Renting a flat

[abbie1977]

I am planning on going back home for a month or two and was wondering if I was to rent my flat for that time would I have to declare it? I don't want to do anything dodgy, I just want to know what I should do and how I go about it. Thank you

Abs xxx

[warpig3]

Are you intending to rent it out just for a month or two? If so then I would think it is not possible, not from a delcaration point of view but from a lease point fo view.

Is it your flat ie do you have a mortgage on it?

[abbie1977]

It is my flat and I have a mortgage on it. I just wanted to rent it out over the summer while I was going between being abroad and back home. I wasn't sure if it was allowed by law though. I just wanted to check before I did something illegal! lol

Thanks

[warpig3]

I think your first problem would be getting someone in for that time, any lease I have come across has always been for 6 mths minimun.

You could think about contacting a local university or college to see if they have students over the summer who could rent as the timescales would suit them.

There are other things you need to consider.

1. Permission from your building society
2. insurance ie for rental purposes
3. If you go legit then there is the Deposit Protection Scheme (if you are in England or Wales).

and probably loads of other things as well.

As for declaring any money you make, that would be the least of your problems for such a short timescale.

[warpig3]

Oops, should say that it is not illegal to rent out your own property so long as the building society agree.

[abbie1977]

Thanks for your answer. I am in London and you often find people looking to rent somewhere for a few weeks while they are here on business or on holiday and just wondered if I was to do that would I need to declare it.

[abbie1977]

Thanks Warpig3, I shall make enquiries!

[warpig3]

Ah, in London. Right, I don't know where you would start but there are bound to be websites were people are looking to rent for short summer timescales.

Your building society need not necessarily know but this is assuming nothing goes wrong, all they want is you mortgage payments. However if something did go wrong and they did not know this would also invalidate your contents/buildings insurance if you did not have their permission and could cause problems for you.

Best of luck whatever you decide.

[sn�gs]

abbie... how much is the rent p.c.m... I may need a place ''in London'' ;-))

[Twenty20]

You can, in theory, rent out for only a couple of months but you can't evict until the end of 6 months so if something goes wrong you wont be able to get rid of the tenant or get into your property until at least 6 months (and probably longer as it will take several months to evict).

You would need to declare it, though your overheads in setting up a rental for such a short time would mean you probably wouldnt make a profit and therefore wouldnt be liable for tax.