UK Employment Law
UK Employment Law Questions Answered by Verified Experts
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
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