We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Rent and let out residential
Options
Newheight13
Posts: 237 Forumite
We live in our residential and currently have a BTL. We meed to move into a house but can’t afford at present, and selling is too costly at present.
If we were granted consent to let, could we live in a rental and continue to let our our BTL and resi? One the the consent expires, could we have 2 BTL’s and continue to rent?
Thanks!
Thanks!
0
Comments
-
Yes, no requirement (perhaps mortgage conditions) to own the house you live to be a landlord.
Nothing stopping have 2 - or 17 - rented out properties whilst living elsewhere somewhere you rent from someone else.
Mortgages, insurance could be a problem.
For many years I've lived in wife's house (with her) and had at one time 4 rental properties, now only 1.1 -
Many thanks, that’s useful to know.0
-
Home ownership is normally a requirement of BTL lending.Newheight13 said:If we were granted consent to let, could we live in a rental and continue to let our our BTL and resi? One the the consent expires, could we have 2 BTL’s and continue to rent?0 -
Just a thought to the above - if I was ever to see my old residential, would it be signet to capital gains? It’s gone up 70k since I’ve bought it and wouldn’t want to be taxed 24% on that?0
-
Yes, depending how long you rented it for you would be liable for CGT. Also, once you move out and live elsewhere it stops being your main residence, so if you sell it in the future to buy elsewhere you would not get the additional stamp duty relief and have to pay additional stamp duty of 3-4% depending if you are England or Wales.Newheight13 said:Just a thought to the above - if I was ever to see my old residential, would it be signet to capital gains? It’s gone up 70k since I’ve bought it and wouldn’t want to be taxed 24% on that?1 -
As housebuyer143 says, once it ceases to be your main residence then you potentially start to build up a CGT liability for when you come to sell it but (under current rules) it wouldn't apply to the whole gain since you bought it.Newheight13 said:Just a thought to the above - if I was ever to see my old residential, would it be signet to capital gains? It’s gone up 70k since I’ve bought it and wouldn’t want to be taxed 24% on that?
Roughly the calculation is something like
[ (selling price - buying price) - (buying and selling costs) ] x (months let out / total months owned)1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards