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Aug 6th, 2022

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4.9 out of 5

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the cost of living is getting ever more and more expensive and getting a lodger or renting out a room in a property that youll be living in might be a great way to earn some extra little cash especially as the government offer the rent a room scheme which gives you an allowance to earn your rental income tax-free until a certain limit now this is something that i actually do so without further delay lets understand how having a lodger works and delve in a bit deeper in how the rent a room scheme works im kozan from financial madness helping you be better with your money [Music] so before we get deep into the topic its important to make this clear this type of renting is very different to buying a property for the sole purpose of renting it out in this video we will be talking about buying a property where you intend to live in but you also rent out a spare room too this type of renting is when you get lodgers moving in as opposed to tenants in the first way that i mentioned having

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Do I need permission to have a lodger?

You have a legal right to take in a lodger. You dont need your landlords consent to do this. You should, however, check your tenancy agreement in case you have to tell your landlord about any changes in your household which could include taking in a lodger.

Is a lodger agreement legally binding?

Signing the agreement Remember that a tenancy agreement is legally binding on both parties, just like any other contract. Once youve signed it, youve committed to paying rent until the agreement ends. Take your time to ensure that you understand everything.

What is the difference between a tenancy agreement and a lodger agreement?

A landlord and lodger will have a licence instead of a tenancy agreement. Unlike tenants, who need a standard notice period before you can evict them, lodgers can just be served reasonable notice to ask them to leave at any point. This is usually 28 days, but can be shorter.

What should be included in a lodger agreement?

The agreement should state the exact amount of rent and what it includes along with any other tax or utility bills to be paid by the lodger as well as the time of payment and whom should it be paid to. It should also include when and why the landlord might increase the rent.

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