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Helptobuy rent out flat when I've been offered a job abroad?

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elfls
elfls Posts: 3 Newbie
in House buying, renting & selling
Hi all,

I bought my flat on helptobuy 18 months ago. However, I've just been offered a job abroad and I am not sure whether i can legally rent out my flat. I've been reading guidance and you're only able to rent out the flat if you've been posted abroad in the army! I was planning to rent it out to a family member to just cover the cost of my mortgage. Does anyone have any experience in this? I don't currently have the funds to buy out the other share.

The lawyers I used to buy the flat are directly tied to the developer so I don't want to ask them and get myself in a pickle.

Thanks for any help you can give!

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  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
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    You must have, I assume, applied for this job abroad...? Permanent or fixed-term contract?

    If it's fixed-term, then renting the flat out doesn't guarantee you'll be able to move straight in on your return, of course.

    Do you have any paperwork for your HtB loan?

    Would renting even make financial sense, and do you want the logistical hassle and tie to HMRC of being a non-UK resident landlord?
  • elfls
    elfls Posts: 3 Newbie
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    Thank you for your response Adrian. I did apply for this job abroad after being approached about it - it's a permanent role but we are planning to stay for 1-2 years.

    I still have all the paperwork for the helptobuy loan. I was considering remortgaging to wipe out the equity loan.

    I don't want to leave the flat empty so I'm not sure what my options are. We have a family member who is keen to move in. I was planning to charge them less than £7500 per year. It's not an issue if we can't move straight back in upon our return.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
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    Another issue - would never rent to friends or family :eek: You may find your lender won't let you either. (If you manage to get round the other issues!)


    How long before you could sell it? Presume you're tied in for a certain period.
    2023 wins: *must start comping again!*
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
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    elfls wrote: »
    I still have all the paperwork for the helptobuy loan.
    And what does that tell you about whether you can let?

    I don't want to leave the flat empty so I'm not sure what my options are.
    Let, if possible.
    Remortgage, if affordable,
    Sell.
  • elfls
    elfls Posts: 3 Newbie
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    Thanks @Hazyjo and fair advice we want to make sure we are on the right side of the law and lenders with this! I am tied in for another 6 months before I could sell.

    It looks like our best alternative is to remortgage with my partner (I bought alone) so we own it fully. I believe then that way we could rent it out, and we will just take the tax hit with HMRC of being a non-UK resident landlord.
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