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Inherited house to rent or sell
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lemonadebottle789
Posts: 7 Forumite
Hi I have inherited my mums house, actually 8 years ago but had her partner living in it. He is now going into a care home.
I don’t know whether to rent the property out through either the council or an agent or to sell.
I have done probate but it registered it yet with the land registry.
I don’t know whether to rent the property out through either the council or an agent or to sell.
I have done probate but it registered it yet with the land registry.
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Comments
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Do you already own a house? Have you been a landlord before? Do you have a solid emergency fund? Find out all the facts about being a landlord, the benefits, responsibilities, legal obligations, possible pitfalls and see if it’s something you can go into. Being a landlord is not for everyone if little things like void periods, needing to evict because of non payment of rent, boiler broken down needing to be replaced etc will cause you stress. Having said that it’s not all bad but you need to know what you will be going into. If what you find puts you off then you sell.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓1 -
Questions to ask yourself ....If you hadn't inherited the house. would you be looking to get into the property rental business?If so, would you be buying that particular house to give you the best return ?Do you have any emotional detachment to the house - could you deal with tenants trashing the place ?If you had the value of the house in cash, what would you spend it on ?Unless you can answer 'Yes' to the first three, and say that you'd buy that particular house to rent out to the fourth, then the answer is to sell...4
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If you rent do nor forget that you wil be taxed on rebtal income and allowances are less than they were. A lot depends on local market whether you have the possibility of long term tenants or whether there is the possibility of successive students etc. If you are thinking of renting through local council check that they repir before return at end of lease.0
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The OP may find some of the comments in this similar thread worthy of consideration:
https://forums.moneysavingexpert.com/discussion/comment/78976010#Comment_78976010
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You have not really provided enough information regarding your own financial circumstances, eg do you have any debt / mortgage, income, pension status, long term financial expectations, property value, potential rental income?As a (very) generalisaion, and not having any other information available I would suggest you sell the property, pay off any debts and invest the balance?NB There was an almost identical thread on this subject a couple of days ago but I think on the Deaths and Funeral board.
.."It's everybody's fault but mine...."1 -
Several years ago a neighbour arranged for the council to take over her mothers house after she died. The council put in a new shower and kitchen, decorated and cleared the overgrown garden that was 8 years ago and it works well for her as she lives many miles away. Eventually she will arrange for the house to be returned to her and sell it but meanwhile she gets regular income without ant hastle.0
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Not nearly enough background information to advise sensibly. But these may help:Post 7: New landlords (1):advice & information :see links in next post
Post 8: New landlords (2): Essential links for further information
Post 9: Letting agents: how should a landlord select or sack?
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Did her partner have a right to live there?lemonadebottle789 said:Hi I have inherited my mums house, actually 8 years ago but had her partner living in it. He is now going into a care home.
I don’t know whether to rent the property out through either the council or an agent or to sell.
I have done probate but it registered it yet with the land registry.0 -
Sell it! Never straightforward.1
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Just need 1 tennant not to pay and refuse to leave, going to cost a fortune plus tax and if no mortgage its highDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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