Comments on: I live in a tied cottage provided by my employer and I own a flat which is my principal property.(UK,Scotland)

By: marge

marge — Fri, 02 Apr 2010 21:44:54 +0000

you will need to tell your mortgage provider and they will tell you exactly waht is required by law
also changes in insurance will be required
you will pay tax on rented property when you sell it
it was’nt much in our case but we had owned it for 15 -18 years but its best to get proper advice so you know whats required

By: spanther_22

spanther_22 — Thu, 01 Apr 2010 20:13:48 +0000

your principal property is the one you live in. you would be liable to pay income tax (altho you get allowances), your mortgage company should be told and you may even be liable for capital gains tax when you sell it. there are also legal requirements you need to meet when you let a property (health and safety stuff such as fire alarms etc), council needs to know for council tax etc, and also insurance people need to know. you could always do it cash in hand but that could go wrong. it would be a lot of hassle, but if its lying empty you’ll make a couple of grand each year anyway. you could look into a letting company doing all the paperwork obviously they will take a big chunk of cash from it but it removes most of the hassle. there are plenty of websites with advice for landlords from landlords going around such as

By: Steve B

Steve B — Wed, 31 Mar 2010 11:50:27 +0000

Maybe the “Rent a Room” scheme could be applied ?

By: The Joker

The Joker — Wed, 31 Mar 2010 07:00:56 +0000

Any income you make on rental should be decalred to the revenue for tax purposes. you also need to tell your mortage provider you are doing this, usually they agree, but may insit of insurance cover to cover the risk.