Against a difficult economic climate many homeowners are considering taking in a lodger to help cover mortgage payments or simply to generate extra income.
Indeed with rental prices soaring, the number of people taking in a lodger is at all-time high with almost 12,000 homeowners renting out rooms to lodgers in January 2014.
With many people still struggling to get on the property ladder and continued demands for more affordable accommodation, if you are a homeowner considering renting out a room in your home, our residential conveyancing solicitors have created a short guide with some handy advice on how to protect your interests and maximise return.
- What options you have with regard to taking in a lodger
- What type of agreement you need to make sure your rights are protected
- What responsibilities you have as a landlord
- The likely tax and benefit implications