Hi,
I currently rent a small property with my family and have been in a trust deed for period of a year. I have the opportunity to change my job role, which will lead to an increase in salary. Can I move rental property during the trust deed to a larger and more expensive rental property utilising the potential increase in wages. The rationale for this move is to provide my family with a better standard of life near my child’s school.
Thanks
Chris
Hi Chris 83 and welcome to the forum.
I can’t see there being any issue on the basis that the Trust Deed payment is maintained and you’re not renting a property at an unusually high rent per month.
How much is your current rent and how much would the new rent be?
Peoples life’s do change over 4 years, jobs, income, living arrangements etc. so the Trustee needs to take all of this into consideration. A change of job with an increase in income and also ability to improve your current living conditions are all part of this.
Remember to have a look at how much extra bills you could have i.e. council tax, extra utilities or factor charges etc. and not just at what the rent is per month.
Best thing to do is reach out to your Trustee to confirm there won’t be any issues and have this confirmed in writing from them.
David is not currently posting in the Trust-Deed.co.uk forum
Hi David,
Our current rent is £550 per month and we have the opportunity to move to a larger property at £800 per month.
Thanks
Chris
Hi Chris 83.
As David has mentioned, I'd suggest trying to estimate what your additional bills will be (on top of the rent increase).
Once you have that information it would be best to discuss your plans with your trustee (before taking this step).
Hi Chris 83,
To me that increase doesn’t feel unreasonable for a better quality property and standard of living but it’s also factoring in any extra costs. Sometimes with a more expensive property council tax can just up etc.
If you see a property and know the address you can check the website called SAA.gov which allows you to check the council tax banding of a property and then you can use this to check the local authority website on how much the council tax would be.
How are you feeling about changing jobs and possibly moving address at the same time?
David is not currently posting in the Trust-Deed.co.uk forum
I too doubt it will be a problem as long as you can continue to afford your Trust Deed payments. It might be worth jotting down a list of the reasons why your current tenancy isn't ideal for your family in case you need to justify a move to your trustee.