Renting out home

macman

You need to 'do the maths'. Work out the cost of letting it, including the refurb necessary (renters expect near perfection, new paintwork, white goods,etc). the agent fees, and the likely yield. Remember there are about 70 statutory requirements to comply with if you let a property,  and you are liable-not the agent.
If you do let it, you cannot be sure you will be able to end the tenancy in exactly 12m. If this is not acceptable, then make other plans.Please don't be an 'accidental LL': we hear too many tales of woe on here from those who are and now regret it.

jonnydeppiwish!

Could you not move your parents closer to you? Obviously I don’t know the ins and outs but definitely look into it.
you’re potentially going to spend out £20k buying and selling other wise 

dimbo61

https://www.gov.uk/government/news/new-deal-for-private-renters-published-today

This is the Government Rental Reform Bill which the Government is pushing through with support from other political parties and political groups like Shelter.
More bad news for Landlords and another kick in the teeth for Tenants.
More small Landlords will sell up.
Great the likes of Shelter will say but many people will never be able to buy a property and want to rent.
The latest pearl of wisdom I read is that the Landlord must provide working smoke and CO alarms which is fair enough but the Tenant does not have to pay rent if they stop working !
Now with a Tenants right to quite enjoyment does that mean No rent for as long as the Tenant refuses Access to replace a faulty Smoke alarm or CO alarm?
EPC, EICR, GSC, pat testing, right to rent checks, how to rent, deposit, fit for Habitation, prescribed information, guarantor, credit checks, reference checks, Fire safety, etc

Don't forget the BTL mortgage or Consent to Let and tax
Easy money you must be joking 

pennypincher64

Knward3 said:

We’ve lived in our house for just over a year. We love it and thought we’d be here for a while. 

Unfortunately partners parents have become unwell and it looks like we might have to relocate across the country for about 12 months. 

As we don’t want to sell, we are thinking about renting this house out. 

I know we’ve have to let the mortgage company know to get approval but does anyone have any advice in a situation like this, 

Estate agents are coming around next week for valuation 

It's a high market at the moment and I looked at this myself. Do the maths thoroughly and be conservative. Other people will make it sound like free money and yes buy to let mortgages are typically cheaper but some of the other costs will be no renter income, dealing with maintenance, paying for an agency to manage the property If that's what you want, landlord insurance, you'll have to do a self assessment, the money involved to advertise letting and porting the mortgage, any repairs or maintenance needed after each tenant leaves. Find out your return on investment over different periods of time and be conservative. Also the bank will value the house and that's what you'll get a buy to let mortgage weighted against which is just something to keep in mind 

barney77

Hi there, I had a property which I managed to gain consent to let for a period of 2 years when I moved in with my partner.  I didn't want to sell it, should it not work out with my partner!

Yes, I was an inexperienced landlord, however, I did my research to ensure I was as informed as I possibly could be and used a good local lettings agent.

I am now 7 years down the line and consider myself very fortunate that during this time I've had 2 sets of excellent tenants.  However, in turn I'm a good landlord.  If anything goes wrong with the property, I ensure that it is rectified, all safety requirements are up to date, insurance in place and pay tax.  I totally acknowledge that things can go wrong, however, they can also work out well.

Sarah1Mitty2

dimbo61 said:

https://www.gov.uk/government/news/new-deal-for-private-renters-published-today

This is the Government Rental Reform Bill which the Government is pushing through with support from other political parties and political groups like Shelter.
More bad news for Landlords and another kick in the teeth for Tenants.
More small Landlords will sell up.
Great the likes of Shelter will say but many people will never be able to buy a property and want to rent.
The latest pearl of wisdom I read is that the Landlord must provide working smoke and CO alarms which is fair enough but the Tenant does not have to pay rent if they stop working !
Now with a Tenants right to quite enjoyment does that mean No rent for as long as the Tenant refuses Access to replace a faulty Smoke alarm or CO alarm?
EPC, EICR, GSC, pat testing, right to rent checks, how to rent, deposit, fit for Habitation, prescribed information, guarantor, credit checks, reference checks, Fire safety, etc

Don't forget the BTL mortgage or Consent to Let and tax
Easy money you must be joking 

No, it is probably an offence to prevent repairs to smoke alarms in shared blocks now anyway.

Top2022

I became an accidental landlord several years ago as I was going overseas for 3 years for work and it worked out fine. Turned out my contract ended after a few months so when I returned I couldn't turf out the tenants and stayed with family/friends until the tenancy ended. The consent to let was not an issue at all but this could depend on the lender. Some charge a small fee. 

RAS

Why would you be funding two properties? Presumably you'd be moving in with in-laws?

What happens re your jobs?

Under current legislation it is possible to give notice to the tenant that you will need to return home sometime, Section 8 Ground 1, but you HAVE to provide clear notification before you let it out. You would need very clear advice as to when that notice was given and the exact form.

If that's not possible, could you retain the property and live there whilst OH lives with parents? And take a lodger to help cover costs? Not ideal and needs very careful management if you need to move to support OH later (like don't even think of leaving the house until the lodger moves out).

And we obviously don't know the situation or prognosis be you may both need to recognise that one year might become two or five?

gettingtheresometime

Is the property in Wales?

Knward3

RAS said:

Why would you be funding two properties? Presumably you'd be moving in with in-laws?

What happens re your jobs?

Under current legislation it is possible to give notice to the tenant that you will need to return home sometime, Section 8 Ground 1, but you HAVE to provide clear notification before you let it out. You would need very clear advice as to when that notice was given and the exact form.

If that's not possible, could you retain the property and live there whilst OH lives with parents? And take a lodger to help cover costs? Not ideal and needs very careful management if you need to move to support OH later (like don't even think of leaving the house until the lodger moves out).

And we obviously don't know the situation or prognosis be you may both need to recognise that one year might become two or five?

Thanks for the advice everyone. 

We’d be moving from South Wales to Yorkshire (so quite a distance). We wouldn’t move in with the in-laws as we have 3 children under 3 so it’s just not big enough for all of us. We’d rent a property close by (luckily plenty of properties for rent in the area).

We both work remotely (permanently) so no concern there. 

We wouldn’t feel comfortable taking a lodger in with children in the house. I doubt anyone would want a spare room in a house with 3 small kids anyway 😂. 

The idea is to rent out for a year and obviously if we like It up north we’d stay and sell up or continue renting. Prognosis for father in law is ever changing but my sister in law is moving from Dubai next year so we’d be covered there. 

We’re getting the house valued (for selling and rental) next week. Will see what they say and go from there!