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Can I live in a buy to let if I buy outright?

aimzicles82
aimzicles82 Posts: 3 Newbie
First Post
in House buying, renting & selling

Hi all,

Wondered if you can help me with something. I am looking to relocate and have found a place that would be perfect. However, it is a buy to let - and essentially at some point I would like to live in it. We are cash buyers - so if I were to buy it outright, would this mean I can live in it at some point? We would actually be looking to keep it tenanted for about a year anyway, so we are not looking to kick anyone out right away. A buy to let is perfect for us for the time being as it means tenanted income for us while we sort a lot of things out this end, and also the tenant gets to stay in the place for another year.

Thanks for all your help!

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why do you think you might not be allowed to live in a property you own? Of course you can.
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You will obviously have to comply with all the laws around being a landlord. Don't assume tenants will leave when you want them to.
    I am not a cat (But my friend is)
  • theartfullodger
    theartfullodger Posts: 15,995 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 20 April 2021 at 12:22PM
    Only if they are "room only" tenants and there's a spare room for you.  They would remain tenants not lodgers.

    You can't force them to move in the house.
  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I'm confused... I didn't realise any properties were officially 'classified' as BTL only. Some properties have restrictions on ownership (e.g. agricultural ties, local residents only in popular tourist areas), but that's a new one on me!

    Is it that it's being advertised as a good BTL, or that it can genuinely only be bought as a BTL? 
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    pinkteapot said:
    I'm confused... I didn't realise any properties were officially 'classified' as BTL only. Some properties have restrictions on ownership (e.g. agricultural ties, local residents only in popular tourist areas), but that's a new one on me!

    Is it that it's being advertised as a good BTL, or that it can genuinely only be bought as a BTL? 
    I presume the OP just means that it's currently being sold with a tenant in situ.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    If you want tenants in there from day 1, that means you will be running a lettings business from day 1 yourself.

    And you will need a BtL mortgage.
  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    AdrianC said:
    If you want tenants in there from day 1, that means you will be running a lettings business from day 1 yourself.

    And you will need a BtL mortgage.
    OP has said they don't need a mortgage - they're cash buyers. 
  • theartfullodger
    theartfullodger Posts: 15,995 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Might currently be a licensed (or unlicensed) HMO.
  • wannabe_a_saver
    wannabe_a_saver Posts: 433 Forumite
    100 Posts Name Dropper
    Are you aware of all your responsibilities to the tenants?  They aren't just house sitters until you're ready to move in! 
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    pinkteapot said:
    AdrianC said:
    If you want tenants in there from day 1, that means you will be running a lettings business from day 1 yourself.

    And you will need a BtL mortgage.
    OP has said they don't need a mortgage - they're cash buyers. 
    Well spotted - I missed that.

    Everybody, of course, "buys outright" unless they're buying shared ownership.
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