Just bought my council house. (Scotland) Can i sub let it out within the 3 years of buying it?

Question

i know i cant sell the house for 3 years (or i have to pay discount back) so i was wondering if i could let it out just now? was thinking of moving to a bigger place. any ideas? was looking at councils website but no joy.

Answer 1

yeah i thin k you only have to wait approx 9 months

Answer 2

Just a thought, if you rent it out it will not be your main residence, therefore when you sell it you will be liable to capital gains tax (CGT).

Answer 3

yes mate you can rent it my sister has just done it. You just cant sell it for 3 years

Answer 4

If you have bought it outright then yes, but there will of course be income tax to pay.

If you have bought it with a loan or mortgage then you need the lender's permission and again there will be tax to pay.

The insurance company also will need to know you are not living there.

Answer 5

Both of above are correct, if you rent it out you must register as  alandlord and comply with all health and safety regulations. You will pay Income tax on the profits of the rent (after any reasonable expenses) and as it is not your main residence and is a commercial venture you may have to pay capital gains tax once you sell it

If mortgaged you need to inform and get permission of your mortgage lender, you may reqyuire additional insurance cover.