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Topic Originator: The-Pars
Date: Tue 25 Mar 15:58
Hello,
Just looking for some friendly advice on my house in Edinburgh - it’s a help to buy but wanting to know options around renting it out when moving abroad for a few years. I am aware I may need to pay it off etc but just looking for any ideas.
Please leave your email or email me (on my profile)
:)
Thanks!
Post Edited (Tue 25 Mar 16:54)
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Topic Originator: jake89
Date: Tue 25 Mar 21:03
Not a solicitor but I remember looking at this years ago and you weren`t allowed to rent it as it was to be your sole residence. They stopped the scheme so it may be different now. Good luck with the move 🙂
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Topic Originator: DBP
Date: Wed 26 Mar 12:49
I think that’s unless your circumstances change?
Moving abroad may be ok?
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Topic Originator: Stanza
Date: Sat 29 Mar 00:37
I think what others have said is correct, and that you would need to pay off your current mortgage, or else convert it to a buy-to-let mortgage with a new lender.
There`s a summary here. It`s written from an English perspective, but I don`t think there will be any significant difference in Scotland. You should have got a detailed "Help to Buy" information book when you got your house.https://theflexliving.com/landlords-blog/property-management/rent-out-help-to-buy-property/
However, I strongly advise you NOT to take as gospel any advice from here or from elsewhere on the Internet. Get professional advice from a solicitor who currently practices in conveyancing law, so you have a proper solicitor-client relationship and are fully protected - your house is too big an investment to get it wrong!
_________________
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Topic Originator: Swainy
Date: Sat 29 Mar 11:46
Quote:
Stanza, Sat 29 Mar 00:37
I think what others have said is correct, and that you would need to pay off your current mortgage, or else convert it to a buy-to-let mortgage with a new lender.
There`s a summary here. It`s written from an English perspective, but I don`t think there will be any significant difference in Scotland. You should have got a detailed "Help to Buy" information book when you got your house.https://theflexliving.com/landlords-blog/property-management/rent-out-help-to-buy-property/
However, I strongly advise you NOT to take as gospel any advice from here or from elsewhere on the Internet. Get professional advice from a solicitor who currently practices in conveyancing law, so you have a proper solicitor-client relationship and are fully protected - your house is too big an investment to get it wrong!
I`m a conveyancing paralegal. You`ll need to apply for a consent to let from your mortgage lender, most lenders will charge £60 per year and only grant one when their has been a change in circumstance.
Just to note, Scottish conveyancing differs massively from the laws south of the border.
D.A are the number one!
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