What do you do with the house?

[pheonix]

I'm planning to go away for 6 months as a test run.
I don't want to sell my house just yet - more likely to that if the 6 months go well.

I have a mortgage but small monthly payments that I could continue to pay using my savings but I'd rather not.
I DON'T want to LET the house because that means changing the mortgage to a 'buy to let' (UK) which just complicates everything & I don't have much time before I go (it's an impulsive trip).

I could get a lodger but never done this and unsure what would happen if they had any problems or wanted to leave. I don't wish to burden my sister with caring for my lodger!

Do I have to tell the mortgage company I'm going away even if payments continue & the house remains empty?
If I get a lodger and then I leave the country, do they still count as a lodger?
I'm reluctant to ask the bank in case they get suspicious of my plans & start laying down rules!

Appreciate input from anyone who has been in this situation, especially from the UK

[backofbeyond]

Are there not agencies that exist for this kind of thing - people go abroad for extended periods for work all the time and the agencies find tenants for the time they're away.

Their cut of the rent should cover vetting who comes in, taking responsibility for damage etc, looking after the money and making sure they're out when you want to return.

We use a (French) agency to let our place in France and for their 27% they've done all of that for the last (nearly) 10yrs without any problems - apart from moaning at me from time to time that we need to redecorate.

[greenmanalishi]

I had this problem a couple of years ago. I called in an agency who ran the house next door to me. I asked what happens if the tenant defaults and does not pay rent. They replied we advise you which solicitors to use. I asked "do you not send several burly men armed with baseball bats to either get the money or eject said tenants". They said no one does that anymore which made me question why the hell do I need a letting agency?


The letting idea seems to bring as many bad luck stories as it does successes. Maybe it is this area or the agency were just not very good but after a couple of horror stories from friends who let out houses I decided against the idea.


My house goes up for sale in the next couple of weeks!

[mark manley]

PM sent

[pheonix]

Obviously didn't make my post clear.

I DON'T want to LET the house!
Letting a property means you have to change the mortgage to a 'buy to let' and I don't want to do that.

[greenmanalishi]

I understood the OP But... if you take on a lodger and then leave them on their own for 6 months then basically you have let it out? The same problems would apply if they did not pay rent or damaged the house while you were not there.


As I see it you have three solutions.
A) either leave house empty, might want to check the terms on your house insurance if you do this.
B) Sell it before you go
C) Pay some one to look after it for you!


C is not as mad as it seems, there are web sites that have people looking for short stays. They find some one who is willing to house sit for a price with a contract that states it is a short term stay with as little as 7 days notice to vacate. This means you do not have a lodger you have not let it out and it is not empty.


I did look at this route but decided it was too expensive for me and option A was not for me. I would still have had to pay standing charges and water rates etc on an empty house with the problems of insurance.


Hope this information helps and sorry if it appeared I misread your original post.

[liammons]

Originally Posted by pheonix

Obviously didn't make my post clear.

I DON'T want to LET the house!
Letting a property means you have to change the mortgage to a 'buy to let' and I don't want to do that.

That's technically true, but how will they ever know if you keep giving them your pound of flesh every month?
They aren't landlords, they don't have the right to call round and check on their 'investment' and check if you are in or out.

Its easier to let/rent/lend for a fee or whatever you call it to someone you know(=trust) for a bit less cash and then at least you'll get it back the way you left it.

[marcm]

I rented mine out for 2 years and didnt change the mortgage over..I'd say that if you did switch to buy to let you would have trouble getting it changed back at a later date or there would be plenty of fees involved...
I've been back in for 18 months now and have recently got a lodger in the spare room which pretty much pays the morgate,so hopefully I can go off on a jolly in sept for a bit..

[twowheels03]

You don't need to swap over the mortgage, just inform your lender. As it's still your primary residence it's ok. You do need landlords insurance though.
We rented ours out for three years so far - on six month contracts. The lettings agent takes 8% and £75 every six months for the contract.

The agent will want a gas and electrical test certificate done but that's all you need.

Rent return is high in the UK, why not earn in the 6 months you are away.

You here horror stories but we have been happy with our tenants for the last three years.

Good luck on your trip

Paul

[anonymous1]

Originally Posted by greenmanalishi

I asked "do you not send several burly men armed with baseball bats to either get the money or eject said tenants".

The letting idea seems to bring as many bad luck stories as it does successes. Maybe it is this area or the agency were just not very good but after a couple of horror stories from friends who let out houses I decided against the idea.

My house goes up for sale in the next couple of weeks!

G'day Stan. Ditto to the above and how I wish I could take a baseball bat among other implements to my last tenant! My house went to the real estate agent 3 weeks ago! Cheers Dave

[greenmanalishi]

Best of luck with the house sale Dave, when are you back in the UK?


For any one looking for house sitters try this site, it is one of many
https://www.trustedhousesitters.com/...l/housesitter/


You wont make any money but the house will not be empty hence no insurance or mortgage problems? People are apparently vetted and are less likely to damage a house they are staying in if they are not having to pay for it?


For travellers this might also be an idea for cheap accommodation along your travels. Some of the stays are very short and some are quite long. Not sure what the vetting procedures and credentials required to sign up for something like this is but it could be worth a look for those on a budget?

[Bucket1960]

Damn, it's sooooo simple!



Lock the door & ride away

[Lonerider]

Pheonix
Have a look at your house insurance policy if you are going to just leave the house, I know my insurance company only lets me stay out of the house for 60 days at a time, anything over that and you have get a different type. but I couldn't tell you what as I have not looked into it yet

[pheonix]

Thanks all

Originally Posted by greenmanalishi

if you take on a lodger and then leave them on their own for 6 months then basically you have let it out?

That is my concern. My sister has a lodger, but she's there 99% of the time. Avoiding legalities is OK if nothing goes wrong and you get perfect tenants.

Not enough time to sell & I want somewhere to return to. My mortgage is cheaper than renting.

I plan to speak to my bank and agencies tomorrow regarding letting it for 6 months. But leaving it empty is becoming more appealing.

Just gotta find a secure place for my car and bikes. If I move to NZ permanently, I'm taking them with me