Taking in a Lodger at home: a property owners’ guide on how and why doing it

Home owners do not always use a property entirely. Often landlords live in a property where there is extra space unused such as spare rooms or even a whole floor which is barely visited in a day by day basis. To overcome the housing situation in London, the government is pushing in the house lodgers for landlords who in their only, or main home, have extra space available for housing. Landlords can take a tax-free yearly profit from renting a spare room within their property of up to £4250 (above this amount, taxes have to be paid). The landlord is only entitled to keep the property safe and in good repair and, in exchange, the rent payment and the shorter letting termination notice are part of his/her benefits.

So, how can this be done? Follow our guide and find out how to turn the empty space in your property in London into benefits:

TakingInLodgerGuide

  • First, check if you are eligible: you must make sure you are entirely eligible to take in a lodger. Unless you are fully the property owner, you must take under consideration that the mortgage lender or local authority (if you are in a local authority owned home) must give you permit to take in a lodger.
  • Inform your insurance and local benefits agency: Make sure you inform both organisms that you will be having a room to rent at home and that you will benefit from it, since your taxes and rights will change.
  • Get the spare room ready: Make sure it is furnished and clean for the lodger to come in. Providing furniture is mandatory for the Rent Room Scheme, so make sure you provide it.
  • Gas Safety Certificate: It is mandatory to have a gas safety check every 12 months, so why not get over with it before taking in a lodger
  • Draw the terms & conditions and the contract beforehand: It will save you from a lot of stress and misunderstandings. If you draw it up beforehand, you will know what you wrote and your lodger will know what was signed for the room to rent, without any possible confusion in between
  • Advertise for free your room on Mind the Flat: use online property portals to advertise your London spare room, find a tenant that matches your requirements and will be easy to live with, and start this new experience!

In conclusion, taking in a lodger can be a very profitable solution for that extra space at home. It is easy to do and very beneficial for property owners. For more information, visit the Shelter website or contact the Mind The Flat team for support.

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