can i rent out a room in a flat i part own by profiting from it?
Thursday, March 26th, 2009 at
5:06 pm
i have a shareholders flat, its 2 bedrooms, i thought if i rent one room out it will help with my mortgage, would i be allowed to rent it out without getting into trouble?
Sell and Rent Back
Related articles:
- I live in a flat. Question about renting the front room? I have a mortgage on the flat. Is it illegal to rent the front room or what is all that about?Sell House Quick ...
- If I buy a 25% share ownership of a 3 bedroom flat - Can I move in and rent out the other two rooms? I am considering buying a quarter share in an Edinburgh (UK) flat. It has 3 bedrooms and I want to know if I can move into one and rent...
- How much is the RENT in Abu Dhabi?how much is 2 bedroom flat+ how much a single room wz Private bathroom? I am shifting to Abu Dhabi, UAE, soon I heared it is very expensive to rent a flat there. How much is the rent of a 2 bedroom flat...
- It’s posible to rent a room or a little flat for one week of holidays in London? I would like to know if it is possible to rent a little flat or a room during a week of holidays, or if it is best to go...
- I am looking to rent a room (in a flat or home) in Florence Italy. How can I do that from the U.S. ? I want to rent a room, maybe in a flat with Italian students or working professionals, for a month in June or July 2007. I want to arrange all...
Tagged with: Bedrooms • Rent Room • Shareholders
Filed under: flat mortgage
You would have to check with the owners of the other share if this was allowed.
check first with your mortgage supplier as it may be in the small print that you can’t rent out a room. If it does say that contact and let them know and they will charge you an admission fee and change the mortgage details. Then check the contact you have with the other shareholders and see what it says in there about renting.
Normally it’s no problem but you just have to get the tenant to sign an agreement etc to make it legal.
As long as the “mortgage Holders” are informed.
Also the “insurers” be informed.
Plus you will be earning a income.
To be safe declare to the “taxman” in case of “tax payable”.
All my friends who own flats in Edinburgh do this. I have a friend who brought his flat with a friend. He lives in the flat, the other shareholder in the flat lives with his girlfriend and they rent out the second bedroom. This rent is split between them. It doesn’t seem to be a problem with teh mortage guys all the banks care about is getting paide regularly