New home owner looking to live in a rented property

A friend of mine and I decided to rent a flat together. He currently lives at home with his parents and I rent privately. However, he has also recently purchased a property which rents out. He know tends to think he is not allowed to rent a property for himself and wants me to put only myself down for the new rented property but still join me after. He is willing to put more towards the deposit for security. Is it true that he is not allowed to be a tenant as he is already a homeowner and, if so, is it ok for me to follow his suggestion and not put him down on the offer? Thanks

Replies

  • Where did he hear that from? It’s rubbish. Make sure you get joint tenancy so he’s half liable
  • [Deleted User][Deleted User]
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    If you were applying for a council tenancy together, he would be shown to have another main residence (own a property) and wouldn't be allowed to apply. You would if you don't own another property. He is unlikely to qualify for HLA as well.

    But I suspect you are talking about private rental here, which there is nothing stopping him doing if he can find the rent he needs to pay.

    He can rent as many private properties as he wants to but depending on earnings, might have problems passing affordability checks in the end.
  • silvercarsilvercar Forumite, Board Guide
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    It may be that his mortgage on the property he bought is a residential one, so he doesn't want anything official showing he is living at another address.
    Usually found at a vaccine centre 💉
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
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  • PasturesNewPasturesNew Forumite
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    He's wrong. That's it.
    Protect yourself, ensure his name is on everything.

    This person is either mis-informed, or a serial financial liability to all those whose lives he touches.
  • serg85serg85 Forumite
    26 Posts
    Ok thanks for the feedback all. It is a private tenancy we are seeking so presumably he should qualify in terms of credit checks and affordability. It does make sense to have a joint application to avoid any issues coming onto me directly
  • Comms69Comms69 Forumite
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    serg85 wrote: »
    A friend of mine and I decided to rent a flat together. He currently lives at home with his parents and I rent privately. However, he has also recently purchased a property which rents out. He know tends to think he is not allowed to rent a property for himself - rubbish. and wants me to put only myself down for the new rented property but still join me after. He is willing to put more towards the deposit for security. Is it true that he is not allowed to be a tenant as he is already a homeowner and, if so, is it ok for me to follow his suggestion and not put him down on the offer? Thanks



    This is a load of rubbish. He's letting his home without permission; trying to avoid a number of things - e.g. income tax, BTL mortgage rates, maybe claiming the tenants are lodgers.


    Whatever the situation I can guarantee you 100% he is dodgy.


    I'd put money on it, right now.
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