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Consent to let property selling and ERC

AceT
Posts: 117 Forumite


Hi,
If I sell a property I took out ‘consent to let’ on, can I port it across to another purchase I’m intending to make where I need additional funds. I’m currently in the period where and ERC applies so looking for most cost effective method as the ERC doesn’t disappear for 3 years.
If I sell a property I took out ‘consent to let’ on, can I port it across to another purchase I’m intending to make where I need additional funds. I’m currently in the period where and ERC applies so looking for most cost effective method as the ERC doesn’t disappear for 3 years.
Currently I’m living with parents but intend to live in another property once I’ve sold the let property and bought another place.
I’m not sure if porting existing will be possible and then asking lender for additional funds or if it’s worth paying the ERC and starting from scratch. My bank (Santander) day it needs to be residential if I want to port it.
I don’t have any dependencies on selling then moving right away.
1
Comments
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Make the property your main residence for a period thereby removing the CTL. Though would the loss of rental income offset the cost of the ERC?0
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No it wouldn’t as the ERC is around £7k.0
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