Renting property out for 12 months

ViolaLass

What if the tenant trashes the place? You could lose all the profit you've made.

marksoton

Mrowe wrote: »

. We have a baby on the way so we're fairly committed to each other, but of course things can always go wrong, but I'm obviously not gunna stick her, her kids and my child on the streets if things went wrong. I understand the concern though.

Everyone says that when things are peachy.

IMO, and that's all it is you're abusing the RTB system and potentially pulling the rug from underneath your girlfriends feet. She'd be mad to agree to your little plan.

xylophone

We have a baby on the way so we're fairly committed to each other

Only fairly? Crumbs! Words fail me....

Cakeguts

Mrowe wrote: »

Appreciate all your thoughts and advice.


I just seemed to have made a fair bit of money back through property in the last 2 years so was seeing if this is something I could carry on for the year I won't be owning a property. Just wanted some peoples thoughts, as I though, the BTL route won't be worth it so perhaps a good savings account or investing elsewhere is a better option.


End of the day I wanted to buy a house near to me where house prices are a bit more manageable, unfortunately this isn't possible due to her work and children's school so I'm going to go on the tenancy with my GF with a view to buy the house when we can. We have a baby on the way so we're fairly committed to each other, but of course things can always go wrong, but I'm obviously not gunna stick her, her kids and my child on the streets if things went wrong. I understand the concern though.


Once again thanks for your advice

Why do you have to buy the council house why not just go on the tenancy and continue to rent that way your girlfriend and the children don't have the risk that they have if the house is bought. It isn't just if you split up. What happens if you lose your job or become ill and can't pay the mortgage? At the moment she has a secure tenancy and no housing worries. You want to turn this into a possible disaster for her children. The children have no choice. An adult who has come into their lives wants to do something that could potentially leave them homeless.

FBaby

I don't understand why she can't move out now she doesn't need the place any longer since she has you to support her and her kids. She can start a childminding business anywhere, don't get why she has to remain where she is to be so, and her kids can adjust to a new school.

Will the council house be big enough any way now that there's another child coming into it?

Mr.Generous

timetable for a 12 month let

find house and agree sale 1 month
solicitors involved add 1 month
resident agrees immediate departure - (unlikely)
do some simple basic repairs and upgrading 2 weeks
find tenant 2 weeks
tenant move in date 1 month
so 4 months have gone by before you are getting anything back. You have council tax and utilities to pay, insurance unless your feeling lucky and 2 lots of legal fees. possibly a tenant finding fee of a months rent too. Hopefully 8 months rent will more than cover this provided you get no unforeseen costs or problems from tenants. Estate agent fees when you come to sell. Not a good idea just bank the money to use later.

marksoton

FBaby wrote: »

I don't understand why she can't move out now she doesn't need the place any longer since she has you to support her and her kids. She can start a childminding business anywhere, don't get why she has to remain where she is to be so, and her kids can adjust to a new school.

Will the council house be big enough any way now that there's another child coming into it?

Of course she can. But that'd mean no nice big fat discount, paid for by me and you.

Whilst the OP potentially enjoys a rental income on top.

itchyfeet123

FBaby wrote: »

I don't understand why she can't move out now she doesn't need the place any longer since she has you to support her and her kids. She can start a childminding business anywhere, don't get why she has to remain where she is to be so, and her kids can adjust to a new school.

Will the council house be big enough any way now that there's another child coming into it?

marksoton wrote: »

Of course she can. But that'd mean no nice big fat discount, paid for by me and you.

Whilst the OP potentially enjoys a rental income on top.

Perhaps she realises the OP is only fairly committed.

OP, in your plan, will you and your girlfriend own the property jointly? That would be a good way to ensure that in a future world where you can't stand each other, she's not reliant on your good will for a roof over her head.

Ci_bach

You may well find that it is not in the gift of the local authority to add you to the tenancy.

It may be the tenant would have to apply to the Court for permission to add another person to the tenancy. Obviously, the Council would have to be approached first and if there were any objections (see below*) by the Council, the Council will present them to the Court for consideration

The Council has discretion to add another person as member of the household at the request of the tenant(in writing), subject to there being no breaches of tenancy*, possession orders etc. Permission or otherwise should also be given to the tenant in writing.

The tenant would also need to consider the impact on her finances(benefits) especially Housing Benefit should you be added as a household member

And oh - just a thought - has the tenant requested permission in writing from the housing authority to run a business from her home and received permission in writing to do so? (This is separate to any permissions, inspections or registrations that may be required by Childrens' Services.

I would suggest the tenant discusses in depth with her Housing officer.

Is there any reason why she did post the enquiry herself?

HTH

CB

marksoton

Ci_bach wrote: »

Is there any reason why she did post the enquiry herself?

She probably doesn't even know what the "plan" is yet.....