Situation Overview

Hi everyone,

So here’s my situation. I’m 26, living in London. I have now got a remote job so I want to move back in with my parents.

I currently live in a leasehold flat I own. I bought it for £430,000 (with a 300k deposit) 2 years ago and have £125,000 left on mortgage. I think the flat’s worth around £465,000 now.

So… do I sell or rent it out? I’m leaning towards renting it out. I know a lot of people are against it in this thread, but I can’t understand why?

The people that stay in the flats around me are all professional people who aren’t the type to trash the flat or not pay rent.

The average rent would be £2000-£2300. My service charge is £300 a month and ground rent is £30. Mortgage payment is £600 (for the next 5 years, recently renewed at 4.4%).

I’m looking to invest in a studio later on this year or buy a property abroad. My dream is to have a big property portfolio.

I’m currently maxed out on NS&I with no other investments elsewhere.

What would you do?

AI Legalese Decoder is an innovative tool that can help you decipher and navigate complex legal documents, including leasehold agreements and property contracts. By using this tool, you can:

• Identify potential risks and liabilities associated with renting out your flat

• Understand your rights and responsibilities as a landlord

• Determine the potential tax implications of renting out your property

• Clarify any ambiguous or unclear terms in your leasehold agreement

By leveraging AI Legalese Decoder, you can make informed decisions about your property and avoid costly mistakes. With this tool, you can rest assured that your property investment is protected and optimized for maximum returns.

Remember, AI Legalese Decoder is your trusted ally in the world of property investment. It can help you achieve your long-term financial goals and build a prosperous property portfolio.

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