Renting our house out

tired_mum

Ok so sat here again waiting for the police to come as yet again we have had stuff thrown at the house, bottles etc and last night they cut 1 of the security cameras wires. We think we know who it is and are now pretty sure but as a family the strain is horrendous.
We are with payplan as we have debts so we cant afford to move the only option we have is to rent this house out and move in with my mum. Our house is worth £170k mortagage is £75k owing. Repayments of £400pm the rental value is roughly £900 pcm our bank is HSBC
We dont wont to go down this road but cant think what else we can do we are terrified to go out and worried all the time whenever we go on holiday the situation is not ideal to move in with my mum but we will not get another mortgage with our debt problems
any ideas or advice gratefully received

Old_Git

Why is your house being targeted ?
Would it still be targeted if it was rented out ?
who would rent it ,knowing you needed security cameras .
How much are you debts ?
Can you sell and start again ?

tired_mum

Hi my son had some friends who he fell out with and since then about every 6 months we have this. we put the cameras up a couple of months ago and this is the first time they have been round since they went up
The debts are around 60k we could sell up but to start again would be nigh on impossible in the current climate. We are both working full time . Most properties down our road have cameras as a few years ago we had a spate of car vandalism. there are 2 properties rented out down the road out of 60 at the moment.
Probably wouldnt be targeted if they knew we werent living there, but cant say for sure as didnt think they would be that stupid to come when we have cameras and go up to them

Old_Git

if you move to your mums you dont know if your house is going to be targeted ? Maybe your mums house would be targeted as well.
I think you need this sorted once and for all .
I assume you now have some video evidence ?

sammyjammy

If you sold up you could pay off your debts and have a nice cushion to buy again in the future whilst renting for a few years. Sounds like a comforting option to me.

Is it worth having all these financial and other worries just to own a house?

tired_mum

My mum lives quite a way from us they wouldnt know where we were as my children have now left school and have no contact with them she obviously has a different surname as well. The police say the footage and my statement are good evidence as well as them touching the cameras with their bare hands SOCCO will be round today hopefully

Benji

If you rent, you will have to have your mortgage lenders permission. You will also take on a lot of financial responsibilities / risks as a landlord - for instance, how would you cope if your tenants stopped paying rent for 5 months (approx time to evict)?

tired_mum

We could afford to cover the mortagage indefinately and leave the house empty but there seems little point in that hopefully the bankk would se that it is financially viable to let the property

It_can_get_better

Not sure if there's any legal obligation when renting, but there would be a moral obligation to tell a tenant moving in the reason why you're leaving. What if these people harrass the new tenants?

Werdnal

You need to comply with a lot of legal obligations to rent out a property. You must get lenders permission, LL insurance etc, and have to pay tax on your rental income.

Read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

to make sure you know what you are getting into.

marliepanda

It_can_get_better wrote: »

Not sure if there's any legal obligation when renting, but there would be a moral obligation to tell a tenant moving in the reason why you're leaving. What if these people harrass the new tenants?

Put it this way, if I moved into a £900 a month house, and was being harassed to that extent, I would be out, and I wouldnt be paying you any rent.

If you have a police record of harassment at the property, I cannot imagine a judge looking on favourably if you let a tenant move in, not telling them the reason for leaving, whose life is made hell (for double the price you are paying!) and they decide to leave.

Sell (and disclose) or don't. Don't put your problem onto a tenant as I don't se it ending well for you.