A GUIDE FOR THE BUDDING RIGSBY
Inland Revenue allows tax-free earnings of up to £4,250 per year under the rent-a-room scheme, but you must live in the house.
Usually there is demand if you live near a college, university or large employer. Many home owners in the big cities rent rooms out during the week only to commuters.
Lodgers have no security of tenure, they occupy your home on licence.
Inform your insurers and mortgage lenders, although it’s unlikely they will have objections.
You should have a formal agreement which sets out house rules and notice periods. Usually one-month’s notice on either side will be considered reasonable and will suffice.
Look for a lodger through www.spareroom.co.uk/lodger, www.mondaytofriday.com or www.landlordzone.co.uk.