I have a rental property which I have been renting out for the last 9 years. I am considering beginning to use this for myself/my partner. She lives in London and I work there, so would spend half my time there. I have 2 questions on this:
- what are the implications of taking a property private after letting out, and do I need to inform anyone- HMRC for example?
- given the previous status could my partner contribute to mortgage costs, or is this likely to incur tax due to the second home/previous btl status.
I was an accidental landlord to start with, so have never got to grips with all the regulation etc.
If you have a BTL mortgage this will need changing to residential, or consent given. Speak with your lender.
Residential insurance needed.
Tax return as usual minus the rental income.
Income from spouse or partner to cover board is not taxable I believe.
Being an accidental landlord will carry zero weight in a dispute. Ignorance of the law is no defence in court. Do yourself a favour. If you don’t want to do the legwork yourself, at least join an organisation like the NRLA. They’re far from perfect but can definitely help those lacking knowledge/experience.
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