Renting out parking spaces: are you sitting on a goldmine?

who_me

Tax man/council on you they will do a drive pass (shooting) photo
check the reg`s
no family connections and bam gotcha

who_me

cover the number plates

olly300

Aboswell wrote: »

Can anyone let me know what the legalities are of renting out a space that accompanies a property that you yourself rent? A friend of mine rents in Leeds city center and her flat has a space 5 mins walk from Leeds city centre which she would like to rent out, however she is not sure if she can do so legally given that she does not actually own the space.

I suppose its along the same lines as sub letting a room in your rented house.

Any advice would be greatfully recieved.

Cheers

What does it say in the tenancy agreement?

If it mentions you can't "sublet" then don't do it especially if the landlord knows that your mate hasn't got a car.

olly300

who_me wrote: »

Tax man/council on you they will do a drive pass (shooting) photo
check the reg`s
no family connections and bam gotcha

Apparently they do that around wimbledon.
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2007/06/23/cmtax23.xml

So if you live near a sports ground and do it regularly on sporting ocassions and don't do it properly then the taxman could be after you.

Fulham_Mark- if you can work out which flat owns the parking space report them both to the freeholder and to the taxman. I'm sure at least one of them will be interested.

Strangely the people I know who legally rent out parking spaces are landlords and the "spaces" are either garages or open car parks/drives.

abaxas

I wouldn't have the balls to do it.... but

Rent car parking space
Accidently fall over small pot hole
Get help from that fat bloke with a wiggly gizzard.
Profit!

I'd be surprised is someone wasn't doing it already.

rickfick

I have rented out my parking space in Leeds city centre for 2 years.

I did it for one year when I rented a flat - we asked permission from our landlord who agreed, and even made adjustments to the insurance to cover some business use (The space was rented to a small business).

I have subsequently purchased a flat and continue to sub-let the space. I have set up a direct debit into a piggy bank account, and the rental income from the space nicely covers the extortionate ground rent and service charges that us urbanites are hit with every year.

The best bit is that we only sub-let the space Monday to Friday, 9-5, so we can still let friends/family use it evenings and weekends.

rickfick

olly300 wrote: »

What does it say in the tenancy agreement?

If it mentions you can't "sublet" then don't do it especially if the landlord knows that your mate hasn't got a car.

I live in Leeds city centre and have sublet my space for years. I found the policy when I was a tenant was just to ask your landlord! I offered to extend my contract by 6 months if they agreed. Many people I know have done the same.

There are far more rental properties in Leeds now than people to rent them, and landlords have to demonstrate their worth to retain tenants.

It is better to do it with the knowledge and consent of the landlord. There are some trigger happy clampers operating at the moment, and I would not like to find myself responsible for sorting out a situation where someone got clamped who was paying me for a service!

olly300

rickfick wrote: »

I live in Leeds city centre and have sublet my space for years. I found the policy when I was a tenant was just to ask your landlord!

rickfick - I hope you have declared to HMRC. You wouldn't want them to chase you a few years down the line for back tax as when lots of people start doing it they will start going through websites to track the owners of the space.

The person who wanted to do this didn't orginally mention that they were going to ask their landlord.

I know people who sublet. They do it with their landlords' full knowledge and agreement, and therefore all subletting clauses in their contract have been removed.

olly300

Errata wrote: »

The other things to consider, apart from planning permission and the tax man, are: you might need permission from your mortgage company and also your building insurer, and what will happen if the parker trips over your cat on your drive and breaks their leg.

If it's a cat then legally you won't be liable for the accident as cats are one of the animals by law who their owners are recognised as not having control over.

If it's a dog or a pot hole then they can sue you, and you have better have read the small print on your insurance to see if you are covered for renting out your premises.

olly300

rickfick wrote: »

The best bit is that we only sub-let the space Monday to Friday, 9-5, so we can still let friends/family use it evenings and weekends.

Thats nice they work exactly 8 hours a day and the office is one minute walk from the parking space.