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Renting to students - to Inc bills or not?
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In my area it is common to do an all inclusive with a cap. It is specified in the rent (£10-15 per person per week) and anything over this limit is charged to themEmergency savings: 4600
0% Credit card: 1965.000 -
Credit meters are all very well but with an unequal balance of "power" with your son's as some kind of super tenant status what would they do if one of the lodgers simply said they weren't going to pay their share ? Kick em out-sure but that won't get the bill covered. Have the whole flat in darkness because Fred won't pay his share and the leccy kitty is empty and no-one else will put in until he does ? Student living can get very petty especially in the first year.
You could speak to the student housing people at your son's universiy and find out what the going rate is locally both with and without bills and see if they have any advice for you tailored to your student market. I assume this is for next year as term starts in a few weeks and most people who are organized and sensible (the type you want)will have already made their arrangements.I Would Rather Climb A Mountain Than Crawl Into A Hole
MSE Florida wedding .....no problem0 -
Capping was also an option, but until now we were unsure of what was fair so this has REALLY helped. Thanks0
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Thanks for the replies, much appreciated. We had already considered the boys as tenants meaning they could have lodgers (please see our other thread). We now have to work out how they can pay the mortgage as they will be getting the money!
Not sure how to budget in bills with rent so think we will arrange separately. As Clapton suggests, they'll max out on what they are given unless they are paying for it themselves.
The advice has really helped. Thanks.
you are getting into murk. As on your other thread if they give any money to you it will be treated as your income. That includes if they directly pay any of your liabilities. You are the owner, the mortgage is your liability, so if sons pay into your mortgage account then you have to pay tax on that as it is your "income"
as for bills if sons take lodgers and the bills are on top of the rent then the value of the bills is included in their rent a room allowance so with 2 locdgers could easily mean the allowannce is exceeded and the sons have to pay tax0 -
Do you mean prepayment meters.Credit meters are cheaper than prepayment I believe.Does anyone think we should use credit meters instead even though they're not the cheapest?
It is not in the tenants' interests for the LL to do council tax. Sometimes the tenants pay the LL but the LL does not pay the council. The legislation puts tenants as more responsible for council tax than a non resident LL, so the tenants end up being taken to court for a liability order and having to pay all over again. Tenants are best advised to pay their own CT and not pay it to a LL.drummer_666 wrote: ».... If I was the landlord I would do council tax inc (unless student let and then get copy of proof they are a student up front) and water but that's allHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
As my sons would prefer students I think the CT will not be an issue. The meters I mean are the ones that you have to top up with credit from the shop or online.
Thanks.0 -
These meters are pre payment meters. Credit meters are the ones where you get a quarterly bill which you pay in full or by Direct Debit.As my sons would prefer students I think the CT will not be an issue. The meters I mean are the ones that you have to top up with credit from the shop or online.
Thanks.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Notmyrealname wrote: »Yes. You used to be able to install your own cash slot meters and set your own tarrifs on them. Very common in bedsits in my town.
This sounds like a really good idea, thanks. Does it mean that you get a quarterly bill and the cash from the meter is set to pay that?
How do we get these meters do you buy them independently or from a service provider? Are they free or do they cost a lot to set up?0
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