empty house

stellata

Hope someone can help me with this. I have a partner but we do not live together ( yes I know!). We own 2 properties, one of which I live in. He is now going abroad for (at least) a year and the other one will be empty. I am worried about this as it will fall to me to look after it. Would I be better renting it out (tho that may be hard as it is in poor condition) or just mothballing it? There is a mortgage (joint) on it of approx 40% of value. He pays this usually as he lives there but obviously its my responsibility as well. I also thought about moving in there as my own house would be much easier to rent but this would make work very difficult for me.
Im a bit stuck, any thoughts kind people?

Annisele

Have a look at G_M's post for new landlords. It probably answers most of your questions about letting - as well as lots of questions you didn't know you had.

As to whether you should let, I think it depends exactly what you mean by "poor condition". If the staircase is falling down, that's a bit different to the paint being a bit shabby.

Is his house in an area that's attractive to renters? And what sort of market would you be looking at? If, for example, it's a student area, you're probably already too late to be letting for the next academic year.

Might it be time to sell one of the properties?

Whatever you choose to do, make sure you have the right insurance. Your standard buildings and contents insurance won't cover you if your have tenants - nor if you leave the place unoccupied for months.

macman

Renting it out will require the agreement of the mortgage provider, and no doubt a higher mortgage rate will apply. If so you need to deal with this before he goes as joint signatures will be required.

stellata

Ok thanks it had crossed my mind that him being away might be difficult with signing things etc. House isnt in a good area for renting, tho not falling down, just tired. I will look at the new landlord board. Looks like ive been left with a fair amount of work which doesnt surprise me.

Annisele

He could give you power of attorney before he goes - that would let you act on his behalf in everything.

fairy_lights

If he doesn't know how long he will be overseas for, and renting it out isn't really an option, then selling it would be the obvious solution.
Will he be paying rent on somewhere abroad too, and if so will either of you be able to afford the mortgage payments?

pathtofreedom

If you don't rent it you'll need to look into different buildings / contents insurance as most have a clause saying if you're away for more than 30days it isn't valid any more. So you don't want it to burn down or the pipes burst if you don't drain the system then find out you're not covered any more.

G_M

* insurance will become invalid if property empty for more than 30 (or 45/60? ) days
* if tenants pay LL direct (eg to his bank) either they must deduct the LL's tax, or HMRC must agree - since LL is overseas. If T pays you in UK, that's fine. (but you may be chased by HMRC if tax is unpaid)
* When LL returns, he cannot expect to move straight back in. That may not be an issue if he can live with you while the tenancy is ended
* Consents needed to let the property (see my link above)
* property must be 'safe'. Poor condition is fine if rent reflects this, but it must be 'safe'
* POA will allow you to sign/act on his behalf

stellata

Thank you thats really helpful. Ive got a lot to think about as you can imagine . I think if i had my time again I wouldnt buy property with anyone else. :S.

TiredTrophy

I do not know if it is possible, but could you live there at weekends? Then both homes will be occupied, look occupied....and be easier to keep up and insure?

stellata

tired that is actually a good thought. I could, probably, even if not every weekend. You are right it would make it look occupied, and I can think of other advantages too. The gardens nicer, its a better area, I wouldnt have to put up with the midnight barbecuers next door here. Itd take a bit of organising but yes I need to give it some serioys thought.