How long do you have to wait to ask permission to let your home

poppysarah

mranderson wrote: »

2. this property has been our own for 20 years and we have personally spent more money doing the property up then we get in discount. it seems criminal not to secure our home for life, and cover costs with letting at most...

is this so wrong?? i doubt i am the first to buy their right to buy home.

No. And you won't be the first to move out the day contracts are signed either. But morally it's WRONG. Financially how does it make sense for you?

If you have to move away for work then MOVE via a swap.

It seems criminal to buy it under RTB and then NOT live in it.

silvercar

kingstreet wrote: »

The tenant being your daughter makes no real difference.

This makes a big difference. Some BTL products won't allow letting to close family members for the simple reason that you are unlikely to evict if they fall behind with the rent and then you have your own mortgage costs plus the cost of renting elsewhere.

A lot of lenders are happy for you to leave a family member in a property whilst you are temporarily elsewhere.

mranderson

financially it makes sense , because the rent covers costs. and where we are wishing to rent is cheaper part of the world.
i think the whole point of this post was about time periods. what i plan to do is not illegal. i clarify i would not let without consent from my lender. if we cant move we wouldnt . however giving consent to let is something done by many lenders as i am sure you know. if i wait 5 years it would be absolutely fine. if i wait six months is that too short? that is my point.

i know we have a moral issue then. but not an illegal one.
lets be sensible here though. is it not immoral that i have many people choose never to pay their rent and sponge of the government.
is it moral that we just pay taxes and more taxes even on death. NO its not

maybe thats for another post though.

climbgirl

People have answered your questions around timing - there are no hard and fast rules on timing, it's different for each lender. But doing this as soon as you buy the property is going to ring alarm bells for most lenders and could lead to your mortgage being withdrawn.

Agree with the above posters that the point of right to buy is for people to buy the council flat they own as a home for them to live in. Not to be rented out straight away.

You can't really be against paying taxes and on the other hand be happy to live in a tax-payer funded council home....

Oliver_Green

mranderson wrote: »

Hi everyone,

we are just about to buy our home on a residential mortgage. we would like very much to seek permission to let our home from the mortgage provider and move to a different area.
I know a lot of companies give permission to let, but i wonder if there is a certain time period before it looks like it was my initial intention. i am happy to stay in the property for a few months if needed but shorter the better.?
Also are there any recommended reasons or changes in circumstances to use as to why you no longer want to live there.

Also another option is to let my daughter live in the property and effectively rent from us. Would this be seen the same as letting or does family mean i do not have to seek official permisssion??

many thanks for your time

mr anderson

Hi Mr Anderson

Reall, you have a duty of faith to disclose everything to your mortgage company and be truthful with them.

To do otherwise will likely constitute a breach of duty which could result in them pulling your mortgage or even proceedings against you for fraud.

You should ask an independant mortgage broker to try to find you a mortgage which allows renting and disclose this to your potential lender.

I hope this helps.

Oliver Green

kingstreet

silvercar wrote: »

This makes a big difference. Some BTL products won't allow letting to close family members for the simple reason that you are unlikely to evict if they fall behind with the rent and then you have your own mortgage costs plus the cost of renting elsewhere.

A lot of lenders are happy for you to leave a family member in a property whilst you are temporarily elsewhere.

You misunderstood my meaning. I was suggesting it doesn't make it better because he plans to rent to his daughter, nor make it more acceptable. The OP seemed to think the fact someone with the same name was living there made it more respectable. That simply isn't the case.

If he hadn't already done it, we would have been having a conversation about the occupancy by a family member issue making a BTL regulated too.

kingstreet

Another thought.

I don't think the OP would have got a BTL/LTB deal as he intended to rent his own home, rather than buy another. Most lenders only accept apps from those who have, or are buying, another home to live in themselves.

mranderson

hi climbgirl
ok just to cover the tax issue. i have never been out of work and have always payed taxes. lots of them...

i am more than happy to change my mortgage to a more suitable one with my lender. and pay any switching fees. obviously i would wish to avoid the early repayment fees though.

i decided to do it the way we are doing it because nothing is finally decided. we are not definatley moving. it is all options open to us, there seemed no point in getting a b2l mortgage if we were going to live in it for a year or so.

ruggedtoast

The easiest thing to do would be just to call your mortgage company and ask them. Why not do that?

PasturesNew

I think a lot of Right to Buy don't allow you to rent it out for X years either.
Which council is it with?

And how would you afford your mortgage and the rent on the house if your daughter loses her job and can't pay you rent any more, or simply stops paying it?