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Property To Let
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Morris Said:At what point does a buy-to-let property become a commercial hotel?
We Answered:There are regulations for hotels vs. BTL. A hotel is a business with short stays and other details. You will have to check with the regulators in your area for what a hotel needs before it can open its doors for business.
Closer to what you are describing is a home with multiple occupants. New regulations have come into effect in much of the UK. As you used the term BTL i am assuming you are interested in the UK.
Check the link below. Note that the HMO regulations are new and many people are concerned about how the rules are applied in different areas. A number of landlords who have been operating buildings impacted are selling or otherwise converting the building so the HMO regulations will not apply. In some areas this is removing a number of rental units from the market.
Randall Said:Would now be a good time to invest in a buy to let property?
We Answered:A buy to let property doesn't tend to sell quickly. They should be seen as a long term investment, and the rental income shouldn't be relyed upon to pay a mortgage.
Patrick Said:I have bought a BUY TO LET property with a friend but he has now moved in and refuses to pay the mortgage?
We Answered:"With a friend".
If he's on title you need a partition suit to dtermine who deeds out for how much to who
If he's on mortgage, you need to refi and buy hm out
we need a bit more here
Brian Said:Can I get a residential mortgage when i own a buy to let property? I currently live at home?
We Answered:Mortages are granted based on your ability to PAY. . If you rent your residence you must declare that as income. Same with property tax--must pay for both and only the house you live in has the homstead exemption.
Mortages are granted on the ability to PAY.
Judy Said:If I let property go to tax sale will it effect my credit score?
We Answered:Yeah, it will. There's a better way -- just deed it over to the taxing authority, either the city or county where the property is located. That way you get the monkey off of your back and no hit on your credit.
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