Q: Hi everyone . I and my other half is currently experiencing issues. He is financially unable to pay the mortgage which I believe would be long term. We just moved to Bristol about 6 months ago and moving again and getting another feature of the question. I am now planning to either rent the entire house or a room in the house as currently renting, it would be just me and my daughter. I really do not want to leave the house because it has some sentimental value it has, and plus the fact that it would not be practical. Im just thinking of a number of potential ways money comes in to help us in the mortgage. Here are some questions I need some answers:
1. How do I ensure that the tenant will I get what I can trust and that at some point I would not come home to an empty house that was made by my tenant.
2. Is it really safe? Has anyone there has some experience in renting out their room, and ended with problems?
3. Is there a way I could check whether the tenant is able to pay the rent on time and that the tenant is of good moral character.
Please help!
A:Try www.landlordzone.co.uk – they are a wealth of information and have pro-formas for checking out lodgers and also lodger agreement forms.
A:Hi there everyone…Me and my other half is currently having problems. He is financially not capable of paying the mortgage which I believe would be long term. We have just moved in
Bristol about 6 months ago and moving again and getting another property is out of the question. I am now planning to either rent the whole house or rent a room in the house as currently, it would just be me and my daughter. I really don't want to leave the house as it already has some
sentimental value on it and plus the fact that it wouldn't be practical. I am just thinking of some ways of potential money coming in to help us out in the mortgage. Here are the few questions that I need some answers:
I have replied on the assumption that you seem keen to rent a room rather than move and rent your whole home…on that basis…..
1. How am I going to be sure that the tenant I will be getting is some I can trust and that at some point I would not come home to a house that has been emptied by my tenant. Can't ever be truly sure…try to get someone you can get independent references for (employer, previous landlord, previous sharer)
2. Is it really safe? Does anyone out there has had some experience in renting their room out and ended up with problems? You have a child….ANYONE could be a risk and you would be letting what is a complete stranger into your home and giving them a key!
3. Is there a way that I could check that the tenant is capable of paying the rent on time and that the tenant is of good moral character. Try www.maras.co.uk I use them to check potential tenants…they won't deal with you direct but can give you the name of an agent near you whom you can contact to get someone (with their permission obviously) credit checked and referenced…costs about ￡35
You may not be (offically) able to sublet a room in your own home on a formal tenancy agreement because your mortgage lender will probably specifically forbid this as it confers legal rights associated with a tenancy…the term you should use is getting a lodger. This is where someone pays you for the use of a single room (usually a bedroom) but shares other facilities in the home like kitchen, bathroom etc.
If you sublet furnished rooms in your home, or have a lodger…technically income from this activity should be declared to the Revenue.
See http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804
Please help!
Sorry to hear you are having problems….good luck but whatever you do, make sure you and your little one are safe
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