Let out my property and rent somewhere else?

turtleneck

I already own a property, which was bought to let out many years ago, and is currently empty. I also find myself looking for somewhere to live as I can no longer share with a friend who is moving away.

However, I do not really fancy living in my own property for several reasons. This makes me wonder whether I should let it out again and find somewhere else I can rent for myself? I would let an agent manage everything as I don't really want any hassle.

Just wondered if I am missing anything or is this a sensible option which would give me the freedom to live where I want and not be stuck somewhere I don't want to be?

The only reason I would keep the property is because I feel like the money/capital/equity I have is better off in property than sitting in the bank gaining little interest.

ognum

I am a bit confused, in September you were saying you were living with your parents you also say your BTL property has a very small remaining lease, approx 60 years which makes it unmortgagable should you decide to sell.

I guess you answer is to let your property, you have done this before so I assume you understand the trials and tribulations of being a LL

So your choices are get a new mortgage and buy again, sell your property as you don't want the hassle of your BTL but you will need a cash buyer or to extend the lease before sale. Or as you say rent again.

Your BTL is probably not gaining value with a rapidly reducing lease in fact it's probably going down in value.

Simple!

turtleneck

Hi ognum,
you are correct, the lease is short but can be sold at full price with the extension happening as part of the sale..
I don't really want to be a landlord, which is why I'd do full management service with the agent, I don't want the hassle.
However, I think my money would be better staying in property than sitting in the bank?
Thanks
Turtle

ognum

turtleneck wrote: »

Hi ognum,
you are correct, the lease is short but can be sold at full price with the extension happening as part of the sale..
I don't really want to be a landlord, which is why I'd do full management service with the agent, I don't want the hassle.
However, I think my money would be better staying in property than sitting in the bank?
Thanks
Turtle

But the cost of the lease extension is increasing month by month while you do not extend.

Maybe it would be better to look at alternative investments.

Pixie5740

Is this the 4th or 5th topic you've started about exactly the same thing? I think you might win the MSE Ultimate Procrastinator Award.

You don't want to live with your parents, you don't want to live in your BTL, in fact nobody is currently living in your BTL at the moment and on top of this void your BTL is a depreciating asset because of the short lease which is only getting shorter. Does that sum things up?

Sell the BTL if you can and either rent or buy a property somewhere else you would like to live. BTL is not a passive investment, even if you use a letting agency so it doesn't sound like the right type of investment for you. Not that it's much of an investment right now since its losing you money hand over fist.