sell or let out?

meanderssanders

I am considering taking a new job which requires relocating to the other side of the country from where I live now. I'm currently in year 3 of a 5 year fixed term mortgage with early exit penalty (about £5k). Given the uncertainty of Brexit and housing market going completely stagnant in my current area, I was thinking perhaps the best plan would be to let my house out for the remaining two years (I have consent to let), and renting a place myself in my new location.

Does that seem like a reasonable plan? There seem to be lots of tax implications of letting. I'm just about higher tax bracket, rental income would be about £800 gross per month.

I don't even know which professional is best to approach for advice on this: financial advisor, tax advisor, accountant?

xylophone

Read

https://forums.moneysavingexpert.com/showpost.php?p=67759929

https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income

AnotherJoe

I would sell. Last thing you want with a new job in a new area is having to deal with distant tenants and home maintenance and don't think that handing over management to a company will absolve you of stress and responsibilities, it will just relieve you of money.
Suck up the £5k and consider that a cost well worth paying for a stress free life. Some of it will be recouped by not spending money getting the house ready to let, and possibly in lossses for rental. You'll also (I presume) need to sell it when you decide to buy a new house and selling remotely will also be a lot of hassle plus you'll need to get rid of the tenants.
Renting in the new area first is probabiy a good idea.