House shares are a great way of maximising your rental income, and they cover every kind of tenant, from university students to high-earning professionals.
Inevitably, a housemate will leave at some point as their life evolves. And whether it’s moving in with a partner, relocating for work, or buying a home of their own, you’ll need to find a replacement.
The changeover doesn’t have to be a hassle, but to protect yourself as a landlord and keep the tenancy watertight, there are some dos and don’ts to bear in mind, including:
So whether you’re a landlord in the Wilton & Salisbury area or you’ve got rental homes in other parts of the UK, you’ll find all you need in this week’s blog for a smooth, swift and legal switch between sharers.
When one housemate wants to leave, and the others want to stay, how they give notice depends on the type of tenancy and whether you’re a landlord in the Wilton & Salisbury area or elsewhere in the UK.
Finally, double-check whether the remaining tenants all wish to stay on. One housemate leaving can be a catalyst for more, and you may be able to achieve more rent with a brand-new tenancy.
Landlords have run into legal complications when sharers are replaced in a casual manner, with the courts issuing fines of multiple times the security deposit.
So here are some simple things to know to avoid that experience.
It’s really not worth cutting corners here as the penalties for non-compliance can be quite severe, and you could also compromise your own security as a landlord.
Depending on the set-up at your rental property, the outgoing sharer or their remaining housemates may look for a replacement, or you may prefer to do that yourself or via your agent.
So here are some things to remember.
If you’d like to know more about thorough background checks for potential tenants, take a look at our Rigorous Referencing blog that’s packed with tips from our process.
Whenever somebody moves out of a house share, and someone else moves in, the tenancy agreement needs to be updated to accurately reflect the current occupants and protect both tenants and landlords. So don’t forget to:
All this might sound obvious, but it’s extraordinary how landlords can get themselves into trouble by taking a too-casual approach to what are actually very strict regulations.
For hassle-free moving out and moving in days between your outgoing and incoming sharers, there are some things to know and get right, most notably:
Regarding the outgoing tenant’s security deposit: let them know immediately if you intend to claim for any damages, or that all is well and you’ll be transferring their money back swiftly.
What’s next for you?
If you’re a landlord in the Wilton & Salisbury area and you’re either already renting to sharers, or you think they might be the answer to increasing your income, we’d love to talk to you.
Call us on 01722 580059 or message us at email@example.com for a chat with one of our friendly, expert team.
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