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Author: Subject: Finding/having a Lodger
dhutch

posted on 12/7/11 at 10:12 PM Reply With Quote
Finding/having a Lodger

Very much non-car, but i was wondering if anyone here has let a room out to a lodger and if they had any thoughts on the matter.

Im in the process of buying my first house (completion due a week friday) and was due to have two other people ive been renting with moving in with me for a while, with the plan of taking a lodger or two when they get there own places in due coarse. However one of them has now pulled out and for the first year or so I cant really afford not to have empty rooms.

Hence im after a lodger to live with me, and my mate who is lodging in the other room.

Im all fairly new to it, and although im not worried becuase im sure it will all work out, i dont really know where to start reguarding advertising and finding someone who will them hopfully get on with us and the house ok.



Daniel

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stevegough

posted on 12/7/11 at 10:16 PM Reply With Quote
Depends how fit SHE is





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Steve Hignett

posted on 12/7/11 at 10:31 PM Reply With Quote
Joey Tribbiani:

Wanted;- Female roommate, Non smoker, Non ugly...


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ned

posted on 12/7/11 at 10:33 PM Reply With Quote
been there, done it. get a lodger/landlor tenancy agreement thing (you can download one from somewhere perhaps or buy a cheap paperwork kit from whsmiths). It can be a pain having a lodger but financially it makes sense if you need to do it. don't be afraid to ask for references and actually contact them if you don't know the person, ask questions, don't think you're being inpolite. you will be living with this person but it's a business arrangement first and foremost or they wouldn't be there.

my advice from experience would be to get a good deposit (month or month and a half minimum) and if they get late with payments stay on top of the situation and keep good communication. I had a problematic fella in this area and it was ball ache when he owed me money and i ended up kicking him out.

Also check out the government rent a room scheme with regards to what you should declare as income for tax purposes to be 100% legit, or at least be aware of it.

Another consideration is work out how much it costs you to have someone there in terms of bills, lost single person council tax rebate etc so you now all your options. be smart and sav the first few months to give a cussion incase someone leaves and you have a potential shortfall for mortgage/bills until you can find someone to replace and fill/take the room again.

Ned

ps re advertising i was lucky enough (if that's the right term) to find my lodger from his wanted ad on gumtree. there are other forums that you can find and checkout..

[Edited on 12/7/11 by ned]





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foskid

posted on 13/7/11 at 04:58 AM Reply With Quote
Been there as well on both sides, as a landlord and as as a tenant whilst working away as a contractor. The most helpful sites I found to use are:

www.spareroom.co.uk
www.easyroommate.com

As far as rental income is concerned there are different rules depending on weather you are renting out one room or more than one for tax purposes. Either way you should get permission from your lender.

General info rent a room scheme:
• You let out a room or part of your main property (it can be a whole floor but not a self-contained flat).
• It must be furnished, unfurnished rooms don’t qualify.
• You don’t have to be a homeowner, if you have your landlord’s consent you can take advantage of the scheme as a tenant.
• If you don’t normally fill out a tax return and the income is below £4,250 (around £350 a month) you don’t even have to do anything, the exemption is automatic. If the amount you earn is above just let the tax office know.

You can get more info online, the £4,250 limit is for one tenant, different figures and rules apply to multiple tenants.


Good luck but be careful

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cliftyhanger

posted on 13/7/11 at 06:35 AM Reply With Quote
Finding a tenant should be easy enough, lots of places to advertise for free.

The tenancy agreement is different to a normal assured shorthold, again google is your friend.
One other thing to watch out for is insurance. You must let your insurance know, and I suspect contents insurance will be very tricky.

http://www.landlordzone.co.uk/lodgers_rent-a-room.htm

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02GF74

posted on 13/7/11 at 09:03 AM Reply With Quote
For peace of mind, it is generally advisable to avoid people like this.








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Irony

posted on 13/7/11 at 10:11 AM Reply With Quote
My brother and I have had in the past some strange lodgers and over a beer we often tell each other 'crazy lodger stories' to keep ourselves amused. My favourite over the years I have recounted below. As told by my brother Carl.

One winters evening on my way home from work my phone rang, upon answering (after I pulled over) I found it was my crazy lodger Ernie. Ernie is about 45, quite short and quite chubby. He works in the local butchers and eats takeaways every single day. He had apparently snapped the key off in the lock and was locked out of the house. The key was flush with the barrel and couldn't be got out. I told him to wait outside and I'd be there in a few minutes. When I got to the house Ernie was sitting in his car (a reddish Robin Reliant of all things) and looking miserable. I looked at the lock and realised that it was going to be a tough job to repair. I looked at the windows and saw that Ernie's bedroom window was open slightly. I went round to the garage, unlocked it and took out a large set of steps. I commanded Ernie to hold onto the bottom of the steps whilst I climbed up. He didn't seem very keen to be honest. I climbed the ladder and opened the window and squeezed myself through the small bay window. I fell through the window into the completely pitch black room. Luckily Ernies bed is directly below the window and it broke my fall. To my horror there was someone lying in the bed. I get wound up and nervous in unknown situations like this and the shock of finding a unexpected stranger in the bed made me completely lose it. I struggled frantically, I was in the pitch black, fighting with a strange unknown person and I was very afraid. My heart beating wildly I leaped off the bed and out of the clutches of the unknown adversary and fumbled for the light switch. The light slammed on and then I saw who it was.

No word a lie - it was one of those comedy inflatable pump of sex toys. Sexy Lolita or something. She was lying there in the messed up bed with a stupid gaping open mouths faces they have.

Upon confronting Ernie about it and the fact I nearly had a heart attack he said and I quote 'It's not mine - I am just looking after it for a mate'.

Lodgers.......

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dhutch

posted on 14/7/11 at 01:45 PM Reply With Quote
quote:
Originally posted by foskid
Been there as well on both sides, as a landlord and as as a tenant whilst working away as a contractor.
www.spareroom.co.uk
www.easyroommate.com

As far as rental income is concerned there are different rules depending on weather you are renting out one room or more than one for tax purposes. Either way you should get permission from your lender.

General info rent a room scheme:
You can get more info online, the £4,250 limit is for one tenant, different figures and rules apply to multiple tenants.

Seen both of those sites and now have an add on each.
- IM hoping to find someone through work, as i have contact details for about 20 other new grads who are currently in a range of houses, mainly renting short term, but it all helps. I did have a pair of lodgers lined up via said route, but one has dropped out and i dont directly know of a replacment yet.

I have looked at the rent-a-room scheame and thought i could make that work for me. Hadnt seen anything about a high limit for more than one tennant, so will look into that, thanks.

I've done rough summs and come up with a figure for the rent that doesnt appear to be a million miles off, although only time will tell. I came up with £290 a month, with the intention to take a months rent as a deposit, and charge up front on a monthly basis?
My sums are such that its ok with just one lodger if a little tight, but really quite good with two, to the point of allowing a build of savings to cover slack times as mentioned. And if it manage to maintain two as i hope, make some early repayments from time to time.

Daniel

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dhutch

posted on 14/7/11 at 01:49 PM Reply With Quote
quote:
Originally posted by cliftyhanger
Finding a tenant should be easy enough, lots of places to advertise for free.

The tenancy agreement is different to a normal assured shorthold, again google is your friend.
One other thing to watch out for is insurance. You must let your insurance know, and I suspect contents insurance will be very tricky.

http://www.landlordzone.co.uk/lodgers_rent-a-room.htm
One thing i need to do it get a contract drawn up. Ive found lots of places offering them for £40 odd, but the only free one i found i thought was poor, might jsut fork out the £40 at this rate, unless im come up with somthing. but certainly need to jump on that.

quote:
Originally posted by ned....don't be afraid to ask for references and actually contact them if you don't know the person, ask questions, don't think you're being inpolite. you will be living with this person but it's a business arrangement first and foremost or they wouldn't be there.

Thats a very valid point, not really and issue is i know them, but im sure your right about asking for references and asking questions.
I have also thought about aranging meeting prior to the tenancy starting, possable even starting in a public place (weatherspoons?) before taking them round to the house. Although the adds detail the street name, with which you could proberbly find the house from the photos.

Daniel

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Alan B

posted on 14/7/11 at 02:29 PM Reply With Quote
My wife and I had a lodger for about 2 years.......my girlfriend...

Interesting to say the least....

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Dangle_kt

posted on 14/7/11 at 02:34 PM Reply With Quote
My bro in law lives with us. Not your traditional lodger I guess.

Only bad things are

If you are annoyed about something you feel bad moaning at them
Night time fun can't be as noisy...

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dhutch

posted on 20/7/11 at 03:22 PM Reply With Quote
Found my first potential candidate, meeting with him tonight with my other lodger.

From his profile he's a fresh graduate, who just started at another of our nearby sites which is a good start, few years younger (i graduated last summer, but did 4yr coarse and a placement) but should be promising. Decent chance he's an engineer too as thats our main intake atm.

Already asked a few questions, he's obiously not done this before so no refs as such, although he's proberbly been through halls i will ask about this. Run him through my basic expectations and ask him of his. Anything else?

Im still drawing up a lodger agreement but this is will a very standard affair as far as i know.

Then i guess tell him i will get back, need to decided if i like him, and give him a call to say yay or nay?

Some site recomend running a credit check and tennant verfication searches, i dont what th latter involves, but its it common to run a credit check, or is this something every suggests but no one does?
If he pays upfront, with a months deposit, assuming he doesnt trash the place i haev two months to get him out before im out of pocket?
He will be moving in the same time as me, in three weeks, three weeks after i get the keys.


Daniel

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