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Buying a flat as a residence not to let

fitzwells
fitzwells Posts: 7 Forumite
in House buying, renting & selling
I live abroad and have just made a CASH purchase (so no mortgage) of a small flat to have somewhere to stay when in the UK. I have therefore informed my solicitor that it is not to be let, but if I were to change my mind and decide to let it in a few months time, what would be the consequences?

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    fitzwells wrote: »
    I live abroad and have just made a CASH purchase (so no mortgage) of a small flat to have somewhere to stay when in the UK. I have therefore informed my solicitor that it is not to be let, but if I were to change my mind and decide to let it in a few months time, what would be the consequences?

    This is a duplicate of your previous thread: https://forums.moneysavingexpert.com/discussion/comment/72315889#Comment_72315889

    Please answer the query in post #8 there if you want useful advice.
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    fitzwells wrote: »
    I live abroad and have just made a CASH purchase (so no mortgage) of a small flat to have somewhere to stay when in the UK. I have therefore informed my solicitor that it is not to be let, but if I were to change my mind and decide to let it in a few months time, what would be the consequences?

    I haven't read you previous thread but would say that there are some flats that have written into the lease or in articles of the management group that they cannot ever be let they are solely for the use of the owner occupier.

    If this is the case then you can't let it ever. There is a block near me that I would love to buy a flat in now and let it until I am aged and then live there but this is the case there.

    It sometimes depresses prices because fewer people want to purchase under these restrictive conditions on the other hand in the blocks I do own flats in the percentage of owner occupiers is falling and this sometimes depresses their attractiveness.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Why a new thread? Same question!
  • fitzwells
    fitzwells Posts: 7 Forumite
    It is not quite the same question: note that I have underlined that it is a cash purchase! I received several answers (for which thanks) assuming that I had a mortgage and therefore irrelevant to my basic query.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    fitzwells wrote: »
    It is not quite the same question: note that I have underlined that it is a cash purchase! I received several answers (for which thanks) assuming that I had a mortgage and therefore irrelevant to my basic query.
    Ok, that excludes one potential issue, but still doesn't explain why the topic came up in your discussions with your solicitor. If you can't remember, then I suggest you go back to them and check.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    fitzwells wrote: »
    It is not quite the same question: note that I have underlined that it is a cash purchase! I received several answers (for which thanks) assuming that I had a mortgage and therefore irrelevant to my basic query.
    Sigh!

    From your previous thread:
    This is a CASH purchase, I don't have a mortgage and therefore that angle is not relevant.
    So that resolved the mortgage issue, and responses thereafter excluded that aspect.
This discussion has been closed.
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