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Moving house, timings of actual move?
Comments
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firely2327 wrote: »Thanks folks, all very good advice really.
It's been a difficult decision but I've decided to keep the Welsh property for the time being. The mortgage on it isn't prohibitively expensive and even if I had to leave it empty I could afford to keep it and a property in England for a while at least (I'm not planning on pushing a mortgage borrowing to anywhere near my limit there). I'm getting a permission to let on the Welsh property from my current lender and there's a good rental market in the area, particularly for individual rooms for non-students (the place is saturated with crappy student rooms). I'll be keeping a room in the house free for my occasional use, so the tenant/s will be semi-lodgers really, seeing me the occasional weekend. I plan to move back to Wales in the future, when circumstances permit, so it seems logical. Having done the math I won't become rich, but it will pay for itself and, unless a negative equity situation arises I should have a small profit each year, even considering the smaller deposit and therefore slightly higher interest rate on the English property. If the interest rates shoot up it'll mean selling in Wales I imagine, unless I get back living here before then
Thanks again for all the advice... and yes, I'm sure some of you think I'm crazy, lol
I'm not sure how possible this will be.
If you don't actually live in the house as your main residence, then I don't think your 'lodgers' can be lodgers, they may have to be tenants on an AST and then you wouldn't be able to keep a room or just come and go as you please.0 -
Person_one wrote: »I'm not sure how possible this will be.
If you don't actually live in the house as your main residence, then I don't think your 'lodgers' can be lodgers, they may have to be tenants on an AST and then you wouldn't be able to keep a room or just come and go as you please.
Yes they will be tenants on an AST, but with individual rooms and each will have use of the common rooms. There's nothing I know of preventing me using the third room as my own.0 -
Don't forget the 3% extra stamp duty if you buy a second property.I am not a cat (But my friend is)0
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