MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
We have a single story self-contained extension to our house which is currently occupied by our eldest daughter who has announced that she is (finally) moving out in early June.
It consists of lounge, bedroom, bathroom and kitchen with its own front door.
Our youngest daughter doesn't want to move into it so we are thinking about letting it.
Any ideas where the best place to go, apart from here 😉 , to get good advice on what our responsibilities are as landlords and for tax liabilities?
Anyone looking for a self-contained flat in Guildford??
[url= http://www.pkc.gov.uk/Housing/Private+housing/Private+tenants+-+advice+and+support/Landlord+Responsibilities.htm ]Here is a good place to start[/url]
You want a short assured tenancy agreement IIRC BUT CHECK!
You will need gas and electricity saftety certificates, smke alarms and all sorts of stuff like that. Deposits need to go in a special scheme.
As for tenents - Gumtree is good in Edinburgh - we have a similar sort of set up and I got dozens of enquiries after putting it on gumtree.
Consider using agents - but the do like to charge
Edit - just realised that is a scottish link and things can be differnt up here - google is your friend for checking it out
agents fees are usually between 10% and 20% of the monthly income, plus VAT. They usually also charge up front fees for advertising and the like, but they do vet the potential tenants. worth having one if you're not on site, but as you are, it may not be necessary.
tax issues could be interesting - contact HMRC - as the property to be rented does not have a separate mortgage
I used to use Loot in London for getting lodgers; worked fine!
Thanks for replies guys.
As the extension is part of a larger house for mortgage/council tax purposes would it be viewed as a room-in-a-house or as a seperate property?
look at the rent a room in your house option.
I **think** about 350pcm is tax free (which is a win at your top rate).
You could pad that with council tax % and gas/leccy% if that sounds low.
e.g 400pcm = £350 rent, 25 council tax, 25 bills
*House Insurance policy will need update,
When advertising suss out on phone first
- always get them to visit/look, and say somebody has already looked so you can say sorry mate Fred took it, instead of I don't want a loony soap dodger in my house
- deposit (1 month min)
- references, proof of id etc and follow it up, BEFORE, REPEAT BEFORE move in
I've never done contracts, which I accept has risks, but sharing your house with someone you don't trust seems pretty pointless to me.
it sounds to me like it isn't clear whether this is a separate self contained dwelling, or part of your home. i know this complicates matters like council tax and i wouldn't be surprised if there were other complications with setting up a tenancy, buildings insurance, tax to be paid.
i'd suggest getting more detailed and professional advice