>>Or sell it whilst the market is buoyant. Which is what I'd do at their age.
And potentially get your a*** nailed to a CGT (28% I think) wall, never mind fees and the decisions on what to do with whatever resulting profits occur.
The it's all become too complicated and too related to individual circumstances for generic advice to be worth much.
Some of the changes relate to mortgage tax relief, and since it was their parent's house, that probably doesn't apply. The market has changed also reducing freedom, flexibility and ultimately yield.
The changing circumstances make getting into and getting out of the rental markets expensive and tricky. IF one has been in the market for a while, and is renting out inherited properties rather than BTL, then it can be more favourable, though often still not the most efficient.
Depending on the property, the mortgage situation and their own position it may be that short-term, furnished holiday rentals would be a better proposition, though typically more work of course. There are considerably more tax facilities that way.
Ultimately though, their genius idea of increasing the rent, changing tenants, getting the gardens sorted and maintained, not paying lawyers or agents, and somehow having a peaceful existence is deeply flawed.
Time for some proper, professional advice, on their actual circumstances and some serious open-minded thinking.
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