Should I rent without Buy to Let or consent??

lju00dt

Thanks for your posts - its a complicated situation and I don't want to leave myself open to any liability.

When the house was bought it was a different situation - prices were shooting up and every word of advice was to get something quick and you'll be able to sell it on in 2 years for a small profit.

How wrong that plan turned out.

The co-owner of the house had to re-locate for work or lose his job (fair enough) and my girlfriend moved in to cover his side of the mortgage, we had been together 18 months so seemed like a decent thing to do. When we made this decision we weren't aware of the restrictions involved in renting, (yes in hindsight we should have looked into it but how was i to know there would be resrictions on someone honestly wanting to do the right thing).
Now it has come to the point where we need to move out and we find ourselves stuck.

And yes as some of have commented i do feel shafted - the co-owner of the house has moved into a lovely detached house in a nice area with his girlfriend and is quite happy, which make it worse for me and my gfnd. it wasn't a deliberate move in the knowlwedge i would be lumbered with the house so although i'm ticked off about it dont believe this was a malicious act on his part.

it needs to be soon too as the situation for me and girlfriend is getting worse. She is a family and childcare solicitor and a lot of her clients have started coming from our local area. As you can imagine a lot of the clients end up having their children removed and put into care and they obviously blame her. It's got the point now where she can't even go to the local supermarket without being accosted by someone and she is very wary if she has to ever come home from work alone as some of the fathers have become aggressive to her too. plus the owner of the house 2 doors down has been jailed for cultivating cannabis and the cul de sac where we live has in the last year become a breeding ground for kids on motorbikes and street corner drinking. we are wanting to start a family soon but dont want to in this area as you can imagine....

I want to do the right thing and rent out properly or sell the house, but it seems every where we turn there is a shut door.

One post mentioned about returning the house to the mortgage lenders and arranging to sort the difference... does anyone have any more advice on this?

I spoke to the lender about gaining consent to let for the year - but they said they wanted proof that i was moving for a valid reason - i.e moving elsewhere for work or similar. I told them the situation and they didn't beleive it was a valid enough reason. and plus someone said about negotiating with them after a year - I dont understand what scenario would occur if i did gain consent to let for a year - got tennants in - then after a year, i tell the lenders - no i'm not moving back in - I'm continuing to rent it out.

what would they do? re-possess the house and kick them out? would they demand the full loan back and bankrupt me and my friend?? it all seems very extreme for something so silly....??

this whole situation seems crazy - my gfnd and i are two well paid professionals. she is in the position to purchase a new house on her own which is in everyones benefit and helps the economy.

I wish to rent out a house but cannot do so - if we were able to rent it out we would be paying the mortgage company more than we are paying now thus reducing the capitol even more as very little has been paid so far. (which is in their interests too)

Plus the tennants get a lovely modern clean well cared for house and landlord who wants to do everything possible to ensure things run smoothly.

In no capacity is anyone trying to dupe anyone or break any laws - I cant see why everyone cannot gain something from this situation, but I just seem to be thwarted at every step and the prospect of me renting is prevented by a seemingly pointless piece of paperwork.

can anyone see any other solutions or provide any advice?

evoke

Jeez. The answer is no. LOL.

The regulations are there to protect the mortgage and housing markets so that those of us who manage our finances properly are not having to stump up for those who engage in dodgy dealings.

Learn to walk before you can run. And take this as a lesson on getting a mortgage with a 'friend'.

franklee

lju00dt wrote: »

plus the owner of the house 2 doors down has been jailed for cultivating cannabis and the cul de sac where we live has in the last year become a breeding ground for kids on motorbikes and street corner drinking. we are wanting to start a family soon but dont want to in this area as you can imagine....

lju00dt wrote: »

Plus the tenants get a lovely modern clean well cared for house and landlord who wants to do everything possible to ensure things run smoothly.

Hate to break this to you but tenants don't want cannabis next door and kids on motorbikes and street corner drinking any more than you do. Also tenants want their landlord to honour the tenancy agreement which they can't do without consent to let, see the sticky thread above for the problems this can cause.

Suggest you find out what joint and several means and then have a word with your friend.

chappers

lju00dt wrote: »

Thanks for your posts - its a complicated situation and I don't want to leave myself open to any liability.

Then You shouldn't do it.
You need to speek to your "friend" about this and between you decide what to do.
Personally I would take the mortgage company up on the offer of letting for a year(tell them you are going to be working away or something)then speak to them again in a years time.
A friend of my wife did this when she took a job back in Glasgow they let her let for a year and have just given her permission to let for a second year.I'm sure if everything goes ok for the 1st year (no missed payments etc)they will be fine, if not you will have to reasses the situation then.

Worst case scenario your lender reposses you and you still have to accomodate or compensate your tenant. Don't do anything without the permission of your friend.

DannyboyMidlands

I just don't understand this at all. Why would any youngish bloke commit to buying a property with a mate? And with a 100% mortgage of all things?

I've lived with enough mates over the years and the one constant is that we're all flaky, move in and out with gf's, decide to quit work and go travelling, get sacked, relocate..........etc etc

Jeez I'm barely comfortable buying as part of a committed, long term relationship and we'll certainly be having a contract on the side to lay down exactly what happens if we split.

Judith_W

Could you get the £15k off your mate and get a loan out for the rest? Then pay back the mortgage?

wastedtalent

Have you told your mate your plans, is he aware he's liable for half as well if your GF stops paying?

chappers

DannyboyMidlands wrote: »

I just don't understand this at all. Why would any youngish bloke commit to buying a property with a mate? And with a 100% mortgage of all things?

I've lived with enough mates over the years and the one constant is that we're all flaky, move in and out with gf's, decide to quit work and go travelling, get sacked, relocate..........etc etc

Jeez I'm barely comfortable buying as part of a committed, long term relationship and we'll certainly be having a contract on the side to lay down exactly what happens if we split.

Not always the case I bought my first house with a friend,which we bought as a wreck and did up, apart from the mortgage we never formaly split any of the bills, we just each randomly paid them as they came in including shopping which we just randomly did aswell. Our friends used to call us Mr and Mrs Chapman.
We used to just file all the bills and reciepts in a box file, just writing our names on the top, with the intention of balancing the books.
When we sold up four years later we finally got round to squaring up the books and added up all the reciepts. The bills were somewhere in the region of £80 out.