Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
I have recently added a very spacious purpose-built two bedroom apartment to my portfolio. It is almost ready to let, just a few minor upgrades in progress. As I have this week taken on some extra self-employed work in the area of the property (in addition to my permanent job elsewhere) I am curious to know whether I can use the place once or twice a week by renting the larger of the two bedrooms (15x12ft), keeping the second for myself?
What sort of tenancy would I create?
I’ve been through my mortgage with a fine tooth comb and it appears I am allowed holiday lets, corporate lets, LHA & Housing Association and to retain up to 40% of the property for use as a dwelling by myself or any other related person. Is this peculiar figure arrived at because I borrowed 60% of the purchase price? It won’t be my primary address and any lodger will surely be delighted to have the place to themselves for the majority of the time.
Seems too good (other than reduced rental income of course) to be true…!?
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