Consent-To-Lease or Early Repayment Charge?

Mindmodic

I've been in my new property for about two months now, and I am happy with the property, but I've realised recently that I want to be able to move quickly, should I get a job elsewhere, or even go to study further abroad.

Now as far as I can tell, I have the option of either letting my property, with which I own about 65%, and the remainder is on the mortgage, and trying to obtain a Consent-to-Lease, and the whole palava of letting agents etc, or I could just sell the house, and face the maximum early repayment charge of £3,000 (I'm not sure if I could pay this with the proceeds from the sale of the property, or whether I would required to pay this before the money was released to me).

I know this sounds pretty stupid, but I want to know what my options are. When I decided to buy a place all I was hearing from people was the positives.

Can anyone confirm these are the only options? I am with Co-operative Bank.

If I let the property, surely this would be subject to income tax also?

Thankyou.

Thrugelmir

Given you've only had the property 2 months. Then you won't be granted CTL.

I would suggest selling. As appears you gave no thought to the long term committment that a mortgage is.

somethingcorporate

Why did you buy a place if you intend to move so soon?

Unless you want to become a professional landlord and all that entails then selling would be your only option although with the buying and selling and moving costs I would be surprised if you broke even, especially with a £3k ERC.

Mindmodic

I know this sounds pretty stupid

So that means I don't need people telling me this. At the time I bought the property, I saw myself wanting to stay here for the duration of the mortgage. Recently things have changed in my life in the last month or so that means it was not a good choice to buy a property. I still have the option to stay here, I just want to know what options I have.

_Andy_

Ring your lender and ask

Thrugelmir

Mindmodic wrote: »

I still have the option to stay here, I just want to know what options I have.

None that won't cost you a considerable amount of money. Perhaps take time so time before making another long term decision.