A new job in a new city, a start date weeks away, and a home you're not ready to give up. Maybe the move is for two years, maybe for good, and you don't know yet. Here's how to decide what to do with your old home, and what to check before you hand over the keys to anyone.
This guide is general information, not legal or tax advice. Take advice on your own situation.
What could your home earn?
Free and instant. Nobody rings you unless you ask them to.
Key takeaways
- Sell if you won't come back; let if you might.
- A tenancy is hard to unwind if you return within a year or two.
- Short lets keep the home free for visits, a return or a sale.
- Get your lender's consent, and the right insurance, before letting.
- A furnished home nobody lives in can face the council tax premium straight away.
Contents
What are your options?
- Sell, if you're sure you won't come back.
- Let to a tenant, for a steady income if you're gone for years.
- Let on short stays, if you might come back, visit, or sell soon.
- Keep it empty, which is usually the most expensive choice.
How long will you be away?
That's the real question. If you might return within a year or two, a tenancy can be hard to unwind. Since the Renters' Rights Act, tenancies roll on with no end date, and getting the home back takes a legal ground and months of notice. Short lets let you block out dates for your own visits, or take the home back when you need it.
Do you need your lender's permission?
Almost always. A residential mortgage assumes you live in the home. London Money quotes a lender saying letting without consent means a customer will be in breach of their contract. Ask your lender for consent to let, and get the answer in writing.
What about insurance?
Confused.com lists moving house among the most common reasons people need specialist cover for an empty home, because most standard policies state the home must not be unoccupied for 30 days or more. If you let the home, you'll need landlord or short-let insurance instead.
What happens to council tax?
If the home is furnished and nobody lives there, it counts as a second home. The House of Commons Library explains that with second homes there is no grace period before a council can charge the premium, which can double the bill. If the home is on the market, a 12-month exception can protect you from the premium.
Should you keep the home as an investment?
It depends on your finances and your plans. Run the numbers for each option, after every cost, before you decide. Our short-let vs long-let calculator compares letting options month by month.
Frequently asked questions
Should I sell or rent my house if I relocate for work?
Sell if you won't come back. Let if you might, with short lets if you want flexibility.
Do I need permission to rent out my home?
Usually, yes, from your mortgage lender, and you'll need the right insurance.
Can I get my home back if I return?
Easily with short lets. With a tenancy, you'd need a legal ground and notice.
Will I pay double council tax on my empty home?
Possibly, if it's furnished and nobody's main home. A for-sale exception can help if it's on the market.
Can I let my home just while I decide?
Yes. Short lets keep every option open while the home earns.
Related guides
Sources
This is general information, not legal, financial, tax or insurance advice. Market figures are averages as of the date shown above and change every month. Speak to a qualified professional before you act on anything here.