24/09/2009 - Landlords warned over leasing rules
Homeowners should seek advice from a legal professional before renting-out a spare room, the Law Society has warned.
The announcement comes as more householders turn to leasing as a means of making ends meet and keeping up with mortgage repayments, with lodgers typically bringing in £393 a month or £4,716 a year in rent.
While the Government allows homeowners to earn up to £4,250 a year tax-free under the Rent A Room scheme, experts warn that landlords could be the subject of investigations by tax inspectors if they fail to meet the financial and legal requirements involved with leasing.
Law Society President Robert Heslett says: "Budding landlords will benefit from legal professional to help them in the process of renting out their property. It is a delicate matter and the advice of a solicitor at an early stage, could prevent prospective landlords from losing out in the long run."
Copyright © Press Association 2009
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