Let to rent...for another year or two?

chrishar

Following advice on this forum I was intending to sell my let out flat and buy somewhere for myself after.

This is not going to plan though. The market has slowed down and I've not had a viewing in several weeks. Also the tenant doesn't want to move and so would prefer me to sell to an investor.

I have confirmed with my lender that the consent to let has no time limit. Tenant is paying rent fine and wants to stay.

Personally I want to get out of the parents house asap and I hate the idea of paying fees whether to sell or re mortgage. So in this situation does it makes sense that i rent somewhere myself whether on my own or with a friend?

If I was looking to buy myself I would struggle I think because I am not exactly sure what I want to buy and where, I have little experience of living by myself and what things I want in a flat/house.

So is there any reason not to just rent myself and keep my flat let to a happy tenant whilst continuing to pay down the mortgage?

kinger101

Firstly, I'd say that what your tenant wants is largely irrelevant. It's your decision whether you sell the house and to whom, not theirs.

On selling the house, your market will be smaller while the property is tenanted. While many residential buyers are prepared to make offers on tenanted properties, many (myself included) immediately exclude them. And investors are thin on the ground at the moment as anyone wanting to expand their portfolio would have rushed to meet the new SDLT rate deadline.

Whether buyer or renting, you'll face the decision of either living alone or sharing (co-tenant/lodger).

If it's financially possible, you might want to investigate the option of staying a little longer at your parents and evicting the tenant as soon as legally possible. Then move into your own property and sell and buy another.

If your not sure what you want (and could afford) in a property, do a few viewings. I was a bit fussy, but you soon learn what you're willing to compromise on, and what your red lines are.

chrishar

Hi thanks for your message, in reply to your questions, would prefer to move out asap, i would prefer to live alone but I don't want to live in the property I let out. So it's either leave it rented or sell it.

Any rent I paid would be less or equal to the rent I receive from my tenant at the moment.

So there are two options left, sell to any buyer not just investors. Who you rightly say are thin on the ground. Or put this off a year or two, rent myself and build up a good idea of what I want to live in so I make the best decision when I come to buy?