Renting out my flat

[Kazzarooney]

I want to move in with my partner and rent my flat out. Do I need to notify my mortgage provider. Thanks for any answers

[Ethel]

Yes, and your insurance companies.

Your mortgage company may refuse permission

[DONNNAKEBAB]

Yes you do and like Ethel says, they may refuse (it may also be in the T&C of your Leasehold that you cannot rent out your property). Your Mortgage Provider may put up your rate a couple of percent.

I have a couple of Buy to Let Properties however so my Mortgage Providers DO know about the rentals. A couple of friends of mine however do rent out their properties and their mortgage providers dont know about it. The risk is yours.

I dont want to sound pessimistic, but how do you know if it is going to work out with your boyfriend? Living together that is? You may spend most of your time with him now but it is different when you both live under the same roof. Why dont you say give it a 3 - 6 month trial before you do anything.

Choose your Tenants VERY carefully. Give them a six month lease initially and then review the situation. Ensure you take a deposit (there are new laws pertaining to this now by the way and if you need any guidance I shall be happy to assist). Ensure that you take proper references, i.e. from Employers and a Bank Reference to ensure that they CAN pay the rent each month and go to see them (to sign their new Lease at the property they currently live at) to enable you to see how they currently look after their property.

I personally steer clear of pets and very young children if there are more than one of them and I would also say you would be better to put your furniture into storage and rent it out as unfurnished if you have nice furniture.

Good Luck.

katie.

[Scarlett]

Get some estate agents round and see what they offer. Some may take 15% of the totalm but smaller ones may take only 9%. It may be a lot easier to just let them manage it for you.