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Homeowners considering letting as recession continues
18/05/2009
The recession is forcing an increasing number of homeowners into being reluctant landlords and nearly five million have considered walking down this road according to professional advice website Unbiased.co.uk.
People in Northern Ireland tempted into adopting a similar move may want to first check with their solicitors on how the decision may affect their relationship with their lenders to be on the safe side.
According to the website, a third of those thinking of renting out are considering the move in order to avoid selling their properties at a loss in the depressed market.
Those below the age of 34 are hardest hit by the phenomenon and nearly 400,000 of those between this age and 18 have already taken in a lodger, the research found.
According to Richard Winder, a spokesperson for Unbiased.co.uk, before taking this "serious financial and social commitment", homeowners should first talk to an mortgage adviser about cutting existing repayments.
They should also consider "the opportunities and potential pitfalls of becoming a landlord", he added.
Repossessions in the province are increasing at a rapid rate, according to figures from the Court Service.
Christine Farrell, head of the property department at Wilson Nesbitt Solicitors, commented that "home owners need to make their Lenders aware of their intention to rent their property before entering into any agreement with a prospective tenant.
"The Lender will decide on whether they agree to the house being let and quite often will require the tenant(s) to sign a document to further secure the Lenders interest in the property.
"Anyone contemplating such a move should read their mortgage offer carefully and if unsure how to proceed, contact a solicitor specialising in Conveyancing for advice."
Visit our residential property services page
People in Northern Ireland tempted into adopting a similar move may want to first check with their solicitors on how the decision may affect their relationship with their lenders to be on the safe side.
According to the website, a third of those thinking of renting out are considering the move in order to avoid selling their properties at a loss in the depressed market.
Those below the age of 34 are hardest hit by the phenomenon and nearly 400,000 of those between this age and 18 have already taken in a lodger, the research found.
According to Richard Winder, a spokesperson for Unbiased.co.uk, before taking this "serious financial and social commitment", homeowners should first talk to an mortgage adviser about cutting existing repayments.
They should also consider "the opportunities and potential pitfalls of becoming a landlord", he added.
Repossessions in the province are increasing at a rapid rate, according to figures from the Court Service.
Christine Farrell, head of the property department at Wilson Nesbitt Solicitors, commented that "home owners need to make their Lenders aware of their intention to rent their property before entering into any agreement with a prospective tenant.
"The Lender will decide on whether they agree to the house being let and quite often will require the tenant(s) to sign a document to further secure the Lenders interest in the property.
"Anyone contemplating such a move should read their mortgage offer carefully and if unsure how to proceed, contact a solicitor specialising in Conveyancing for advice."
Visit our residential property services page
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