Has anybody ever let a residential property on a short-term lease?
Currently in the process off splitting from my wife. She has agreed to let buy her share of equity at a very reasonable price in our house which currently has an outstanding mortgage with both of our names on it. I'm going to struggle with the upkeep on the property by myself but do have family that I can stay with basically rent free, with a view to letting the property out for a year or two whilst my mental health recovers (Currently not in a good state) and the mortgage term comes to an end, when I can hopefully get a deal hopefully taking advantage of lower rates.
I'm just checking options at the moment and don't want to lose the house by selling outright if at all avoidable. I'm not sure if I need the additional stress this may add but feel I should at least explore it as an option.
Great minds of SHA any potential pitfalls to avoid or advice?
What do you call short term ? PM me its what i do for a living
What do you call short term ? PM me its what i do for a living
Thank you so much. Will drop you a PM.
SmellyHas anybody ever let a residential property on a short-term lease?
Currently in the process off splitting from my wife. She has agreed to let buy her share of equity at a very reasonable price in our house which currently has an outstanding mortgage with both of our names on it. I'm going to struggle with the upkeep on the property by myself but do have family that I can stay with basically rent free, with a view to letting the property out for a year or two whilst my mental health recovers (Currently not in a good state) and the mortgage term comes to an end, when I can hopefully get a deal hopefully taking advantage of lower rates.
I'm just checking options at the moment and don't want to lose the house by selling outright if at all avoidable. I'm not sure if I need the additional stress this may add but feel I should at least explore it as an option.
Great minds of SHA any potential pitfalls to avoid or advice?
If you then sell in 2 years time, having not lived there, you will be liable for capital gains tax for the 2 years you are not living there. Just do the maths to keep your options open.
There will always be light at the end of the tunnel.
I can imagine you state of mind isn't good. Remember you can always talk to people. Both professionally and on here if you need to.
I rent a house but through a letting agency.
No phone calls in middle of night to say boiler is broken etc, the agency sorts all that out and deducts costs from my monthly cheque. I pay 10% Per month commission
I could make moe money renting it myself directly but i dont get the hassle. I just want to keep the house for now so i am not bothered about squeezing every penny out of it, thats not the goal
I can imagine you state of mind isn't good. Remember you can always talk to people. Both professionally and on here if you need to.
No you're right I'm not ashamed to admit I'm a complete mess. I have a great network of friends and family. Appreciate the kind words 👍
I rent a house but through a letting agency.
No phone calls in middle of night to say boiler is broken etc, the agency sorts all that out and deducts costs from my monthly cheque. I pay 10% Per month commission
I could make moe money renting it myself directly but i dont get the hassle. I just want to keep the house for now so i am not bothered about squeezing every penny out of it, thats not the goal
This is how I'd ideally like to procede with things if at all possible. I struggle badly with mental health issues so wouldn't want the added stress.
Robert Hopkins has given me some great advice. Couldn't be more grateful.
When we let ours we found you could offset anything cost wise getting property ready to let against tax able income - but only on first letting. Not sure if you can still do this
Our accountant said we couldn't so I sent him the tax regulation and fired him
If you ever need to chat please feel free to dm and I’ll send my number over.
We all need to look after each other
If you ever need to chat please feel free to dm and I’ll send my number over.
We all need to look after each other
Bless you. Really appreciate it. There really are some great people on here.
I've been letting a house for 20 years,the oniy trouble I've ever had is when I've let it to people I know.
I've been paying an agent take care of it for the last 8 or 9 years and it's been a lot less hassle. Obviously there are bad agents around who will see you as a cash cow.
You'll need your electrical inspections, etc. up to date too.
Good luck, it's definitely worth it if you do it right.
Lots of folk on here that are open all hours, so to speak.
Don’t hesitate to PM, Smelly. I can’t help you with your property though!