Subletting

saifiraq

Dear MSE forum,

I am new to this website, so please be gentle

I have recently graduated and having difficulties finding a job. So I had an idea of renting a house and sub letting all the rooms to students to help me pay my bills.

So this is what I am thinking of doing:

I will find a large house that I can afford to rent. Then advertise all the rooms to students.

Is there any issues that would not allow me to do this? Is it illegal? Any charges I would need to lookout for?

Many thanks in advance for your advice

cattie

A lot of landlords will not allow you to sublet, so that is a barrier to your scheme to start with. I'm sure other posters will come up with more.

Best just to find a 2 bed place & take in a lodger for the spare room, which is an entirely different kettle of fish.

Werdnal

You will be effectively setting up an HMO - rules and regs apply and you may need a licence formt he local council.

That is, of course, of the LL lets you rent out HIS rooms. You cannot automatically take lodgers when you are a tenant as many standard tenancy agreements forbid it.

And if you don't currently have a job, how are you going to convince a landlord to let a large enough house to you to carry out this plan - you cannot use the "imaginary" rent you will gain from the lodgers you might not be allowed to let to to cover the rent you have to pay - you as tenant will be responsible for the whole rent on the property and would need an income to even get past the credit check and referencing stage to rent in the first place - me thinks this is never going to happen!

sandsni

Even if you found a LL who would allow you to sublet his/her property, what's your backup plan for when the students trash the place and you have to pay for all the damage?

saifiraq

Thank you all for the quick replies

I currently have a part time job at the moment which is getting me by, can this help me secure the property?

Regarding the students trashing the place, am I not able to write up a contract that they will have to be responsible for all damages the house encounters?

HMO licence, do I need to own the property to have this or I can rent and apply for this?

GwylimT

Because students can always afford to repair houses that they have trashed of course.

Guest101

Your tenancy probably wont allow this.

greatcrested

I don't think you can quickly get richlike this or everyone would do it.

Start small - get a mortgage & buy a 2 bed flat, then get a lodger. You can grow from there....

WellKnownSid

saifiraq wrote: »

Regarding the students trashing the place, am I not able to write up a contract that they will have to be responsible for all damages the house encounters?

You can write all the contracts you like. However, you are the one who has the contract with the LL, so the buck stops with you.

saifiraq wrote: »

HMO licence, do I need to own the property to have this or I can rent and apply for this?

I don't know, maybe you could ask the chap you use to install the fire alarm system and fire doors.

The electrician you use to install the emergency lighting and additional socket outlets to the minimum HMO standards might know.

Failing that, the plumber you use to install the additional toilets, showers and kitchen facilities will definitely know.

saifiraq

WellKnownSid wrote: »

You can write all the contracts you like. However, you are the one who has the contract with the LL, so the buck stops with you.



I don't know, maybe you could ask the chap you use to install the fire alarm system and fire doors.

The electrician you use to install the emergency lighting and additional socket outlets to the minimum HMO standards might know.

Failing that, the plumber you use to install the additional toilets, showers and kitchen facilities will definitely know.

Lol love the hints!

Ok this is not sounding like a very good plan... Back to the drawing board

There must be a way that I can something... Need a business idea that I can start small.... Thank you all for the replies and helpful comments

WellKnownSid

saifiraq wrote: »

There must be a way that I can something... Need a business idea that I can start small....

What was your degree in? Can't you make money doing something related to the thing you've just spent 3-4 years studying?