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Want to rent my house to my son

teacher61
teacher61 Posts: 1 Newbie
in House buying, renting & selling
Would like to rent my flat to my son and his fiance but not sure how to go about it. Can I just let it without anyone knowing?

Comments

  • louannrose
    louannrose Posts: 1 Newbie
    I don't understand your concern? What's the problem of giving rent flat to your son. Whatever issues with the flat rent, your son will handle it.
  • V_Chic_Chick
    V_Chic_Chick Posts: 2,441 Forumite
    Do you have a mortgage, and if so do you have permission from your mortgage lender to let it out?
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Are there any benefits involved (for you, your son or his fiancee)? Do you have a mortgage?

    Take a look at G_M's excellent introduction for new landlords.
  • picklepick
    picklepick Posts: 4,048 Forumite
    1,000 Posts Combo Breaker
    Well you either do it legally and above board, or you don't.

    Is your question, who do you need to inform? Need to do?
    What matters most is how well you walk through the fire
  • Linton
    Linton Posts: 18,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    teacher61 wrote: »
    Would like to rent my flat to my son and his fiance but not sure how to go about it. Can I just let it without anyone knowing?

    You cant legally. Any rent he pays you is subject to tax. If its mortgaged you need to agree the rental with the lender.
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    edited 18 October 2012 at 2:21PM
    Do you have a mortgage - then you need their consent to let?

    Do you have a leasehold flat - then you need freeholder consent to let.

    Do you have house insurance - then you need their consent to let (probably inlvolve taking our a new policy).

    You also need annual gas safety checks and an EPC.

    Even letting to family, you are governed by all the legal regulations of being a LL.

    Read this:

    http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

    and all the link it contains to see what you have to abide by.

    You will also need to declare the income you receive in rent to HMRC - if you are already a high earner/or on benefits yourself, this may create financial issues for you.
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    louannrose wrote: »
    I don't understand your concern? What's the problem of giving rent flat to your son. Whatever issues with the flat rent, your son will handle it.

    Welcome to the forum, you are obviously not from the UK and therefore do not understand the legal implications and requirements of renting out a property here. Might be better not to reply with unhelpful advice on something you do not understand - unless of course you are trying to get your post count up so you can post some spam links ;)
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It's worth running an advanced search this has been asked many times.

    Do you own the flat or are you a tenant? As already stated you may need the consent of the lender which they may not give for letting to relatives. Also check your long lease to see if you need consent from the freeholder, either way inform them for insurance purposes. You also have to comply with all the other legislation surrounding becoming a landlord from safety certificates to income tax.
    http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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