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Buy to let advice

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  • turtleneck
    turtleneck Posts: 102 Forumite
    So could I say I am moving out and need consent to let for work reasons, if I was moving a couple of miles closer to work to live in a friends spare room?
  • suse*
    suse* Posts: 303 Forumite
    Sixth Anniversary Combo Breaker
    I was stuck in negative equity for years after buying a house in 2007 right before the prices tanked, but due to that I couldn't get consent to let when I was made redunant and looking all over for a new role. They would want proof of a new contract for a new job at a site to far to commute to. Even if you could get permission it would probably only be granted for a year to give you time to sell the house to relocate to the new town. The only way out has been to over pay like crazy to get to the point I can have more options and then think about moving. The complications of being a landlord though and the amount of law and problems it brings also puts me off as well. Getting consent to let isn't the only thing you have to do to rent it out, there is all sorts of insurance and understanding the deposit schemes and knowing how you will cope with voids or repaires etc etc.

    You bought a house without thinking through all the options so now you're stuck or you'll have to sell it if you don't want it. Can your friend not move in with you and rent their place if you are really determind to do this? You can charge them a certain a month on the rent a room scheme tax free as a lodger.
    [STRIKE]Original Mortgage 07/07 £160000 LTV 100% [/STRIKE]Remortgaged 10/13 £118000 LTV 84%
    Outstanding 02/12/14 £107652.40
    LTV 76%
  • turtleneck
    turtleneck Posts: 102 Forumite
    well done suse you have made excellent progress with your mortgage!
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