This Guide is for anyone considering investing in, or who already owns Houses of Multiple Occupation – whether they need to be licenced or not. It draws on five years’ worth of experience as an HMO Landlady with the added benefit of advice on how not to fall foul of the law from Ben Reeve-Lewis (tenant/landlord dispute negotiator, housing law trainer and consultant, property journalist and broadcaster).
Paulette Narine, 49, who was found by magistrates to be living at Maple Road, Penge, was fined £1,000 and ordered to pay a contribution of £1,500 towards prosecution costs together with a £15 victim surcharge. The District Judge awarded the ex-tenant £540 compensation.
With no sign of the current love affair with buy to let slowing down many rental markets are becoming saturated, so rents are being kept down by a high level of competition. By-the-room lets are one way of avoiding this and there are several reasons why you should consider renting by the room.
If you’ve got an empty spare room you can earn up to £4,250 a year tax free by renting it out. Lodgers these days are often young professionals who can’t afford their own place but want somewhere comfortable to live along with a decent flatmate to share with.
Sharing can be a fun and inexpensive way to live. According to a survey conducted by SPAREROOM.co.uk, the UK’s leading flat and house share site, 58% of those asked said they chose to live in a flatshare for both social and financial reasons.
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