DS plans to leave his central London flat totally empty for a year

[Tedsabear]

Hi all, so my DS’s dad passed away a couple of years ago, between his pension, life insurance and home DS and as able to sell his home and buy a flat in central London. He spent over 1 million on this (his dad wasn’t super wealthy or anything he just owned a property in a nice area of London and it was paid off mortgage wise). His girlfriend is Portuguese and also owns property in Lisbon.
They are mid 20s.

They have decided to spend the next year as digital nomads as they are able to work remotely. I told DS he should rent out his flat and his girlfriend should do the same. One from a security perspective and two as extra income. He has said no he doesn’t like the idea of someone staying in his space, he’s said I can go and check on it once a month or “whatever” if I like. He said his girlfriend will be doing the same anyway.

AIBU to think he’s being ridiculous?

I want your problems girl 😄😄

He needs to have insurance to reflect that though

It can be a nightmare evicting people if they don’t want to leave and tenants can cause a lot of damage as well. I’m team DS.

While they're away you can rent it out without telling him. You'd make thousands of pounds and he sounds a bit clueless so probably won't cotton on. Everyone's a winner.

It would probably invalidate his insurance.

What about getting a house sitter if he isn't willing to rent it?

I mean I have absolutely no rights to his property so won’t do this.

I wouldn’t leave it empty: insurance, potential squatters, water leaks etc. Property needs managing.

It’s not like it’s costing him anything if it’s paid for. I get you want him to make money by renting it out, but I wouldn’t want someone in my home.
They might want to pop back occasionally, they can’t do that if it’s rented out. If they rent it out it might get damaged, trashed, they might stop paying rent and need evicting, they’d have to store their stuff in storage etc etc so I understand why he doesn’t want to.

We’re currently working abroad and left our house empty while we decide if this is permanent. Renting these days is a world of problems and getting tenants back out is extremely hard. No one wants an absentee landlord that the PM company can’t ever contact, either.

Err its not hers to rent, ridiculous suggestion and illegal ! what happens if he decides to return early or the tenants damage it, against regulations abd many other issues I'm sure.

As pp said he will need to get special empty property insurance.

Squatters are a real risk.

You can get insurance for your second home very easily though. Which is what it is if you are living elsewhere and own a property. 🤷‍♀️

I assume the pp was joking

I get it - he doesn't want the stress and worry of being a landlord, plus arranging the necessary safety checks and insurances, plus having to move out all of his stuff for a year and then do a tax return.

People have a really rose tinted view of renting out property as this super easy money making scheme where (assuming you're a decent person) it is in fact a massive PITA.

He will need to sort insurance though.

I wouldn’t bother renting it either if I didn’t need to.

Really unsure why you’re so bothered about it? In the politest possible way, he’s an adult and it’s none of your business what he does!!

I wish I had this problem but the reality is that since he has a property he has an asset that will more than likely appreciate in value any way. I think he's being quite sensible. Large corporations leave huge office blocks empty for years with just a security guard meandering about because that's cheaper than having a tenant so he may as well do the same.

I think, these days, being a landlord is often more trouble than it’s worth. I wouldn’t press him to rent it, but I would to make sure he has all the correct insurances in place, any valuables are securely locked away or in the bank and that the property has the maximum security on it, to avoid squatters.

He could pay for a company to go in and check things over regularly, or you might want to do that OP.

Yes, you may get squatters, water leaks etc … but in all likelihood it will be fine.

I don’t understand the insurance comments

If it is a flat then I’d expect the buildings insurance will be arranged by the freeholder and not his concern

Why would he needs contents insurance if empty ?

Can you actually choose to rent out a property for a specified time in England? I ask because it’s not possible in Scotland. Holiday letting for at least a few weeks of the year would be an option if not though.

Loads of London flats are left empty (2nd home owners etc). Squatters less of a concern for flats.

Someone needs to pop in more often than once a month though...

Best he doesnt have the hassle of people maybe trashing it or not leaving when he gets back.
Or if he comes back early.
Also doesnt sound like he needs the money.
He can set up cameras inside to keep an eye on it from his phone and such.

Can you move in and then rent your place out? 😁
I don’t blame him for not renting on open market, sounds like a minefield.
If I was him, I’d probably airbnb it, using an agent to run it. But doesn’t sound like he needs the money 😂

Would he agree to signing up with a company that monitor temporarily vacant properties in the UK? It looks like he could create his own package with them but they check on empty properties to prevent damage and squatters

Haven’t you seen those TV programmes about nightmare tenants OP? I wouldn’t risk it either if I was in the fortunate financial position that your DS and his partner are in.

Renting for just a year is likely to be more trouble than its worth.