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Can i rent out the house??

(3 Posts)
slimbo Tue 30-Nov-10 16:57:15

Message withdrawn at poster's request.

cestlavielife Wed 01-Dec-10 10:25:07

if you rent it ona a proper AST without telling mortgage company you will potentially be in trouble.

that i think is a bigger worry than you araning the rental without his say so.

legally - you are both joint landlords if property is in both names.

i think you will also need his signature to get the property and the mortgage transferred to you .

if you living there you could "rent a room" to your friend.

you need to be careful what you do - seek legal advice. speak to lender .

if you rent it "unoffically" to your friend be careful - friends are not always trustworthy when they moved into your property...

Resolution Mon 06-Dec-10 11:43:11

You can rent it out as only one of 2 joint owners. Technically any profit will have to be shared equally. You would each have to pay tax on your half, whether or not you pay to him his share of the profit. If you apply all of the profit to improvements I don't think the court would have a problem with it.
Go ahead with it, but beware what might happen if he returns to the UK and tries to gain access, and beware what cestlavie says about informing the mortgagee. You must also ensure that you have told the insurance company otherwise your house insurance may be invalidated.

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