I have rented a couple of rooms in my principal private residence for many years to the same two individual people, under the rent a room scheme.
Recently a relative has passed on and has left me his house in the same town. The administration/probate of the will is currently ongoing.
I have, for all intents and purposes, moved into the house that I have been willed already. (for security and with the solicitors permission, there were a couple of attempted break ins)
When the administration is complete and I am the registered owner I will move back to my "first" house and get a builder in to extend and renovate the inherited house. When this work is finished(six months) I will move into the inherited house permanently.
Currently I am still availing of the rent a room scheme even though I am not sleeping in my main residence. I am however paying a third of elec and oil bills and all the refuse and tv bills.
Question: Am I in trouble with revenue?
Secondly, when all is done and I am living in my newly renovated house I would like to leave my existing two rent a room scheme tenants in my first house. They're old friends now,they keep the house better than I do and I am happy to leave them there for a few years until house prices recover. Their rent payments would be probably half of the likely market rent.
Question: What do I need to do to make these arrangements legal and in compliance with any revenue regulations.
Are there any possible pitfalls to my proposal?
I'm no very comfortable with the idea of being a professional landlord.
Thanking you and apologising for the log windedness of my story!
Recently a relative has passed on and has left me his house in the same town. The administration/probate of the will is currently ongoing.
I have, for all intents and purposes, moved into the house that I have been willed already. (for security and with the solicitors permission, there were a couple of attempted break ins)
When the administration is complete and I am the registered owner I will move back to my "first" house and get a builder in to extend and renovate the inherited house. When this work is finished(six months) I will move into the inherited house permanently.
Currently I am still availing of the rent a room scheme even though I am not sleeping in my main residence. I am however paying a third of elec and oil bills and all the refuse and tv bills.
Question: Am I in trouble with revenue?
Secondly, when all is done and I am living in my newly renovated house I would like to leave my existing two rent a room scheme tenants in my first house. They're old friends now,they keep the house better than I do and I am happy to leave them there for a few years until house prices recover. Their rent payments would be probably half of the likely market rent.
Question: What do I need to do to make these arrangements legal and in compliance with any revenue regulations.
Are there any possible pitfalls to my proposal?
I'm no very comfortable with the idea of being a professional landlord.
Thanking you and apologising for the log windedness of my story!