Live in landlord definition, alternatives?

IsThisUserNameTaken

Am looking for options, and have no idea where to start looking. Slight context; I'm a lone parent of a child under 5 and am not working due to caring responsibilities. I have seen a few suitable looking jobs come up but not in the area. I hope to relocate but need to sell here too. I'm looking for an interim solution of renting out my house to subsidise my rental costs, which would allow me to start work, while waiting to sell my house and buy something more permanent in a new area.

I was looking at the rent a room scheme and becoming a Resident landlord, to give the most flexibility, but I am so out of my depth I don't know what my options are or where to start looking.

The definition of live in landlord is confusing me, I don't know whether I could qualify; any place I could afford to rent would be in the league of a bedsit/studio flat, I have pets, everything here where I live now. In terms of where I expect to sleep the most, well that would likely be the rented accommodation, though as it would be so tiny, I can't see us actually spending much time there, I'm not sure I'd sleep in either place even 50% of the time. I'd like my existing home to count under the rent a room scheme and for me to be considered a live in landlord in the ideal scenario, but no idea whether I'd meet the criteria. If not, can anyone point me in the right direction to find out about options please? I'm looking for a short term solution really.

anselld

You have to actually live there. if you need to look up a definition of that then you probably don't qualify.

You can rent for work, e.g. Mid week, even the majority of time but home is the place you return to, you need to have a bedroom, most of your stuff remains, electoral role, household bills, etc, etc.

Do you currently have enough spare rooms to take lodger(s)?

Is any potential lodger going to be interested when they see the house is on the market?

Tiners

Becoming a landlord (of either tenants or lodgers) for what is supposedly such a short term seems ridiculously complicated and unnecessary,

Sounds suspiciously like you're basically wanting to rent your house out but in a way that your tenants have all the disadvantages of being classed as lodgers whilst you gain all the advantages of claiming to be a 'live in landlord'

IsThisUserNameTaken

What??? You don't think you're jumping to conclusions a bit do you? If you have better suggestions I'd be grateful. As I posted, am out of my depth.

IsThisUserNameTaken

Thank you. Yes, I have a spare room. People do post saying that they are looking for places midweek for work purposes. In my head it would be my main home, if not only home, the other would be a base for work, but as it's about 250 miles away, I wouldn't be back home every weekend, though having said that when I would be back it would be for more than a couple of days.

Tiners

IsThisUserNameTaken wrote: »

What??? You don't think you're jumping to conclusions a bit do you? If you have better suggestions I'd be grateful. As I posted, am out of my depth.

1. Put your house up for sale for a sensible and realistic asking price which will achieve a relatively quick and easy sale
2. Once you sell (or accept an offer) rent or buy another a house in your new area.

Not sure why this isn't the first, most straight forward and most obvious option for you.

IsThisUserNameTaken

Because the job would be gone by then? Because I don't want to lose £30000 in the sale??? Sorry, do you know me? How can you be so assured about my circumstances to possibly say that? You have no idea what my situation is or what pressures I'm under. Please do not jump to conclusions.

dancing_star

IsThisUserNameTaken wrote: »

You have no idea what my situation is or what pressures I'm under. Please do not jump to conclusions.

Then please do not drip feed information! You can't blame people for not knowing relevant facts about your circumstances from the outset. Folk aren't psychic.

If it helps, I have been in a similar situation to you. I rented my flat out when I moved to a different area for work. I rented a new place for a year, and I'm currently buying in the new area and selling my old place.

It has been a bit stressful all round and I would not like to do it again. My tenant fell into arrears. I had the managing agents serve notice, at which point he disappeared, leaving no forwarding address, and owing a month's rent. This will be swallowed up by the deposit, but he also left some damage which means I'll be about £500 out of pocket.

I chose to use a letting agent as I am not on hand to sort out issues. So my rental profits weren't great.

I couldn't realistically have done it any other way other than to sell the flat as soon as I moved, but I chose to keep it as security in case things didn't work out in my new job/place. So it was all my choice, but really, I wouldn't like to do it again and will be relieved when it is sold. Don't think I'd like to be a LL again.

I can't comment extensively on your live in landlord idea, but I don't think you'd qualify. I just thought you might find my experience food for thought.

silvercar

I wouldn't take in a lodger with a child under 5 in the house.

IsThisUserNameTaken

I'm not trying to drip feed, just, probably like most situations, all the details are so long and when you post you don't know what is and isn't relevant that you draw the line where you think you should. I was just hoping for an answer, or a link to my questions in the OP really, mostly about the defn. of a live in landlord, and was taken aback by assumptions by the poster that I was trying to rob someone of their tenancy rights, which seemed completely out the the blue, my question was just trying to find a good solution for the situation I'm in, I didn't think I needed details about my circumstances really to find out the defn of a live in landlord, just gave some details anyway, of course I'd have been clear with any prospective tenant as to the situation and I'd assume they'd only have wanted to live there if they were looking for something shorter term. I think when I read posts, I'm aware that I don't know all the info, just a cross-section of whatever someone thought was relevant when they posted. But thank you for your insights, TBH, it's not an option I'd really look forward to, not something I'd choose to do, and by the sounds of it not something I'm going to do, but I'm out of my depth, and looking for a good solution, or at least, a less bad solution. I'm not looking to make a profit, it would certainly have made a loss, just it might have been sustainable for long enough to buy somewhere new.

dancing_star

IsThisUserNameTaken wrote: »

TBH, it's not an option I'd really look forward to, not something I'd choose to do, and by the sounds of it not something I'm going to do, but I'm out of my depth, and looking for a good solution, or at least, a less bad solution.

Sympathies, it does sound tough. I am single, no children, and not especially financially stretched, and I've found the last year hard at times. Just the 'oh, no, what NOW' type of thing when the windows needed fixing and there was a leak in the rental property, just as I had to get my car serviced, etc. And the arrears thing, obviously!

What I'd say is with your other circumstances (child, caring responsibilities, job seeking, moving) is that worrying about landlord responsibilities on top of all that is an added pressure you could well do without. But if you can't afford to sell and take the financial hit of a loss, then it's a tough decision.

But once you've made a decision, crack on with it and make the best of it!