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House Renting - Renting home to corporate/company
boyo166
Posts: 1 Newbie
Hi,
My partner and I really want to go travelling for 6-9 months in the next year or so. We have a large house that we cannot afford to pay for while we're away. Ideally we'd get a friend to house sit while we're away as we don't want to rent the place out to strangers who may be dodgy. This would cover part of the mortgage, we could cover the rest and have peace of mind that the place was in safe hands.
However our friends mentioned we could possibly rent our house out to a corporate who often rent places for overseas workers who are relocating to the UK. These rentals are normally for 6 months or so and the corporate would have plenty of cover insurance wise and would manage the property as well.
Has anyone had any experience with this and can advise me where to start?
Many thanks
My partner and I really want to go travelling for 6-9 months in the next year or so. We have a large house that we cannot afford to pay for while we're away. Ideally we'd get a friend to house sit while we're away as we don't want to rent the place out to strangers who may be dodgy. This would cover part of the mortgage, we could cover the rest and have peace of mind that the place was in safe hands.
However our friends mentioned we could possibly rent our house out to a corporate who often rent places for overseas workers who are relocating to the UK. These rentals are normally for 6 months or so and the corporate would have plenty of cover insurance wise and would manage the property as well.
Has anyone had any experience with this and can advise me where to start?
Many thanks
0
Comments
-
You say your house-sitting friend would cover part of the mortgage. ie would be paying rent.
Thus NOT house-sitting, but a tenant. And you'd be a landlord.
A company let is possible, but you'd have no control over who lives there, and little ability to move them out (as they'd be sub-tenants of the company).
You also need to consider:
* tax
* CTL if you have a mortgage
* insurance etc etc
More here.0 -
If you can't afford to cover your mortgage while you're away that suggests that you probably can't afford any of the very many expenses associated with being a landlord which may occur as well. Plus, if you have a residential mortgage you'd need to ask your lender for consent-to-let and declare the rental-income on your tax-return and pay tax on any profit.
Any sensible corporate entity will be looking for your consent-to-let as well and your landlords insurance, so you probably wouldn't be able to get out of getting that consent from your lender. It would also mean that your rental-income would be fully traceable at the company's next audit by HMRC so wouldn't be able to get out of that either. So it's possibly not sounding like quite such a money-spinner now, I suspect.0
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