Multiple periods of consent to let and gaps between

PurpleZoombini

RAS said:

You still haven't told us in which country the house is, housing is a devolved matters and the laws are very different?

You'd be wise to commence well before you return to GB and assume it will take 6-18 months to remove the tenants. 

You need enough savings to pay for eviction and you'd be wise to get an eviction specialist to check your current documentation as failure to comply could prevent you obtaining possession or face fines. Even if you've been using an agent, the legal responsibility lies with you.

On the other hand the tenants might find a new home before their tenancy ends and it would be sensible to agree an early termination with no penalties expect damage. And to pay the mortgage until you can return.

The property is in England.

I do trust my agent but I understand ultimately it is my responsibility. I do believe everything is above board though. 

If the tenants want to move out before I want to move in then depending on how close I just wouldn't replace them and would just pay the mortgage in their absence. That would cost money but eliminate the problem of going down the eviction route so probably better in the long term.  

RAS

Since you don't seem to be aware of ground 1, you might want to file the information away for future use. 

In England at least, a LL who is intends returning to the property to live at a later date can serve a Ground 1 notice. As long as the rules are complied with, the tenant has no defence against prompt eviction. 

As a regular LL, you need to give at least 2 months notice and can only commence court action after that time.

If your tenant is hoping for Council support, court takes months, After which you'll need bailiffs, often deflected by further please to the court. Simply because Councils count anyone who leaves before the bailiffs kick them out as making themselves intentionally homeless which negates their right to Council support. 

It is the Government intention to forbid no fault evictions, as has already been done in Scotland.

Grumpy_chap

PurpleZoombini said:

No CGT as I have no plans to sell my home any time soon,

There will be CGT whenever you eventually sell the property (based on a proportion of time it has been your primary residence from the total time of ownership) unless you keep the ownership until your eventual demise.

PurpleZoombini said:

Question: Is there a limit on how many periods you can have consent to let during the mortgage term? Is anyone aware of a required gap between these periods, 12 months etc?   

I think these are questions only Natwest will be able to answer - along with whether you can have CTL and return to live in the property for a period.  It is possible that front line staff at Natwest may also not know the answer.

PurpleZoombini

RAS said:

Since you don't seem to be aware of ground 1, you might want to file the information away for future use. 

In England at least, a LL who is intends returning to the property to live at a later date can serve a Ground 1 notice. As long as the rules are complied with, the tenant has no defence against prompt eviction. 

As a regular LL, you need to give at least 2 months notice and can only commence court action after that time.

If your tenant is hoping for Council support, court takes months, After which you'll need bailiffs, often deflected by further please to the court. Simply because Councils count anyone who leaves before the bailiffs kick them out as making themselves intentionally homeless which negates their right to Council support. 

It is the Government intention to forbid no fault evictions, as has already been done in Scotland.

I understood ground 1 just to mean that reposession of the property to live in was an acceptable reason to issue an eviction notice and therefore makes it not "no fault". 

These tenants were mortgage free and sold their house to rent for a few years before possibly looking at buying again. They are confirmed to have the proceeds of the house sale sitting in their account. I wouldn't have thought they would be seeking council support but you never know. 

RAS

Your current tenants might not but future tenants could do so.

kingstreet

NatWest is probably the best lender for CTL. You still have access to retention products while on CTL. Most other lenders don't offer that so you end up on SVR.

WIAWSNB

silvercar said:

PurpleZoombini said:

user1977 said:

PurpleZoombini said:

currently let out with indefinite consent to let from the lender renewed yearly.

In what way is it indefinite if it also only lasts a year?

By that I meant that Natwest said they were happy for the consent to let to last for the rest of the mortgage term if needed. As long as I keep paying the annual £120 fee either direct or added to mortgage it will just keep going. If I stop paying the fee then yes I assume they would cancel it. 

In that case, keep paying the fee. For £120 a year you have peace of mind that you can let it out.

Isn't that a plan?

PurpleZoombini

kingstreet said:

NatWest is probably the best lender for CTL. You still have access to retention products while on CTL. Most other lenders don't offer that so you end up on SVR.

My broker had mentioned that natwest would let me renew my residential mortgage while under consent to let but to be honest I didn't believe it. I'm saving aggressively atm so that I can pay down the mortgage. So in the event of going to SVR I can still comfortably afford it and continue that route and not necessarily need to take out a BtL mortgage.