Renting out home

jj_43

Exactly why licensing should be introduced. Do you have prior experience in the sector? 

Sarah1Mitty2

housebuyer143 said:

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 

Only advice is to read into what being a landlord entails, all the safety certificates you need and what can we does go wrong and what you do if it 12 months you wanted to move back and your tenants didn't leave. 
Also, can you afford it if the rent isn't paid. 

Sorry for all the doom and gloom. It has a good chance of going fine but in my experience it's the ones who have no idea about property rental that are shocked and upset when something like this happens.

 Best line from a landlord "I need the rent to pay my mortgage, if he pays late then I do too".... don't be like this landlord. The consequences for you are much worse for not paying than they are for the tenant.

That`s right, the tenant will just walk away if it goes bad, you would have to credit check them or something.

Knward3

jj_43 said:

Exactly why licensing should be introduced. Do you have prior experience in the sector? 

We have 6 other rental properties but they are homes we’ve never lived in (bought Specifically to rent out) so there isn’t an attachment I suppose which is the difference. 

We’re not new to being landlords. We’ve been renting out the other properties for over 16 years. We’ve had a few issues with tenants but nothing massive. Obviously that’s not a guarantee with this house. 

Knward3

Thanks for the help everyone. 

We’ve decided it’s a bit too risky (especially with the cost of living predicted to rise) and we’ve put one of our other properties on the market (no mortgage) to pay off the mortgage we have on the home that we love. So we can return to it without the stress. If we decide to stay up north we can sell in a year .

thanks everyone