Help! 53 yrs old and needing Pension guidance please

Alexland

We both took lodgers when we first owned properties and the tax free rent a room income really helped accelerate our wealth. Not sure I would want to do it later in life but if you find the right one and if the prize is worth it to you...

Alex

zagubov

Be careful if you have a lodger while you are away. Over in another landlords webforum there was a discussion about someone away for months who may have converted their lodgers to tenants.

Admittedly the person rented out their own room while they weren't using it and should really have checked up what that does to the landlord lodger relationship.

Kynthia

zagubov wrote: »

Be careful if you have a lodger while you are away. Over in another landlords webforum there was a discussion about someone away for months who may have converted their lodgers to tenants.

Admittedly the person rented out their own room while they weren't using it and should really have checked up what that does to the landlord lodger relationship.

A lodger becomes a tenant if the property is no longer the landlord's main residence. Many landlords move out yet try to claim the property is still their main residence when it clearly isn't and it's where they moved to. However in the OP's case as they'll only temporarily be staying with family it's likely their home will remain their main residence. However renting out your own bedroom makes it difficult to say it's still where you live.

westie660

Thanks all - the lodger idea is a good one, but I don't think it would work for me. It's a 3 bedroom house, so in theory I have plenty of room to spare, but I'm a bit long in the tooth to "share" my space with anyone now. I think if it came to that, I would rather move into the rental property and sell or rent my main home. Or even sell both and buy something in between, that would still release capital to the pot.

Also wondering if any of you savvy folks would know why my State Pension forecast shows that I have 26 years of full contributions, and still need to make 11 more (total of 37?) As the requirement is 35 years for full pension, I am a bit puzzled by this. Tried to phone them but couldn't get through - will try again, but possibly someone here knows the answer?

Many thanks for all contributions/suggestions so far. I know I'm still in a bit of a position, but your input is certainly helping to focus my mind, and really is hugely appreciated.