We own a six bed rental property in university area which is currently let to foreign students.
The monthly rent is 6 x 780. This tenancy is registered with the RTB.
We have mortgage with monthly interest of about 900/month that we expense against the rental income.
Now our daughter is at college and is looking to move into a house with friends.
I am trying to work out if it makes sense to give her use of the house.
The RTB has the following exemption listed on their website but its difficult to know exactly what it means: Instances where a tenant lives with the spouse, civil partner, parent or child of the landlord and there is no written letting agreement in place.
If we give her use of the house and rent the rooms to her friends, does it fall under the RTB exemption?
If that's the case, is the mortgage interest and house repairs etc. still allowable expenses?
Or if it doesn't fall under the exemption, how do I set the rent, bearing in mind its in a RPZ?
Any ideas here would be great as our accountant isn't really sure.
The monthly rent is 6 x 780. This tenancy is registered with the RTB.
We have mortgage with monthly interest of about 900/month that we expense against the rental income.
Now our daughter is at college and is looking to move into a house with friends.
I am trying to work out if it makes sense to give her use of the house.
The RTB has the following exemption listed on their website but its difficult to know exactly what it means: Instances where a tenant lives with the spouse, civil partner, parent or child of the landlord and there is no written letting agreement in place.
If we give her use of the house and rent the rooms to her friends, does it fall under the RTB exemption?
If that's the case, is the mortgage interest and house repairs etc. still allowable expenses?
Or if it doesn't fall under the exemption, how do I set the rent, bearing in mind its in a RPZ?
Any ideas here would be great as our accountant isn't really sure.