What to do - advice needed.

jay1960115

Need a bit of advice

Work circumstances has changed slightly so temporarily I will have to move back to parents’ house as this closer to work which will make my life easier in terms of travelling back/forth 15miles each way.

I would like to know what is best to do:
1. Leave the house unoccupied during the week but go back for the weekends.
2. Temporarily rent out my property for 1 or 2years – if so what is the process called and how long would it take for the lender to approve.

Please can anyone advice.
Thanks
Jay

kingstreet

You need to ask your lender for consent to let.

They may grant this. They may grant it at a price. They may not grant it. Until you know which, you can't plan objectively.

How long it might take them to grant is pretty much an unknown.

If you have a mortgage with Halifax on standard rate, post back here before you call them.

DannyboyMidlands

Why only a temporary arrangement? Is your work going to move back again?

jay1960115

basically it involves me working in additional site as well as my normal place. The second site is another 5miles away. SO it makes sense stay over at my parents which they only live 4miles away.

Lender is natwest. Does it help.

Also would I need to inform the council as I will not be living at the property during weekdays also electrol roll and stuff.

kingstreet

Ok. Contact NatWest and ask them about their terms for consent to let.

You'll need to let some organisations know when you move out, yes, but those are things for later. The important issues for now are establishing you can get consent to let, how much it will cost and then studying the legal requirements for being a landlord, such as gas safety and the tax implications of having the rental income and the expenses which can be used to offset.

jay1960115

Ok thanks for the info, quick question, will my residential mortgage change to a buy to let for the temporary period?

DannyboyMidlands

I wouldn't bother letting it, I'd get in a lodger instead. This would be much more flexible, you could keep all your details registered at your house and move between that and your parents to suit your work schedule and/or weekend plans.

jay1960115

Thanks everyone for the helpful comments, in terms of a lodger- what is the maximum number of lodgers I can get and if they can registered in the electrol roll for council tax will this effect my own council tax i.e. one council tax bill for all the resident or will we each get a seperate invoice. Thanks,

DannyboyMidlands

I assume that currently you get a single persons council tax discount of 25%. You can have as many lodgers as you like and you will only lose that 25% discount. It'd be one bill for the whole house.

For income tax purposes you can recieve £4250 per year tax free.

kingstreet

jay1960115 wrote: »

Ok thanks for the info, quick question, will my residential mortgage change to a buy to let for the temporary period?

No. You are given temporary consent to let on your residential mortgage.