rent out my main residence

DE_612183

J41721 said:

kingstreet said:

How many properties did you own before and do you own now?

I sold my main residence with my hubby in 2021.  Relocated and in a rental.
I co-owned a council house via share ownership with my mum but I have moved out since 2009.  My mum is still living there.

I bought a house intended to live in it.  But

- I have a fixed rental contract , and the rental is better in location for me at least this year for work/school run reason (being called back to office)
- I intend to move into the new house 2023 summer when my fixed rental contract is completed
- the house hasn't been updated in
30 years and builders had a huge backlog and could only start work in Feb2023.  They told me even they could start there is shortage of material and I would need to wait a few months.
So I am thinking rent out in a short period , e.g. 9 months (?) to cover some bills, then do a little update and move in 

If there is a backlog of work to do - how can you rent it out? As a landlord you are responsible for providing a certain standard of property...

What dates are you planning to rent out? If they can't start until Feb 2023 it will probably only be ready when you are due to move in.

canaldumidi

J41721 said:

kingstreet said:

How many properties did you own before and do you own now?

I sold my main residence with my hubby in 2021.  Relocated and in a rental.
I co-owned a council house via share ownership with my mum but I have moved out since 2009.  My mum is still living there.

You say 'co-owned' past tense, and then 'moved out' rather than 'sold', so; are you still a co-owner?

J41721

DE_612183 said:

J41721 said:

kingstreet said:

How many properties did you own before and do you own now?

I sold my main residence with my hubby in 2021.  Relocated and in a rental.
I co-owned a council house via share ownership with my mum but I have moved out since 2009.  My mum is still living there.

I bought a house intended to live in it.  But

- I have a fixed rental contract , and the rental is better in location for me at least this year for work/school run reason (being called back to office)
- I intend to move into the new house 2023 summer when my fixed rental contract is completed
- the house hasn't been updated in
30 years and builders had a huge backlog and could only start work in Feb2023.  They told me even they could start there is shortage of material and I would need to wait a few months.
So I am thinking rent out in a short period , e.g. 9 months (?) to cover some bills, then do a little update and move in 

If there is a backlog of work to do - how can you rent it out? As a landlord you are responsible for providing a certain standard of property...

What dates are you planning to rent out? If they can't start until Feb 2023 it will probably only be ready when you are due to move in.

We want to do an extension.  The property otherwise is in okay condition, but with dated but workable kitchen, bathroom and laminated floors.

J41721

canaldumidi said:

J41721 said:

kingstreet said:

How many properties did you own before and do you own now?

I sold my main residence with my hubby in 2021.  Relocated and in a rental.
I co-owned a council house via share ownership with my mum but I have moved out since 2009.  My mum is still living there.

You say 'co-owned' past tense, and then 'moved out' rather than 'sold', so; are you still a co-owner?

Sorry, updated, I am still a co-owner

user1977

J41721 said:

canaldumidi said:

J41721 said:

kingstreet said:

How many properties did you own before and do you own now?

I sold my main residence with my hubby in 2021.  Relocated and in a rental.
I co-owned a council house via share ownership with my mum but I have moved out since 2009.  My mum is still living there.

You say 'co-owned' past tense, and then 'moved out' rather than 'sold', so; are you still a co-owner?

Sorry, updated, I am still a co-owner

In which case you're not "replacing your main residence" in stamp duty terms, because that property hasn't been your main residence recently and in any event you're not disposing of your interest in it.

canaldumidi

J41721 said:

I am in rental and I just completed a property transaction and had declared it as my main residence replacement for stamp duty purpose

J41721 said:

I sold my main residence with my hubby in 2021.  Relocated and in a rental.

J41721 said:

Sorry, updated, I am still a co-owner

So you owned 2 propertes (1 co-owned with mum and 1 co-owned with hubby and sold), and purchased  3rd property which is not your main residence.

Additional 3% SDLT should have been paid.

SDLT_Geek

canaldumidi said:

J41721 said:

I am in rental and I just completed a property transaction and had declared it as my main residence replacement for stamp duty purpose

J41721 said:

I sold my main residence with my hubby in 2021.  Relocated and in a rental.

J41721 said:

Sorry, updated, I am still a co-owner

So you owned 2 propertes (1 co-owned with mum and 1 co-owned with hubby and sold), and purchased  3rd property which is not your main residence.

Additional 3% SDLT should have been paid.

I agree with this analysis.

J41721

SDLT_Geek said:

canaldumidi said:

J41721 said:

I am in rental and I just completed a property transaction and had declared it as my main residence replacement for stamp duty purpose

J41721 said:

I sold my main residence with my hubby in 2021.  Relocated and in a rental.

J41721 said:

Sorry, updated, I am still a co-owner

So you owned 2 propertes (1 co-owned with mum and 1 co-owned with hubby and sold), and purchased  3rd property which is not your main residence.

Additional 3% SDLT should have been paid.

I agree with this analysis.

I already sold my main residence, co-owned with hubby last year and moved into rental while trying to buy

This is intended to be our main residence but some circumstances has changed that made us rethink our decision.  (our fixed rental , back to office etc)
We want to rent out for a short period (6months to 1year) before moving in, is that valid or okay ?

Or should we just leave it vacant ?

RAS

You do realise that if you rent it out, your tenants may not move out when you want them to do so?

Regardless of what is in the contract or whether you've served a compliant notice, it could be another 6-24 months before you gain possession again.

grumiofoundation

J41721 said:

SDLT_Geek said:

canaldumidi said:

J41721 said:

I am in rental and I just completed a property transaction and had declared it as my main residence replacement for stamp duty purpose

J41721 said:

I sold my main residence with my hubby in 2021.  Relocated and in a rental.

J41721 said:

Sorry, updated, I am still a co-owner

So you owned 2 propertes (1 co-owned with mum and 1 co-owned with hubby and sold), and purchased  3rd property which is not your main residence.

Additional 3% SDLT should have been paid.

I agree with this analysis.

I already sold my main residence, co-owned with hubby last year and moved into rental while trying to buy

This is intended to be our main residence but some circumstances has changed that made us rethink our decision.  (our fixed rental , back to office etc)
We want to rent out for a short period (6months to 1year) before moving in, is that valid or okay ?

Or should we just leave it vacant ?

If you buy somewhere and rent it out it then it’s not your main residence. 

If you bought with a residential mortgage then you can’t rent it out as per terms of the mortgage. 

The fact you don’t move in immediately  wouldn’t immediately be an issue but don’t know if is guidance/rules on how long you could it vacant for an extended period of time before it becomes viewed as not a ‘replacement of a main residence’.