is it difficult and expensive to rent your house? and how?!

[someonesgirl]

In brief....me and boyfriend split a year ago, 2 young kids, i still live in our house with kids, he pays half mortgage still, got to the point now where i need to sell it and rent somewhere, thought about trying to take his name off the mortgage and rent it out so that i still have something that may make some money in the next 10 years for when the kids are older and i can afford to buy again. I know i have to get landlords insurance or something, no idea what other costs are involved and a bit lost really. dont want to ring mortgage company yet as they dont even know we split up so want to know what im doing first. thought about going to an estate agent and trying to strike a deal whereby they rent out mine and i rent a house off them?! in a word HELP?!!

[murraymints]

it is a minefield renting out your property..had tennants from hell..cost me buckets..be very sure what you are doing as landlord's responsibilities are many.....

[Hazel104]

Talk to your mortgage provider, they will be able to help you.
You have to have permission from them anyway.

Look at Landlord Zone, they is loads of advice on there. Do not go into on a whim it is as murryaymints said minefield, it is not a easy buck!

[The Builder]

To avoid what Murray has experienced, use a GOOD letting agent. They check the applicants out, and have a vested interest in providing the best ones.
You can pay introduction fee only, fee plus rent collection, or maintenance as well, if you pay for it.

[Hazel104]

Meant to say, it can be a positive experience as well though not all bad ;-)

[someonesgirl]

well, i dont really know what im doing, no, so i am a bit daunted by the idea, although just trying to think of a way to secure some sort of future for me and the kids really. Thanks all. will check out that site. not really any money to throw around either so yes would prob be best going through a letting agent to do it all for me, but probably at a cost.....hmmmmmm

[bushbaby_de]

You can't just take someone's name off a mortgage - you effectively have to remortgage and transfer full ownership to yourself, so you have to prove that you would qualify for the mortgage on your own (and you may have to pay stamp duty depending on the value of the share, as well as potentially buying your ex partner out of their share). For a rental the deposit requirements are usually higher than for somewhere you are going to live. So you may find the plan isn't viable anyway.

[bednobs]

you need to start at the beginning - firstly, how much would your type of house rent for in your area? (you could look at others that are the same size/location on sites like rightmove). Does the rent it will bring in cover the mortgage payments?
Secondly, is it something your ex wants to do? You will have to change the mortgage probably anyway, but would he be willing to? As it is a joint mortgage you can't really do anything unless he agrees anyway

[ummmm]

So if you can't afford the mortgage how will you afford the rent? That will be rent he won't be paying half of.

[someonesgirl]

i cant afford anything. but i have n choice. i was hoping id get some housing benefit as i work part time but now ive realised i cant sell due to the debt id accrue so im pretty much.......well........SCREWED