Buying a home outright

[Gareth Barry Conlon]

If you rent a room you should be declaring the income and paying tax!

 

[denislawsbackheel]

If you rent a room you should be declaring the income and paying tax!

Untrue.
You can earn £4250 tax free renting out a room whatever your tax status.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

 

[denislawsbackheel]

do this. the income from the lodger is tax free.

Only up to £4250, so £82 a week.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

 

[denislawsbackheel]

Tell them you are not paying it
Unless it was in the original mortgage offer they can't do it.

It will have been.
It's standard practise.

What if you tell them to stuff it.
You don't need paper deeds anymore as long as the property is on the land registry.

 

[stonerblue]

It will have been.
It's standard practise.

What if you tell them to stuff it.
You don't need paper deeds anymore as long as the property is on the land registry.

That's the plan, man.

 

[squirtyflower]

It will have been.
It's standard practise.

What if you tell them to stuff it.
You don't need paper deeds anymore as long as the property is on the land registry.

it never used to be standard practice, although it is now, which is why i said check out the original mortgage offer
it's something the banks have been bringing in to make more money, like the 'arrangement fee', never heard of twenty years ago and now anything up to £2500, the bobbing bastards

best thing to do is not pay off the mortgage
owe them a few quid and don't close the account then they're storing them for you!

 

[Combat Carl]

I havent got the best credit in the world, I probably owe about 4k but own my house outright with my brother. I want to buy him out within the next few months. Will I be able to get an equity loan to buy him out?

 

[west didsblue]

It will have been.
It's standard practise.

What if you tell them to stuff it.
You don't need paper deeds anymore as long as the property is on the land registry.

If you don't pay it, the mortgage company's name will stay on the deeds which would cause problems when you sell.

 

[Bill]

Only up to £4250, so £82 a week.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

correct but its better than nowt. besides 80 a room is about what he'll get up north.

 

[peoffrey]

Preston is looking the likely destination because of the accessible degree course so £355 a month inclusive (£82 x 52) / 12 is at the higher end of what I'd be likely to charge. The going rate for a reasonable room is fine by me.

I've had to admit to myself that I've barely made any decent friends in London in 10 years. The lads I've met back home in that time have been far warmer and loyal. Even people I know less well are offering me advice, support and help. Fuck it.