Hi Everyone,
i'm not sure if this is the right part of the forum to post this question so forgive me if it should be elsewhere.
I stumbled across a house with a converted "granny flat".
For the first time ever the granny flat wasn't wishful thinking and something entirely finished, habitable and seperated from the house nicely
My question is I want to live in the granny flat whilst renting the house out through a PM and living rent free for a while
But because the granny flat is not legitimate with council (yet) and does not have seperate metres, is there any massive implications with me living there whilst renting the main house out?
I would be funding the place with equity from another IP.
I'm not sure if I should be buying this as an IP or PPOR?
I'm not entirely sure of the tax or future borrowing capacity implications...
Help...
Cheers
dafunk
i'm not sure if this is the right part of the forum to post this question so forgive me if it should be elsewhere.
I stumbled across a house with a converted "granny flat".
For the first time ever the granny flat wasn't wishful thinking and something entirely finished, habitable and seperated from the house nicely
My question is I want to live in the granny flat whilst renting the house out through a PM and living rent free for a while
But because the granny flat is not legitimate with council (yet) and does not have seperate metres, is there any massive implications with me living there whilst renting the main house out?
I would be funding the place with equity from another IP.
I'm not sure if I should be buying this as an IP or PPOR?
I'm not entirely sure of the tax or future borrowing capacity implications...
Help...
Cheers
dafunk