer
• What do the HA typically charge in fees? Don't understand this question
• Who/which organisations could give me more information on this? Dunno

I hope this all makes some sense!

Thank you

One possible alternative which does not entail all of the risks associated with being an amateur landlord is to look into a Monday to Friday lodging so your family can stay put and you go home at the weekends.

Either that or you sell up and rent somewhere nearer to your work.

EDIT: Here's the link which includes a discussion about your proposal:

http://forums.moneysavingexpert.com/showthread.html?t=2290421

Nosht

It depends on the terms of the contract.
I have heard of many such rentals but most are for a long period (5 years).

N.

muskoka

Bridging Loan- easiest and most expensive way to get into major, major financial trouble. Avoid it at ALL costs