How do we go about renting out bungalow?

G_M

any tax implications would be down to nan and that's the info i'm trying to find out, also what insurance(s) she would need, or anything else for that matter.

The are literally 100s of regulations governing letting of properties. If you must go down this route, you (nan or mum) must learn what's what. Read Tessa Shepperson's book, look at Shelter's website, and Landlordzone, join a landlords association, learn what is involved.

A few bits of advice from this site like 'you need proper landlord's insurance' is just scratching the surface.

squibbs25

clutton wrote: »

As a LL of 11 years i seriously think using mum as a letting agent is a crazy idea - if nan absolutley insists on doing this, then use an ARLA registered letting agent and let the professionals do it.

Sorry i didnt make myself clear enough, it would be through a lettings/management agency but my mum more or less dealing with any enquiries or problems instead of nan.

tawse57

clutton wrote: »

""I think I would say that, if you can afford it, don't do anything for a few months and see how your nan feels then - she may settle happily into your mum's and then be happy to sell, or if she still wants to keep it, then think again about renting it out.""

my thoughts exactly.. wait and see how nan is and how she settles.... no rush.... but do tell the insurers it is an empty house (which may become long term empty) as you may need folks visiting and/or other insurance conditions....

+1

Your family are going to have a lot on your hands in the coming months to look after your nan - to be blunt, when someone of your nan's age comes out of hospital it is often the start of their care and not the end of it.

She is lucky to have such a loveing family but do not underestimate the stress that looking after your nan will place on you all so, for now, probably the best thing to do is to secure the house so that no squatters can get in, make sure it is not a fire risk and make sure that you have some sort of heating going on in cold weather to stop pipes freezing and bursting, perhaps buy some of those electric light timers so you can give an illusion of someone being there of an evening, make sure that the house contents and buildings insurance are paid up and that they cover your nan being away from home for a period of time - the last one might be the difficult one to arrange as insurance companies do not like empty properties so perhaps one of you could 'live there'?

Renting a house can be very stressful.

Also, don't forget this is your nan's home where all her memories are - knowing that the house is still there, for now, may be what she needs to help her recover and get fully well.

Believe me, I know of numerous cases where elderly widows have given up living when their houses have been sold as they feel that all their memories - the place where they lived, loved and brought up a family - are no longer wanted by others and hence think, often wrongly, that they themselves are no longer wanted.

Best of luck.

fightingjen

G_M's CGT comments aren't completely accurate.

You get three years from moving out of your main residence before you would be subject to any CGT on its sale. So long as you sell it within 3 years of the date she officially moved out you'll be ok.