New Landlord - need advice

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    New Landlord - need advice

    Hi,

    I own 2 bedroom flat, and now I live with a lodger. Soon I'll be leaving UK for minimum 3 years, and not sure what shall I do with my flat. I have two options:

    - keep my lodger, and rent out my second room (my friends told me they would keep an eye on my flat once im away)

    - or just to rent out whole flat with some letting agent,

    Any thoughts?

    thx

    #2
    I think your lodger would become a tenant, as it is no longer your principal home.

    Comment


      #3
      Originally posted by Jarek View Post

      - keep my lodger, and rent out my second room (my friends told me they would keep an eye on my flat once im away)

      - or just to rent out whole flat with some letting agent,

      Any thoughts?
      It would be a tenancy and "keeping an eye" is quite onerous for a tenancy.
      I'd use a letting agent.
      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).

      Comment


        #4
        Many thanks for that... I'm just feeling sorry for my lodger to go, she is a nice percon but definitely she cant afford renting the whole flat... Thank you for your advice :-)

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          #5
          She could rent the flat on an AST & take in her own lodger.

          Comment


            #6
            Originally posted by jpucng62 View Post
            She could rent the flat on an AST & take in her own lodger.
            I know, but it's a bit tricky... She was recomended by my friend so I didn't take any deposit from her... and even now she wont be able to give any deposit for AST

            Comment


              #7
              A decent tenant is worth their weight in gold.
              Letting to someone you know and trust is worth forgoing a deposit (and setting a sensible rent).
              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).

              Comment


                #8
                So is it ok if I sign a AST with her and then she will sublet the other room?

                Comment


                  #9
                  Does your lease allow you to rent out your flat? Do you need to get permission, pay a fee etc.?

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                    #10
                    Originally posted by Mrs Mug View Post
                    Does your lease allow you to rent out your flat? Do you need to get permission, pay a fee etc.?
                    Yes, I own 100%

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                      #11
                      The question was about the lease, not about the mortgage.

                      Comment


                        #12
                        Originally posted by leaseholder64 View Post
                        The question was about the lease, not about the mortgage.
                        Sorry, I should be more specific. Yes my lease allows me to sub-let.

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                          #13
                          Your existing insurance probably doesn't cover it either, but can be changed. Tbh I would take a different view. I wouldn't give a tenancy to someone who can't afford the rent. If she takes in a lodger then it gives her certain landlord responsibilities which she may not properly execute and what about the period between lodgers where she can't afford the rent or if her lodger doesn't pay her? I think you're better off letting through an agent, but be careful who you choose as any mistakes they make could come back on you. You should also make an arrangement with HMRC, otherwise the agent will have to deduct the tax at source.

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                            #14
                            The HMRC arrangement applies even if there is no agent; the tenant will have to deduct the basic rate tax.

                            Comment


                              #15
                              Originally posted by DPT57 View Post
                              Your existing insurance probably doesn't cover it either, but can be changed. Tbh I would take a different view. I wouldn't give a tenancy to someone who can't afford the rent. If she takes in a lodger then it gives her certain landlord responsibilities which she may not properly execute and what about the period between lodgers where she can't afford the rent or if her lodger doesn't pay her? I think you're better off letting through an agent, but be careful who you choose as any mistakes they make could come back on you. You should also make an arrangement with HMRC, otherwise the agent will have to deduct the tax at source.
                              Thanks for that! One more question: How can I pick a good agent. I am really new to this and all what I see is that they offer almost the same service. Any clues? I don't mind paying them high price - as I said before - I wont be in the country for few years so can't keep an eye on the property by myself (btw I live in Brighton)

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