Want to become a residential landlord? Read this first

January 25, 2012

Landlord Information

It is possible to let out rooms in your home to make money, there are different and certain ways to let out rooms. There are terms and conditions to abide to and you also need to look into how much rent you can charge.

Resident Landlords

Being a resident landlord has different rules and terms than if you are a non-resident landlord. You are a resident landlord if you are letting out part of a property that you live in an is your main home.

As this is you own home you can give less notice if you want to end a letting and a tenant cannot dispute the rental price agreed.

If you own the property but have a mortgage, you should always check with your mortgage lender if it is ok to become a resident landlord.

If the property is leased to you, you need to check the lease terms before you become a resident landlord.

It is only possible for a tenant to sublet a property if the tenancy agreement allows them to do so.

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