Should i rent my house out? What would you do in this situation?
I bought my house in November 2007 with my partner, just when the market crashed and now im in negative equity. It didnt matter at the time because we werent going to sell but since, me and my partner have split up and hes totally shirking his responsibilities and has moved out and wont pay anything towards the house.
The mortgage is in joint names and i cant get his name off because since buying the house i got made redundant and went back to university so i have no income and cant have the £115k on my own. He doesnt want the place and i cant sell because i would have to find about £15k and im not taking that debt alone.
The mortgage company transferred the mortgage to interest only (they were really helpful) and using my student loan, bursary and part time job income i can just about make ends meet each month. The only problem is that my mortgage is now linked to Bank Of England base rate and will rocket when that rises, whenever that is, and i definately wont be able to afford it. I have given up on asking my ex for money, (i cant wait for the day he meets someone else and wants to buy a house with them and cant because he is stuck on this mortgage with me!! he has no clue about money or finance or mortgages, i dealt with all that) and my parents have very kindly offered me a room in their house suggesting that i rent my place out. (i would make about £150 a month because the mortgage is so cheap and the mortgage adviser actually said ‘if you hadnt come in and told us we wouldnt know about it so lets pretend you never made this appointment’ when i went to ask if i could rent it out) Im 28 and havent lived at home for 10 years and im so worried about it!
What would you do? Rent it, live with parents and save the money made to sell it or stay there and struggle? Any advice would be greatly appreciated as im STUCK as to what to do 
Many, many thanks
I cant rent a room out unfortunately, its only a starter home so has a double bedroom and a tiny second bedroom that you would be pushed to fit a sigle bed and a wardrobe in
You absolutely can rent out a room and this is what you should look at doing first as it is the most conservative (least disruptive and risky) option. You move yourself into the single room and let out the decent room. If necessary, put most of your stuff at your parents’ house.
If that does not work then your parents is obviously the only other choice you have.
Then you need to look into ways to get your ex off the house. You can’t blame him for not wanting to contribute to a place he does not live in and it is decent of him to agree to remain on the mortgage for the time being because he could have forced a refinance/sale. Unfortunately, he still can so don’t get too excited about his meeting someone else.
Yes, good idea, rent it out for a while, though there can be a lot of problems with renting.
You will need to tell your mortgage company, and get Landlord insurance and a gas safety certificate,
I have done this also.
Maybe you could get a roommate. Then you wouldn’t have to move back to your parents but you could still make a little extra money! Split the utilities 1/2 and 1/2 and then charge them a couple hundo in rent? Good luck!
Rent it out through an Agent if possible. House prices are rising slightly. In a couple of years your situation could have changed for the better. My DIL did this for 5 years.
Good Luck.
rent it outt, move in with parents, just hope that the market recovers,
I am not familiar though with Englands bankruptcy laws.
Before renting, know the rights of both landlord and tenent.
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/index.htm
If the property is in joint names then there are issues in renting out the property! You really need to speak to a solicitor to find out whether, as legal joint owner, your ex could actually claim part of the profits or refuse permission to rent it out.