UK rental property while living in Canada
Mar 14th 2011, 9:41 pm
#46
Lost in BE Cyberspace
Joined: Aug 2005
Location: South of Calgary
Posts: 13,378
Mar 14th 2011, 10:17 pm
#47
Joined: Aug 2005
Posts: 14,227
Re: UK rental property while living in Canada
Ah, fraud seems to be the way the world works now-a-days.
You will need a friendly tenant to do this. One that won't screw you over by telling the bank what you are doing when you neglect a repair or two, or try to keep some of their deposit.
You certainly wouldn't want me as a tenant - I'd threaten to grass you up as soon as you tried to increase the rent. In fact if I found out you were doing this after I moved in I'd be negotiating a rent decrease.
You will need a friendly tenant to do this. One that won't screw you over by telling the bank what you are doing when you neglect a repair or two, or try to keep some of their deposit.
You certainly wouldn't want me as a tenant - I'd threaten to grass you up as soon as you tried to increase the rent. In fact if I found out you were doing this after I moved in I'd be negotiating a rent decrease.
Mar 14th 2011, 10:25 pm
#48
Democracy advocate
Joined: Mar 2006
Posts: 12,460
Re: UK rental property while living in Canada
Ah, fraud seems to be the way the world works now-a-days.
You will need a friendly tenant to do this. One that won't screw you over by telling the bank what you are doing when you neglect a repair or two, or try to keep some of their deposit.
You certainly wouldn't want me as a tenant - I'd threaten to grass you up as soon as you tried to increase the rent. In fact if I found out you were doing this after I moved in I'd be negotiating a rent decrease.
You will need a friendly tenant to do this. One that won't screw you over by telling the bank what you are doing when you neglect a repair or two, or try to keep some of their deposit.
You certainly wouldn't want me as a tenant - I'd threaten to grass you up as soon as you tried to increase the rent. In fact if I found out you were doing this after I moved in I'd be negotiating a rent decrease.
Mar 14th 2011, 10:35 pm
#49
Joined: Aug 2005
Posts: 14,227
Re: UK rental property while living in Canada
There are other risks you need to consider as well. For instance, you'd better hope your tenant doesn't accidentally burn down or flood the house. I doubt very much your insurance policy would be valid if they do this.
Mar 14th 2011, 11:12 pm
#50
Democracy advocate
Joined: Mar 2006
Posts: 12,460
Re: UK rental property while living in Canada
True. Though mail redirect isn't 100% guaranteed; they make frequent mistakes in my experience.
There are other risks you need to consider as well. For instance, you'd better hope your tenant doesn't accidentally burn down or flood the house. I doubt very much your insurance policy would be valid if they do this.
There are other risks you need to consider as well. For instance, you'd better hope your tenant doesn't accidentally burn down or flood the house. I doubt very much your insurance policy would be valid if they do this.
Mar 15th 2011, 3:24 am
#51
Retired
Joined: Apr 2004
Posts: 34,649
Re: UK rental property while living in Canada
It doesn't matter why they charge a higher rate. That forms the offer and acceptance part of the contract. You either accept it, or you don't. Most lenders' terms of the mortgage state that you cannot use the property as a rental property during the time that it is charged with the mortgage. Doing so puts you in breach of the terms of the contract with the result that the lender may be able to seek repayment of the mortgage in full, immediately.
A nightmare scenario if they do
A nightmare scenario if they do
Mar 15th 2011, 1:13 pm
#52
Lost in BE Cyberspace
Joined: Aug 2005
Location: South of Calgary
Posts: 13,378
Mar 18th 2011, 5:02 pm
#53
No really, it doesn't
Joined: Sep 2007
Location: Rural Nova Scotia
Posts: 1,817
Re: UK rental property while living in Canada
For info we have considered renting out our house in Derbyshire for a couple of years while we settle in NS (depressed housing sales market in UK and current exchange rates being the main driving force for this.....I know they may never change
).......
...I read this thread with interest and then concern considering it appeared lenders were tightening up on allowing owners to let out by making it more expensive.....
..today I have therefore contacted my lender RBS (Offset) who have told me they would allow me to let out for 12-24 months with no change to interest rates but would charge me a £100 fee for the issuance of a 'Consent to Let Guidelines letter'..... so it seems there is a massive range of views from lenders on this topic.
.
)..........I read this thread with interest and then concern considering it appeared lenders were tightening up on allowing owners to let out by making it more expensive.....
..today I have therefore contacted my lender RBS (Offset) who have told me they would allow me to let out for 12-24 months with no change to interest rates but would charge me a £100 fee for the issuance of a 'Consent to Let Guidelines letter'..... so it seems there is a massive range of views from lenders on this topic.
.
