Living in my Ltd co resi property during my personal property move

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    Living in my Ltd co resi property during my personal property move

    Hello All,

    I am currently buying a house with my partner and there’s a likelihood I’m going to be homeless for a period of time during the move.

    I have a residential property that is in my Ltd co name coming back onto market at a similar time to having to leave my home and I’m effectively homeless.

    my question is, can I move into the property with my partner on a short term basis of say 3 months, set up a short term AST under say, my girlfriend’s name (who has no connection to my current property or my limited co) and charge rent pcm at the cost of the mortgage only?

    I can’t move into my partners or parents because it’s logistically not possible.

    I think the house is likely going to need some renovation work during that period too which I would personally complete and I see this as the perfect time to do it.

    Am I allowed to do this? I don’t want to cause any issues with HMRC etc.

    Thank you for your advice,
    Mr _Moggo

    #2
    If you are sole director then you choose who you let to on what terms. In these circumstances I would move in on your own and register for council tax etc then in your records note it as caretaker/maintenance occupation.
    HMRC are only likely to ask questions if your revenue is drastically reduced and even that is unlikely in current turbulent times

    Comment


      #3
      The most immediate issues are likely to be with any mortgage lender or insurer’s terms.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Originally posted by jpkeates View Post
        The most immediate issues are likely to be with any mortgage lender or insurer’s terms.
        I echo what JP says, lenders have strict rules on family etc occupying the property. I had to get permission to let a house to my sister in law. The lender said it was ok as it wasn’t my actual sister, but if my wife was a director or shareholder then the answer would have been no.

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          #5
          As usual with all these things its how would any of the '' authorities '' find out ? Yes i guess if the whole place went up in flames etc but on the balance of probabilities i would just do it for 3 months.

          Comment

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