Tradefair & Financials
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Can anyone help me please.
I have a lovely 2 bedroom flat in a very picturesque city in Northern England.
Should I move down to London for work I would not want to let it out on a long term basis as I do not want to think of how it could deterioate in the time I am away.
As I have good parents they have offered to 'manage' it for me on short term lets, say1-4 nights, they will then clean and tidy it (obviously for payment).
What my question is, what things do I need to consider re insurance etc? I will obviously inform my mortgage lender that I will be letting the property out due to me moving away for work. But what else do I need to think of? All help is greatly appreciated.
Many thanks
I have a lovely 2 bedroom flat in a very picturesque city in Northern England.
Should I move down to London for work I would not want to let it out on a long term basis as I do not want to think of how it could deterioate in the time I am away.
As I have good parents they have offered to 'manage' it for me on short term lets, say1-4 nights, they will then clean and tidy it (obviously for payment).
What my question is, what things do I need to consider re insurance etc? I will obviously inform my mortgage lender that I will be letting the property out due to me moving away for work. But what else do I need to think of? All help is greatly appreciated.
Many thanks
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Replies: 7
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sorry, meant to post it on Chit Chat.
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1st rule, dont tell bank. they will put you payments up. they wont find out anyway. yes get a change of insurance.
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As a holiday let IF YOU MADE A LOSS YOU can offset it against PAYE AND SCHEDULE D TAX LIABILITIES I BELIEVE!
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Would it not be easier to take in a lodger, and continue to live in the property as far as the bank and revenue are concerned. Then they dont need a tenancy agreement and yu can kick them out easily.
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Don't all lets have to be a minimum of 6 months these days. Make sure you read up on what you're doing because you could get royally screwed by a professional tenant.
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think fire regs can be costly...
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i think short term letting like this requires change of use etc as its deemed more of a hotel than a rented house
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