My student son wants to rent my flat. I'd have a lease agreement set up in his name only. He wants to do the do the 'rent a room' scheme by renting out the spare room to his student pal - is this possible? What paperwork would he need to keep, other than the receipt of payment? If the friend isn't on the lease agreement, what are my legal obligations to the friend? The flat has all the safety requirements - wired smoke/heat detectors, electrical and gas safety certificates.
Son Wants To Rent Flat
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Seriously ask yourself the question what would you do if your son stop paying you the rent he is supposed to? Will you evict him like any other tenant? If the answer is not a definite yes, then don't do it.I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.
I do not answer questions through private messages which should be posted publicly on the forum.
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How will your student son be paying for the flat?
Without the issue of it being your son, the answers to your questions (broadly) are yes, a lodgers agreement is adviseable and none.
If either your son or his lodger move a partner in, they'll create an HMO, so you need to make sure that the agreements all prohibit that.When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).
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How is this tax efficient?
Giving a child money isn't a taxable event, receiving rent is income and taxable.
If there's a BTL mortgage on the flat it's possibly a non-starter (and check any landlord's insurance).When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).
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Would you be happy for your letting agent to give your flat to a man who has no job, can't pass a credit check, and says he has no job, but promises to get a job once in the flat.
No you would not. You would sack the letting agent if that happened.
It was your sons choice not to earn a wage and be a student, not yours.
The more you wrap people in cotton wool and keep reality from them, the harder it is for them to adjust later.
And when he says he can't afford the rent for 3 months, will you evict him ( you will never get that 3 months back ) .
You will then hear, but Mum, i'm your son, I need your money for the personal choices I have made.
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Originally posted by jessa46 View PostHe says he'll get a job to pay his share.
Tell him if he gets a job, and keeps it, then he'll be able to afford to rent his own property from an unrelated landlord.
BTW Just in case he brings it up.
He'll find that the DWP will not pay Universal Credit Housing Element (which has replaced Housing Benefit) for a family let like this, they see any renting from family members as an attempt at a contrived tenancy. (Which is Benefit fraud).
It takes a lot to convince them otherwise.
He just wants to live in your flat for free. (Like he's been living in your house for free all his life?).
And I'd be worried about him paying the utility bills / Council Tax as well. (Like he's not had to pay bills all his life?).
I have been through similar with a nephew. (Long story - ended up with the property being repossessed and a lot of bills outstanding).
You have been warned by a few people here, letting to family like this often (usually) goes awry, especially when it's young 'adults' involved.
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Originally posted by jpkeates View PostIf there's a BTL mortgage on the flat it's possibly a non-starter (and check any landlord's insurance).
OP, you need to decide whether you want to be a landlord, or whether you want to support your son financially. Both are valid choices, but they don't mix.I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.
I do not answer questions through private messages which should be posted publicly on the forum.
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Originally posted by KTC View PostOP already stated "The flat has no mortgage on it".
For what it's worth, I rent to my son and his girlfriend.
They pay rent (which is the market rent less the fees my agent would have charged me.)
The question about what I would do if he stopped paying rent?
If I evicted him, he'd be moving back in here anyway.
There's zero chance he wouldn't pay rent if he could (and if he wasn't working I'd be paying anyway).
It's not ideal, but life rarely is.When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).
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