BTL residential dilema

[div69]

ok, currently I live in a house, which is on a residential mortgage and I also have a buy-to-let property. Providing things are not going well with the missus and I need to leave for a while, can I legally live in my other property. Both houses are on my name only. I read somewhere that I can have two residential properties for a period of time, a year? I guess I'll have to switch the BTL mortgage for a residential one I assume?
Can you please share your views,
cheers...

 

[hermes]

This brings forth an image of you putting a coat on, banging on your own front door and shouting through the letterbox that you want your rent, then you run round the back and into the house and hide under the table in your pyjamas and pretend you're not in.

You can live in either house and have as many properties as you like. It's not against the law. If you don't tell the building society then why would they be any wiser, why should you change the mortgage, they won't be too bothered as long as they're getting paid, and I think they are probably charging you more interest on a btl mortgage than they would be on a domestic one so it wouldn't really be in their interests to swap.
What happens to your tennants though?

 

[JohnD]

Was it the rules on Capital Gains Tax that you heard? There is no capital gains tax on the home that is your main residence; if you have 2 or more homes (like your pied-a-terre in Bayswater, your shooting estate in Inverness-shire, and you summer home on the Isle of Wight) you can choose to declare one of them as your main home.

However, if you buy a new house and it takes a while to sell your old one, there is a concession where you are not charged capital gains on either house for a limited period.

I can think of any other rules about being "allowed" to live in your own house. IANAL.

 

[div69]

@hermes
funny & scary at the same time, the first thought that is.
I guess I can just live in the btl house (after tennant's contract runs out) without telling the bank, but I remember reading somewhere that I cannot rent it to myself, well I can have the mail forwarded, but if I later decide to move on and sell it how do I prove it was my main residence and yes it comes down to the Capital gains tax. The other way is to swap both mortgages, but too expensive.

@JohnD
yes, I think it was that rule, the time period was about a year, not sure, but in my case it is not a new purchase, I already had the btl for about 3 years. So how do you declare a main residence, show the council tax or other bill?

Hm, a bit tricky, but if that's what happens...better put a sleeping bag in the car just in case

 

[hermes]

Better to try to sort things out with your wife.

 

[Moz]

div69
if you are paying both mortgages
no worries , if you need to swap the mortgage companies charge , an hassle ..ok no worries ...

if you are worried this bitch you were with thinks she can cause cause trouble .. eh .. NO .....

unless she knows where the bodies are buried then its digging time again.. lol...

NEVER EVER GET SENTIMENTAL ...... even if she offers a frriendly jump ...or two ...


... she IS the ENEMY ......EVIL ..lol

before the whinny women start ,

if this was a women here, you would be telling her the same ..lol..lol

div69

If push comes to heavy shove .. lol
its very extreme to get found guilty of murder nowadays especially ... after her sh***ing about/sl*tty ways ...
manslaughter you will be out in 6 yrs ,
look on the brightside .. keep both properties rented while inside , nice holiday when out ..
hope this helps ...

 

[JohnD]

 

[Moz]

JohnD
the invisible ink .. didnt work .. lol...




or was it that moody look you got that you tried to show .. ...

 

[Nige F]

 

[Moz]

 

[mlb3c]

omg....I've gone blind!....again

 

[div69]

thanks guys for your comments/nocomments

@Moz
wow, I wouldn't even think going that far...

I guess the best advice is to work on the relationship, meanwhile if I find out more about the above scenario (i.e. changing your main residence to a btl house), I'll let you know, cheers

 

[JohnD]

For tax purposes only (the rest is none of my business) you want to decide which is likely to make the biggest capital gain, and make that your main home.

I hardly ever murder people and never put the bodies in my own garden.