MOONDUST FRST

Whats the legal side of things when it comes to renting out rooms?
As in if i brought a 3 bed house and was payin the mortgage but wanted to rent 2 of the rooms out with me still livin there how do you got about this

Jonzy

cash

Dan

Shouldn't have a problem fella, you need to disclose it to your household insurers though as the property is no longer under your sole occupancy

MOONDUST FRST

I see so it does not affect your martgage in anyway or somehow requires you to pull your pants down for the tax office
Is it best to advertise privatelly or use some kind of company like you do for renting out the house?

K80FRP

I know alot of friends that house share and they decided that it is not alway best to share with mates as occasionally you can be let down

So what they have done is used the internet to advertise to people in the local area and have set up standing orders or cash (remember always reciept, just incase). I personally would set up a seperate bank account for a standing order as i would not like my currunt accout details to get in to the wrong hands

My mate has her own house and uses this site to find suitable candidates

uk.easyroommate.com

and i know quite alot of people use this site to find a room!!!

Hope this helps

Kate

Dan

No it won't affect your mortgage mate, mine's fine and principally i'm doing the same but not just a room.

It's totally up to you how you advertise it, it's easier to use a letting agent if it's your first time letting but then there is the cost implications (their interest), if your confident then just get an ad in the paper

K80FRP

Dan is correct in saying it deffinately wont affect your mortgage at all as with any account including all utility bills the responsibility lies with named account holder and i persume that the yourself is the sole account holder, so you will be fine

MOONDUST FRST

The house im interested in getting is fairly big place and it would be pretty big for just me and needs work but i thought just go for it rather than keep swapping upgrading from smaller houses and paying all the costs etc!
Plus the price wont be silly as its my mums house so seems stupid not to go for it, however its just a big mortgage and this is prob the only way id be able to handle it for the first few years at least
Got a mate whos interested in moving in but was also thinkin of letting another room out but that would prob be to a complete stranger

Dan

With doing it mate just keep an open mind, theres NEVER an easy let and you WILL run across problems, don't be under any illusion that it's easy money.

Saying that don't be put off buy it, but just go into it with your eyes open

I'm coming to the end of my first year letting and it's been hard and will be right to the end, however I know it's the right thing to do so i'll stick at it

K80FRP

I would deffo go for it mate with house prices rising or remaining the same, if you can get a good deal then I would say just go for it

To be honest i know my mate had a few people look at her room and charged Ł350.00 per month, but they used all facilities in the house (inc of Sky and Broadband).
She picked the best one she liked and got character reference and employment references (employers are able to give these providing they have the potential occupants permission and to be honest if they say no they must have a reason)

You are still in a position to ask for a security deposit upfront to cover yourself and draw up an agreement that they have to give 1 months notice to leave and vice versa

MOONDUST FRST

So dan are you living in the house that you have rented the rooms out or just renting rooms and living elsewhere? Have you had any major headaches at all, i wouldnt go in thinking it would be easy as i know it prob wouldnt be as for a start you havent got your own space so much so to speak! I have been backpacking for a year now though so im quite used to all that communal bullcrap and fighting over kitchen utilities etc

To be honest as well my first thoughts were a months rent up front with a 1 month notice agreement like said as well. Also would have sky/broadband etc included in the price but wondered what kind of orice was acceptable as a monthly rental fee and weather to include leccy bills in that or not?

thanks peeps for ya help so far

K80FRP

If you have a look on that website link have a look what the majority people do, I think it is very varied, but my mate just does it all inclusive excluding the phone. I think the broadband is wireless and the sky is in the living room and they have to pay for the additional costs for it to be in there room

MOONDUST FRST

That sounds pretty fair and makes life a bit easier as well IMO