UK Employment Law
Ask an UK Employment Law Question, Get an Answer ASAP!
Hi Mr Denning,
I have an interest only mortgage at the moment, going to change to buy to rent and lease it to my son and his friend, I intend to live abroad for a year, if, when I return can I move back into my property and live my son?
There is nothing whatsoever to stop you doingwhat you are doing.
The lender will usually charge you a fee for itgoing on a buy to let mortgage and charge a higher interest rate.
They will then usually charge you a fee forchanging it back again when the interest rate should revert.
Speak to your mortgage lender and tell them thatthis is just simply a 12 month measure while you go travelling.
They are going to require that the tenant has anassured short hold tenancy agreement which is a standard type agreement incases like this.
When you get back, or before you get back, youwill have to serve a section 21 notice, with at least two months notice for thetenant to quit.
You can serve the section 21 notice to quit onthe day the tenant takes out the tenancy agreement if you know exactly when youare coming back.
If the tenant does not move out after theprescribed period, you are faced with going through the process of applying tocourt to get them out. You just need to be aware
Does that answer the question? Can I assistfurther or answer any specific queries?
If you have not done already, please don't forget to positivelyrate my answer service even if it was not what you wanted to hear. You shouldnow see a series of buttons which enable you to rate my answer serviceformally.If you don't rate it positively, then the site keep your deposit and I get 0for my time. It is imperative that you give my answer a positive rating. It doesn't give me, "a pat on the head", "good boy" (like ebay), it is mylivelihood!If in ratings you feel that you expected more or it only helped a little,please ask.
The thread does remain open for me to answer follow-up questionsafter rating my answer service.Rating doesn't close the enquiry atall even though the site may give that impression. It remains open for you toread and ask for further clarification.Regards.
PS Experts on here are online and off-line all day each day andweekends so please bear with me if I do not get back to you immediately.
PS. I use voice type, voice recognition typing because I onlytype with two fingers and it would take me ages. Sometimes, a computer does nothear me correctly and you will get an incoherent word. I do try to butsometimes they slip through. I apologise therefore if anything doesn't makesense. It is me losing it, not you. Just ask if anything is not clear please.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).