Conset-to-let and Sabbatical?

mrsteveo_2

I know the answer will vary from lender-to-lender, but if an opportunity comes up to take a 6-month Sabbatical, is it possible to get a consent-to-let, or is that only for people shifting house and staying in the UK?

Currently going through buying a flat but would like to take a sabbatical for a short period in a year or so, wondered if others had experience? Lender I'm looking at is Yorkshire BS/Accord who have told me its only £100 admin fee and no increase in % if I have over 25% equity (which I will). But the woman on the phone seemed clueless about whether it could apply to sabbaticals and couldn't find anyone who could tell me.

sydenhambased

Are you suggesting taking a sabbatical ABROAD? You haven't said.

That would strike me as the only thing different about the standard scenario you mentioned of people shifting to a different property in the UK.

I can't imagine it would make the slightest bit of difference what you're doing for six months, or where you are, as long as the mortgage is being paid. I'm NOT a mortgage broker though!

mrsteveo_2

Oh yes - all my family is in New Zealand apart from me, so I would spend the majority of the time there.

I would have the savings to cover the 6 months mortgage payments put aside before I go, but in any event the flat I'm buying is in a very popular London suburb (fringes of Shoreditch) and Rental Agencies have waiting lists of people looking for a place to call home.... the market rent is currently a couple of hundred quid more than what the mortgage would be.

Pixie5740

I don't think it makes any difference whether you're taking a sabbatical or moving to another place in the UK. If you let the property out you will need to provide an address in England for the serving of notices and at the end of the 6 months fixed term there's no guarantee you'll get the property back straight away. There could be a delay of several months.

AdrianC

mrsteveo wrote: »

I know the answer will vary from lender-to-lender, but if an opportunity comes up to take a 6-month Sabbatical, is it possible to get a consent-to-let

Yep. Our lender on the old house had no problem whatsoever with giving us CtL when we went off for 18mo in a campervan around Europe.

mrsteveo_2

AdrianC wrote: »

Yep. Our lender on the old house had no problem whatsoever with giving us CtL when we went off for 18mo in a campervan around Europe.

:beer:

I'll drink to that :-)

AdrianC

Having said that, I s'pose I'd better qualify it with the subtle and probably relevant details that we'd been in the house (with the same mortgage) for a decade, and the LTV was ~25%...

G_M

Bear in mind that 6 months is the earliest you can legally start repossession proceedings, which can in some instances take several months, so you cannot assume you'll be able to come home after 6 months and move straight back in.

Also read:

New Landlords (information for new or prospective landlords)

mrsteveo_2

G_M wrote: »

Bear in mind that 6 months is the earliest you can legally start repossession proceedings, which can in some instances take several months, so you cannot assume you'll be able to come home after 6 months and move straight back in.

Every rental agreement I've ever had has had a 6-month break clause which could be exercised by both renters and landlord, so not sure why I'm dependent on the renters moving out or legal proceedings. I would make it clear from the outset that it was a 6-month let.

G_M

mrsteveo wrote: »

Every rental agreement I've ever had has had a 6-month break clause which could be exercised by both renters and landlord, so not sure why I'm dependent on the renters moving out or legal proceedings. I would make it clear from the outset that it was a 6-month let.

You can make anything you like clear from the outset, but that does not alter the law!

Please. PPpppleeeease!

Before making a decision, make sure you understand what is involved in being a landlord. AND what the law says about tenancies, and how to end them.

I'm afraid you are currently under some major misapprehensions.

Yes, you can issue a 6 month (or indeed 3 month) tenancy. Or a longer one but with a 6 month Break Clause. But the tenancy can only be legally ended by either
a) the tenant or
b) a court (but not the landlord)

So you have to go to court (after the 6 months tenancy or to implement the Break Clause) and this takes time. And the tenant may ignore the court, necessitating you going back to court (more time) to get bailiffs (more time).

So your 6 months may become 9 or more.

Of course, many tenants simply leave when the 6 months is up, or when requested. But you cannot guarantee this.

Housing Act 1988

I am not saying don't do this - I'm just saying make sure you understand what is involved before you make a decision.



edit: if, for example, you issued a 6 month tenancy (or 12 month with a 6 month Break Clause), but after 6 months the tenant declined to leave, what would you do? If you then used force, or changed the locks, or even hassld the tenant with excessive phone calls, you would be guilty of 'harassment'

Protection from Eviction Act 1977

(4)A person guilty of an offence under this section shall be liable—

(a)on summary conviction, to a fine not exceeding £400 or to imprisonment for a term not exceeding 6 months or to both;

(b)on conviction on indictment, to a fine or to imprisonment for a term not exceeding 2 years or to both.

You have to go to court to get possession...... which takes time.

mrsteveo_2

G_M wrote: »

You can make anything you like clear from the outset, but that does not alter the law!

Please. PPpppleeeease!

Before making a decision, make sure you understand what is involved in being a landlord. AND what the law says about tenancies, and how to end them.

I'm afraid you are currently under some major misapprehensions.

Yes, you can issue a 6 month (or indeed 3 month) tenancy. Or a longer one but with a 6 month Break Clause. But the tenancy can only be legally ended by either
a) the tenant or
b) a court (but not the landlord)

So you have to go to court (after the 6 months tenancy or to implement the Break Clause) and this takes time. And the tenant may ignore the court, necessitating you going back to court (more time) to get bailiffs (more time).

So your 6 months may become 9 or more.

Of course, many tenants simply leave when the 6 months is up, or when requested. But you cannot guarantee this.


I am not saying don't do this - I'm just saying make sure you understand what is involved before you make a decision.



edit: if, for example, you issued a 6 month tenancy (or 12 month with a 6 month Break Clause), but after 6 months the tenant declined to leave, what would you do? If you then used force, or changed the locks, or even hassld the tenant with excessive phone calls, you would be guilty of 'harassment'



You have to go to court to get possession...... which takes time.
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wow... thanks for the info. I never knew. To be honest though, in an affluent area just off the city of London I doubt this sort of thing would actually be an issue in real life for my apartment, but its good to be informed. I've known countless people who have had notice issued by their landlord for various reasons (ie. wanted to sell, wanted their own nephew to move in, etc) and although what you are saying may be correct (not had a chance to look into in) I don't think practically it comes up as a real issue in apartments within walking distance of "the square mile"