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?

Renting your own home is a but of a hassle and not without potential big risks. He doesn't want the headache and I agree with him. He does need someone to check in regularly for any bug etc infestations, problems with heating or water or electricity, condensation, mould. Just someone to go there regularly, open the windows and make sure everything is still running properly.

At that price point I’d assume the building where the flat is has a concierge at least for some of the time? If it does, they usually have keys to all flats in case of emergencies etc and can check in if another flat reports a problem(eg leak etc)

With all the changes to renting I would not do it, he may not get the flat back without difficulty. If it’s in a secure block I don’t see the issue as long as insurance know, and perhaps someone checks every so often.

perhaps he would be happy you using it for a weekend a month?

his choice

It won't be insured unless he's agreed this with his insurance company

It's totally up to your son.

However, from the other perspective, my son is a lodger (as opposed to a tenant) in a 2 bed flat belonging to the son of a friend-of-a- friend of mine. Their son is currently in the military and deployed abroad, comes home 2 or 3 times a year. All his personal stuff is in his (locked) bedroom.

My DS. Is paying under the market rent, owner has someone living in the property and ensuring any issues (water leaks etc!) are reported. The flat is mortgaged so the rental income covers most of that I imagine. So it's a win-win. It does have risks on both sides - DS has very few rights as he's a lodger not a tenant, owner has to trust that DS isn't trashing the place. But 2 years down the line it is working well for both of them.

ETA there's no management company involved. If there's an issue, my DS lets the owner know and he gets his parents to sort it out (they live locally).

Hopefully the girlfriends a mumsnetter so we get a 'Mil has rented out dp's flat while we're abroad' thread.

It’s likely that someone will need to stay in it at least once in every so many weeks for insurance purposes. However, unless I desperately needed the money I wouldn’t rent somewhere for a year. Way too much hassle and additional cost involved.

For just a year I think renting is quite risky, unless he rents to someone he knows and trust.

From your OP I get that he doesn't have a mortgage on the property (although it's not super clear), so whilst it would be extra income if he doesn't need it I would bother renting.

Your ds could pay a professional property management company to check on it.

Alternatively he could rent it out to trusted friends, maybe for weekends?

My parents and a couple they were friends with used to go abroad for extended periods of time to do with the charity they were all involved with
We used to take it in turns to stay over at their respective houses to help with the insurance
One was in a tourist hotspot so not a great hardship

Housing crisis ? What housing crisis ?

I should clarify it’s not a managed building it’s a flat above shops in central London so no porter etc.

Insurance,safety certificates,legal fees for rental agreements, who sorts issues with maintenance,damage and evicting tenants if they won’t leave

it really isn’t a simple thing to do and could quite easily end up costing him

It’s not as if it’s a second home. It’s his primary residence that he owns and is abroad for a year.

Totally agree!

They were being tongue in cheek.

Being unoccupied for this length of time would normally invalidate his insurance. He might struggle to get insurance on this basis and if he does, he will likely need someone to check every week.

Aside from this, what happens if there is a problem like a leak or break in? Circumstances that if not spotted and dealt with straight away, can end up much much worse (eg leak is for weeks rather than a day, there is much more water, it doesnt get dried out quickly, flooring gets warped, resultant damp issues etc etc)

What if he gets tenants and they refuse to move out?

One of the reasons there are fewer and fewer landlords today is that some tenants can be very difficult, and owners often struggle to regain possession of their properties, sometimes ending up in lengthy court battles.

If your son has valuable possessions, like expensive furniture or personal items, it’s completely understandable that he wouldn’t want strangers living in his home, using his things, or sleep in his bed.

Is it swank, @Tedsabear ? Can you use it as your pied-à-terre whilst he's out of town?

And this cost a million? Is London that amazing?

Who owns the freehold @Tedsabear ? The shop?

He’s in a very nice part of central London, he prioritised location and accessibility to the places he often goes. I wasn’t involved in his decision making but I’d guess that’s why most 24 year olds shouldn’t just be given over 1 million unregulated.

No.

Surely a digital nomad won’t be taking all their belongings with them?

As has been stated, the building insurance normally has a clause that means you can’t be away from the property over a certain amount of time.

When I sold an empty property I had to agree to monthly visits, heating on to a certain temp in the winter and a higher price. After a year, I had to go to a specialist insurer which of course cost me even more.

I’m not actually sure, he doesn’t talk to me about most of it, our relationship has been strained since his dad passed sway.