Need to obtain permission from NatWest to rent my house out

Werdnal

I appreciate you are upset, but this is only going to get worse if you embark on a "letting business" with an ex who are you so desperate to cut ties with. Yes, even one property is considered a "letting business" and I think your ex is only interested in his share of the money you will get from the rent, and will have no commitment to make the let work or dealing with any of the crap and stress that goes with it.

If you both own the property together, you both get 50/50 share of the income and should also bear 50/50 responsibility to the obligations of being a landlord ... don't hold your breath that ex is going to want to get his hands dirty there ...

Sorry I cannot advise you on an answer to this, but letting the property with all the additional costs and hassle it will bring is only complicating your already difficult financial and personal situation. Knowing first hand how letting can go from great on a good day, to having a tenant on the phone saying there is flooding in his flat, and having to help him salvage his "life" from sewage filled muddy water, then re-house him at my expense whilst the property was renovated and made haibitable again, its not for the feint hearted or someone already in debt. This may be an extreme example, but you only have to read the tales of woe over bad tenants, damaged property etc, to see how bad it can get.

You may think you have no choice, but letting a property is a big financial committment, and no one to be taken lightly, especially when you will get little or no support from the other party in this arrangement. You are upset now, but this is only likely to get worse.

I think you need to get some proper financial advice from someone over the situation, and look at the whole picture, your other debts etc, and see what other options there are to consolidate everything and move on. Tying yourself to your ex over a huge legal and financial commitment that letting a property brings is only adding to your problems. Please do not rush into this without thoroughly exhausting all other options to get your life sorted. Good luck!

kingstreet

Miss_Fox wrote: »

neither of us can get a loan

Have you discussed a repayment plan with the lender for a sale where the mortgage can't be repaid in full as I said here;-

Speak to the lender. They may agree a repayment plan with you for any shortfall, but this MUST be done before you attempt to sell for a lower amount than is outstanding.

and here;-

Remember, if you plan to sell for less than the amount of the outstanding mortgage, you must get the agreement of your lender and devise a plan to repay the shortfall before they will permit the charge over the property to be lifted.

Why are you assuming the only option is a personal loan?

Have you actually asked NatWest?

Miss_Fox_2

I understand what you're all saying, I'll see what can be done... Problem is, it needs buy in from us both. I'm a bit stuck if he point blank says no.

N1AK

Miss_Fox wrote:

We’ve gone from beingcivil, back to him absolutely hating me, claiming he’s the victim and giving menothing but verbal abuse.

He's your ex. You know the truth and it isn't important to your life whether he likes, hates or is neutral towards you; you have moved on

As long as you are both paying into the mortgage then the biggest risk is that you are jointly liable for the property. I would strongly suggest getting legal advice, or at least talking to CAB, about how to decrease this risk.

I'm sure it won't be easy but you need to be as dispassionate about this as possible. It is in both of your best interests to resolve this; that means it is in his interest to do it as well. Be clear about what you can/will do:

• You would accept renting it only if allowed to do so by the mortgage / You will not rent it
• You are willing to take a (for example) £5,000 loan to cover negative equity when selling but only if he does the same.

I would suggest agreeing to write off the £1,500 loan in return for him agreeing to the sale option. Actually getting the money back if he doesn't want to pay it will be virtually impossible so accept it's gone and if you can get a little leverage from it that's a bonus.

N1AK

Miss_Fox wrote: »

I understand what you're all saying, I'll see what can be done... Problem is, it needs buy in from us both. I'm a bit stuck if he point blank says no.

Never forget that he is stuck as well. You aren't in the weak position here; though you are being more proactive

As long as you are both paying into the mortgage and/or both on the mortgage then you're both affected equally. I can't imagine he is any happier about paying money into a mortgage on a house neither of you are living in than you are.