Sub-letting a Room?

Bunnie

Hiya

I recently started rent a 2 bed flat on the basis that i could sublet the 2nd bedroom. I know the landlord personally and its not a problem so long as i pay the full rent each month.

Ive just started looking for someone to move in and have started thinking about deposits etc.

The flat was unfurnished before i moved. After some very expensive ikea trips its now looking really good.

I would be charging whoever moves in a bigger percentage of the rent i owe every month to reflect the fact that im providing it furnished.

Regarding a deposit - i want to get a deposit before they move in just to cover damage to furniture etc.

Can i just take the money and put it into my bank account etc till they move out? Or ive been reading alot about schemes that deposits go into. Do i need to put it in a scheme? And how do i go about finding one? Who runs them?

Is it slightly different as i am not the actual landlord? Ekkk i just dont want to get it wrong and get into alot of leagal guff.

Well any advice would be appreciated.

Thanks

Premier_2

The requirement to protect a deposit onto applies to assured shorthold tenancy agreements.

In your case it doesn't apply as you will simply be providing lodgings under a lodger agreement.


Btw, notwithstanding how well you know the LL and/or what they say, what does it specifically say in your own tenancy agreement about sub-letting? Does the LL have a mortgage on the property? Is the lender as laissez-faire about sub-letting as your LL seems to be?

PasturesNew

You've got permission, so that's covered.
They will be a lodger so don't issue an AST to them.
You can keep the rent money you get from them, tax free, under the Rent a Room scheme (maximum of about £4200/year). Over and above that amount you'd be expected to pay tax on it.

Only other thing is to check your contents insurance with your insurer. They don't all allow lodgers so you might have to change. Most that do accept lodgers do not allow cover for accidental damage. It would be a responsibility of your lodger to cover your goods under their contents insurance (Endsleigh cover a landlord's contents under their Tenant Insurance), or they'd just have to accept that if they damage something, they owe you for it straight away.

Good luck.