Lodgers - What are your thoughts?

ITtim

I friend of mine has asked if i have a room to rent.

To be honest, the money would come in very handy but i'm not too sure If i want to share my house.

What would i need to do from a legal point of view?

Does anyone have any advice?

epz_2

my understanding is sod all as long as the rent is less than something like 4K.

if moneys tight it seems like a good way to pay off some debts or mortgage so your payments are less in future years.

that said it could be a nightmare if you need to chase them for cash or they slob about your house.

big question seems to be how would you get on living together

ITtim

its hard to not let the greedy side of me take control!!

Would i need to notify the council of his living there or anything like that?

Curious_Moose

Yes, you would need to notify the council (especially if you are currently receiving the 25% single person's discount).

You can get a house share agreement form from WH Smiths. Confirms the deposit, monthly rent, notice period etc. It's nothing too heavy but just confirms things in writing for both parties.

Running_Horse

As I understood it when I rented spare rooms, you can get rid quickly as long as you live in the house. Not that it ever came to that. It can be good if you choose the right tenant, and you meet each other halfway on day to day things. No one too young, no one on the dole sitting around your house all day, no smokers. Men or women are just as capable of being good or bad lodgers. Contractors make good tenants as they are used to sharing, appreciate an affordable place, often go home at weekends, will not be there for years, and understand about being paid on time. Probably no need for a rental contract if just one spare room, but I used to buy a rent book from WHS just to keep up to date. Our local council want rooms available and gave good advice.

rabbit_burrow

Hi have a lodger (he is Polish, and lovely, my previous lodgers, who were a couple, were smelly and awful). Anyway, I use the lodger agreement as someone mentioned, but it's not necessary. You are allowed to earn upto £83 per week without declaring to the tax office for letting out a room in your house. Make up some house rules, so you both know where you stand. You are only required to give a minimum of 1 week's notice (if they pay weekly, 1 month if paid monthly). And, because it is not a short hold assured tenancy, you do not have to use the tenant's deposit scheme that was brought in recently, meaning that you can keep the money in your own account. Much simpler! It is a good idea to get a rent book, or a receipt book (I personally use the duplicate receipts, so that both I and our lodger have a copy of payment received)
Good luck!

PBA

Go to Ryman or WH Smith and get one of the rent a room packs, all the information you need is in there including a legally binding contract.

koksrob

wont you need to tell your mortgage company anything?

Col.Mastard

ITtim wrote: »

I friend of mine has asked if i have a room to rent.

Does anyone have any advice?

That Friend of yours, will not be a friend once they move in :rolleyes:

DKLS

I couldnt share my "cave" with any lodger, however much I needed the cash, Had lodgers in the past, inc my best mate and they drove me nuts, the house didnt feel like my own anymore.

seven-day-weekend

We have had lodgers on and off throughout our married life; now we have moved to Spain and our son has them.

Always have a few 'house' rules, like whether they can come into your sitting room, or whether they can use the phone. (Foe example, my son does not allow them to smoke in the house). Make sure it is understood what the rent includes and what it doesn't (it is a good idea too have a written agreement about this which you both sign, but not necessary.) Always have a week or two trial, to make sure that you are going to suit each other.

As others have said, you can earn up to about £85 a week from lodger's rents without having to pay any tax on it.

You can provide a rent book if you wish, otherwise just keep a spreadsheet of what they have paid, or give them a receipt (keeping a copy for yourself).

We never told our mortgage company when we had a lodger, it just never entered our heads. The house does not have a mortgage now. It may effect your contents insurance slightly.

Go to www.landlordzone.com for more information.

Good luck!