Live in house for rent

Sinistro

Hi,

Could someone advise me. If I buy house for rent and my colleague rent it from me.

If I go to divorce I can move to this house to live?

I must change some property status?

Thank You

marcia_

Sinistro said:

Hi,

Could someone advise me. If I buy house for rent and my colleague rent it from me.

If I go to divorce I can move to this house to live?

I must change some property status?

Thank You

 If your colleague has a tenancy no you can't just move yourself in.

Albermarle

You could only move in once your colleagues rental contract ran out, unless she voluntarily left before it was finished. On the other hand if they would not move out you even after the contract ended, you would have to start legal proceedings which would take some time ( and money) .
If they agreed you could move in with your colleague and agree a new financial arrangement.

Are you aware that being a landlord has lots of responsibilities and the income is potentially taxable?

theartfullodger

House is tenant's property, just your investment, while there is a tenancy in place - even if rent not being paid.  If you wish to visit you should give AT LEAST 24 hours notice for a time convenient to tenant.

Nb I am a landlord - since 2000

Grumpy_chap

Sinistro said:

Hi,

Could someone advise me. If I buy house for rent and my colleague rent it from me.

If I go to divorce I can move to this house to live?

I must change some property status?

Thank You

You can't live in the house while there is a tenant there.

Also remember that the house will need to be declared as a marital asset and may need to be sold in the divorce settlement.

I assume the colleague that is the potential tenant is not a proposed new partner.