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Letting property to a friend
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I agree that with a trusted friend it could work. However you need to know the risks in order to make an informed choice. So now knowing the risks, you need to decide on the likelyhood of them happening. The cost if them and whether the gain is worth it?Don't listen to me, I'm no expert!0
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I agree that with a trusted friend it could work.
Yeah and I'm willing to bet it does more often than not, but we don't see posts about "hi, I let to / rented from a friend and it was all we both dreamed it would be..." here, do we?
And I bet no one, including all the people who do have problem, ever lets to an untrusted friend. Well who they distrusted before starting down this road, I mean...If you don't stand for something, you'll fall for anything0 -
Don't do it. I agreed to sell my property to my cousin and with in a week I am having to make difficult phone calls because I have been offered more money although she has agreed to the increase I have decided to pull out as I can see so many potential issues.0
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Don't do it. I agreed to sell my property to my cousin and with in a week I am having to make difficult phone calls because I have been offered more money although she has agreed to the increase I have decided to pull out as I can see so many potential issues.
The OP is asking about RENTING to a friend, not SELLING.0 -
If its a 2+ bedroom place, then at best get your friend in as a lodger. As long as they do not have exclusive access to the property and you have a presence, they won't be classed as tenants should anything go wrong.
You can say that to let out the whole property would cause you issues with your lender and insurers.
Otherwise keep it vacant and visit often....do you have 2 properties or living elsewhere ??"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
What is your friend's exit strategy? If I rented it for a short while I'm honest and straight forward and would leave once it was sold - but many don't, or can't.
I'd rent short-term because I've the savings and plan to be moving on.... and nothing could prevent me from doing that. I don't need a job to pay my rent, I don't claim benenfits, I have enough savings to be able to rent somewhere else and pay all the deposits etc once the house was sold.
If your friend does not have an exit strategy, then you could be lumbered with them if their motivation or situation changes.0
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