Renting out my House while in an IVA

NeatSkye

I am a year into my IVA and am shortly moving away to live with my partner. I am wondering if I can rent out my current home to my daughter and her boyfriend. I have no idea how to go about this or how much it will affect my IVA

ManyWays

You need to talk to your IVA firm, but basically you gain the rental income, lose some household expenses (the tenants take on council tax, energy, water etc), and switch them for your share of household expenses with your new partner. If this results in you having more money, it has to be paid into your IVA.

You will also need consent to let from your mortgage lender. 

RAS

You'd need consent to let, and to check if the mortgage provider accept family members as tenants.

And you'd need to comply with ALL the legal duties and requirements of a landlord. You'd be wise to read the stickies on the Renting, Selling and Buying sub-forum, then cost up the price of getting all the required paperwork. Fail to do that and you could be in deep do-do.