Switching Residential To Buy to Let

BKD1972

theartfullodger said:

Yes you can. Lived in wife's house for many years but have BTLs.  Mortgage requirements (last time i went through process ) were at least £25k income not from property (pensions in my case) plus sight of other incomes and assets 

Depends on the lender.

Speak with a BTL broker.

Ever been a landlord?  Happy with risk?  You need both the financial and emotional reserves to cope with tenant-from-hell (or agent-from..) who doesn't pay for months whilst you pay mortgage and legal fees and repair costs.  For many months.

Plus the 'phone call/knock on door## at 10:35pm Saturday night informing you there's a leak from toilet onto sofa & carpet through ceiling.  Since 4 days.  Etc etc.  Big repair bills, taxes, etc etc

## Tenant will find you easily these days plus is entitled to your actual address.

NB make sure land registry deeds reflect your new address plus your email or you leave yourself open to tenant selling or remortgaging property using fake ID.

Happy days!

I was a landlord for 8 years. I managed it myself. This time I’m going through a reputable agent if I decide to do it.

BKD1972

GDB2222 said:

theartfullodger said:

Yes you can. Lived in wife's house for many years but have BTLs.  Mortgage requirements (last time i went through process ) were at least £25k income not from property (pensions in my case) plus sight of other incomes and assets 

Depends on the lender.

Speak with a BTL broker.

Ever been a landlord?  Happy with risk?  You need both the financial and emotional reserves to cope with tenant-from-hell (or agent-from..) who doesn't pay for months whilst you pay mortgage and legal fees and repair costs.  For many months.

Plus the 'phone call/knock on door## at 10:35pm Saturday night informing you there's a leak from toilet onto sofa & carpet through ceiling.  Since 4 days.  Etc etc.  Big repair bills, taxes, etc etc

## Tenant will find you easily these days plus is entitled to your actual address.

NB make sure land registry deeds reflect your new address plus your email or you leave yourself open to tenant selling or remortgaging property using fake ID.

Happy days!

That would be a good idea in the long run.

In the meantime, set up an email alert at the Land Registry. It costs nothing, and you get notified if anyone attempts to register anything on the property. It's free, and you can register here:
https://propertyalert.landregistry.gov.uk/

Anyone letting out a property should do this.

To the OP: surely, what you want is consent to let from your present lender?  

I have an alert setup. I could get consent to let but only for 12 months.

Thrugelmir

More likely that the property will be sublet as an HMO........

BKD1972

Thrugelmir said:

More likely that the property will be sublet as an HMO........

It won’t. It’s a leasehold apartment

theartfullodger

BKD1972 said:

Thrugelmir said:

More likely that the property will be sublet as an HMO........

It won’t. It’s a leasehold apartment

A leasehold apartment may/can be a HMO.  Depends on occupants.  

Unlikely if e.g 1 small bedroom, but very possible if 3 bed.