Thinking of renting some rooms

blahblah06

Hi guys. could do with your help. I was recently thinking of renting out two of my rooms in th ehosue and sharing with other people. But I am new to this and any help would be appreciated. Do I need to draw up a contract and anything in particular I should know

thanks

The_Conductor

As they are private rooms in your own residence, you will not have to register as a landlord.

Re: renting out two rooms- you should ensure that you do not earn more than 7620 (or you will have to pay tax on the whole lot, not just the amount over the 7620).

Your room renters would be living under a "Licensee Agreement" not a tenancy agreement and are really only entitled to "reasonable notice" if you choose to ask them to leave.

A set of rules between you and your housemates might include:

- How long they intend to stay
- Period of notices by both parties if they (or you) wish to leave
- How much the rent is, and when this would be reviewed
- When the rent is paid and by what manner
- Situation with visitors/guests
- Any restrictions that you may wish to include (e.g. relating to tidiness/hygiene/cleaning/noise etc)

blahblah06

So is it just a word of mouth thing or would it have to be wrote down ?

The_Conductor

Put it into writing, it saves on misunderstandings (deliberate or otherwise) at a later date. Everyone will know where they stand.