Live in Landlord - legal requirements & advice

AFK_Matrix

Yes I'm not worried about the insurance side of things, it was if the mortgage lender would give the go ahead. My solicitor has also said I should tell the post office as in their T&Cs I have to let them know of any other person moving in with me.

G_M

Take a look at this post. The top part relates to tenants, the bootom part has links for lodgers.

You must understand the difference, and also be very clear when discussing with your insurer - if they even suspect this is a tenant you'll have problems and some customer service advisors may not fully understand the difference - so be clear.

Do not mention the word 'tenant' in any advert, contract, paperwork etc.

I would not mention this to the mortgage lender (for the same reason). It does not affect them as the lodger has no property rights so unlike a tenant is no threat to the mortgage lender's investment.

AFK_Matrix

Well I have had a look at those sites and they say to tell your Mortgage Lender, so I'm most confused now lol.

jamie11

AFK_Matrix wrote: »

Well I have had a look at those sites and they say to tell your Mortgage Lender, so I'm most confused now lol.

Have a closer look, you have to tell them if you are renting to a tenant, a lodger is a different animal.

AFK_Matrix

Well after reading the LodgerLandlord website it does say it should be fine. But then on the http://www.landlordzone.co.uk/lodgers_rent-a-room.htm site under the What you need to do before you take a lodger it says to tell the mortgage lender. This is what has confused me.

jamie11

AFK_Matrix wrote: »

Well after reading the LodgerLandlord website it does say it should be fine. But then on the http://www.landlordzone.co.uk/lodgers_rent-a-room.htm site under the What you need to do before you take a lodger it says to tell the mortgage lender. This is what has confused me.

Some of the advice pages on LLZ have issues, we have told admin. but there seems to be a long wait for corrections.

G_M

Well - what can we say?

So lodgerLandlords says "don't inform", and Landlordzone says "inform" and posters here are saying "don't inform".

Ultimately you have to make your own decision, based on what you read/learn here and elsewhere.

I can only repeat my own view:

* if letting a property to tenants, landlords should always get the mortgage lender's (& Freeholders & insurer's) consent.
* if letting part of their own home to lodgers, landlords could inform their mortgage lender, but in my view needn't (indeed shouldn't as it could lead to unecessary problems). But should check their insurance remains valid.

auntyjulie

Badger_Lady wrote: »

PM me if you'd like a copy of a 'Houseshare Agreement' 'House Rules' and 'Application Form'... I use them for my lodgers and several other people have based theirs on the same documents

Registering for income tax is a bit more painful and I'm not sure how it impacts on your student loan (never having had one myself). But you can still take advantage of the rent a room scheme at the same time, so you'll only be paying tax on that tiny bit over and above.

Hi, I would really apprieciate the forms you have, they are just what I have been looking for- maqny thanks in advance xx