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Money Moral Dilemma: Should my girlfriend contribute to flat expenses?

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  • mn2203
    mn2203 Posts: 48 Forumite
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    Your current mortgage will undoubtedly not permit renting out the premises. If you contact them, they may give permission but will likely change the interest rate to reflect the change of use in the property. There are also other things to consider such as landlord insurance and the responsibilities you would have as a landlord towards your tenants with regards to maintenance and deposits. You may also have to declare the rental income & pay tax on it.

    Have you considered all of this already? Have you also considered if you can afford it if there are any periods the property is unoccupied or if your tenant doesnt pay on time? Or worst case scenario, you get a tenant who doesn't pay for a long period of time and you need to go through the courts to get them out (with no guarantee of getting the money owed)?

    I can get a consent to let with no changes to my mortgage.
    I have considered/ researched about being a landlord and I know what is involved - yes I will have to declare the income and pay tax on it.
    I have savings so I can cover periods where the property isn't rented and would get insurance to assist with this/ courts if things go sour.
    As for the bill split....if it were more temporary I'd have perhaps said the extra. But if its permanent it should be 5050 imo. Different if its just something that one of you gets the use of, but bills you both contribute to should be 5050. After all, while he may have paid for the electricity to use a light/tv/kitchen appliance anyway, you'd be getting the benefit of that also. While he might not be paying any extra, you'd be paying less than if you had your own home so you just paying an increase isn't fair imo.

    Thanks. I went for a run yesterday after posting and quickly thought how unfair this option was - just paying a top up for utilities doesn't take into account all the standing charges which I would benefit from. So we're going to do a 50/50 split.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    mn2203 wrote: »
    I can get a consent to let with no changes to my mortgage.
    I have considered/ researched about being a landlord and I know what is involved - yes I will have to declare the income and pay tax on it.
    I have savings so I can cover periods where the property isn't rented and would get insurance to assist with this/ courts if things go sour.



    Thanks. I went for a run yesterday after posting and quickly thought how unfair this option was - just paying a top up for utilities doesn't take into account all the standing charges which I would benefit from. So we're going to do a 50/50 split.

    Sound like you're very level headed and sensible ;) Wish you luck on your move!
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • mn2203
    mn2203 Posts: 48 Forumite
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    Sound like you're very level headed and sensible ;) Wish you luck on your move!

    Lol, not sure about that but I try!! We're talking about it a lot to try and work out the best solution re renting my flat/ his house/ when to sell up either in terms of the markets and what our futures may hold.

    But thanks - feel excited although won't be moving for a while - BT want to charge me for the rest of my broadband contract :-(
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