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Renting out my house

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  • Lokolo_2 said:
    I’m going to be renting out my house because my mum has Alzheimer’s and she needs someone to look after her. However I’ve seen some interesting potential problems and wondered how they would work. Obviously I will be living at my mums and the tennants will live in my house so my place of residency needs to be my mums and council tax will be at my mums and post will go to my mums.

    But what if in the future I need to make applications for example to borrow money or anything financial related? When I complete the form and give my mums address but say I don’t own the house, it’s going to give the impression I’m not a homeowner. However, if I give my house address, they might start sending correspondence there, which the tennants would receive. Even more confusing, what happens if I move in with my mum but eventually, as will happen, move back into my house. When making applications, it will look like I was a homeowner, then I wasn’t, then I bought my old house back?!

    Anyone been in a similar situation? I’m guessing I just have to declare where I live at the time and that’s it?

    Thanks all
    I wouldn't worry about the changing addresses, for most financial products they care more about your credit rating over what you own anyway. 

    My main concern, as others have said, would be to make sure you handle things correctly with renting out the house. Definitely vet the prospective tenants properly and if it's your first time being a landlord you might want to use a lettings agent to handle it all as there's a lot of paperwork and legal things you need to do to comply with as a Landlord! I got bitten with a rogue tenant who was a family friend, ended up stopping paying me rent and refused to move out, that can happen with any tenant but less likely if they are vetted properly!
    Thanks for this. Yes I’m getting it managed to start. They’ve been really helpful telling me everything (I hope!) I need to do like electrical and gas  certificates. I’m too scared at least initially to manage it myself, I too have heard horror stories like my friends whose tennants were trying to Sue them for an accident in the loft. The tennants didn’t win but it was not a nice time for my friends. 
  • elsien
    elsien Posts: 36,064 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you are getting advice about mortgages, I would suggest finding an independent broker and not the one associated with the estate agency. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Albermarle
    Albermarle Posts: 27,924 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ian1246 said:
    This sounds like a terrible idea. Being a landlord is a business - not a means to get a paying house sitter.

    Your house could be severely damaged by tenants with you having no recourse/come back to recover the costs to put right. You could end up loosing access to your house for a number of years due to the eviction process.

    Do an awful lot of research and only go into it as a business decision. 
    Contributors to the forum often try ( quite rightly)  to warn off would be landlords, due to the many potential problems, such as the one you mention.
    However in this case it would seem to be logical to not leave a house empty for what could be years, when it could be generating an income.
    Even empty there would still be bills to pay, maintenance etc 

  • RAS
    RAS Posts: 35,648 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do not use the EA's tame broker. They just want the nice fee for introducing you and you'll get the hard sell. 

    If you need that advice check out mortgage brokers near you. Maybe also go to the mortgage sub-forum here and ask the brokers there for basic advice. Several of them will answer queries so you have an idea who to look for and what to ask.
    If you've have not made a mistake, you've made nothing
  • Sapindus
    Sapindus Posts: 666 Forumite
    500 Posts Fourth Anniversary Name Dropper
    Is there some particular attachment you have to the house that you can't consider just selling it, investing or saving the money, and then at some point in the future buying a new one?
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