To consider renting out our house and move into MILS?

[Labradoria]

MIL is a widow. She lives in a large 5 bedroomed house with a separate annex. She's getting quite elderly and needing us to pop in several times a week. Dh has suggested the above - MIL moves into the two bed annex and we move into the large house. I'm tempted particularly as it has land. It's not in a very nice area (outskirts of run down town on a busy road) but it's secluded and set back from the road. Only thing is, our current house needs quite a lot of work. New kitchen, new kids bathroom and everything is generally a bit dilapidated. We'd have to spend about 20k on it I think and even then it's a period cottage so gets cold and draughty in winter. I'm sure renting out a property isn't as simple as dh thinks - what have we missed?!

Well I think it's definitely worth considering but I take your points.

Listed houses are exempt from the minimum standard if you can show it isn’t feasible because it would alter the character of the house - https://www.michelmores.com/agriculture-insight/listed-buildings-sales-lettings-restrictions/#:~:text=Guidance%20on%20both%20the%20Government,the%20work%20would%20alter%20the

Interesting thanks. There are lots of old farm cottages rented out near us to agricultural workers. I guess they could be double glazed.

I’d be tempted but wouldn’t want to be full
time carers nor have MIL either being very nosy or having you at her beck and call. If all the latter were satisfied to your and DH satisfaction only then would I proceed.

It seems tempting because it seems simple and a win win situation. But easy to go wrong even with a MIL you currently get on well with.

You need to check whether your mortgage allows it. You might need to switch to a BTL mortgage.

You'd need to do self assessments for property income to HMRC each year.

Is your house well located for the kind of renters who might rent it? That's the main question. If the house is a 3 or 4 bed, 2 bath property in a village with an easy commute to the local city / employment hubs and the local schools are good, spend the money and get it done. If it's not rentable there's no point.

Yes must check this, thank you

Could you rent it as a holiday cottage?

Yes it's near very sought after local schools

I think it would then need a fortune spending on it! And lovely new furniture!

If you move into MIL this will mean if MIL has to at some stage move into a nursing home, that he home can't be sold to pay for funding care as it is also your residence & home.

Why not move into the home and see how that goes whilst starting work on your own house. If it doesn't work you living in MIL house then you can move back once work is completed.

Get an agent in and ask them what you need to do and let the property managed, thus less work for you.

Thanks. I imagine this is what we might do.

I used to be an Estate Manager managing lots of properties on a rural estate. Unless you are in a very highly sought after tourist location (i.e Cornwall coast, central Lake District) it isn’t worth becoming a holiday let. You almost never make as much money and there is an awful lot of work involved.

Is your DH an only child? As a PP said, you need to be careful if the big house/ land need to be divided for inheritance purposes when your MIL passes away.

Get legal advice before you have a serious discussion with MiL
It can be a very complicated situation to resolve

I can’t believe you’d kick her out of her own house and make her live in the annexe. That’s disgusting and so cheeky! Why couldn’t she live in one of the five bedrooms of her OWN home that she’d be letting you live in?

It’s quite possible that an elderly lady would prefer her own space and a small annex would be ideal.

I think it was the MIL who suggested living in the Annex and op and family live in the main house.