Sell versus rent a room.

Won't your husband be entitled to half the house? In which case perhaps better to sell and buy a smaller house in the same area and have a clean break with him. In your position I would sell and downsize as I would hate sharing with strangers.

Hi Deni
Renting out a room will help with your day today expenses.
But a four bedroom Edwardian house will still require maintenance.
If you have a fall back fund then you could probably stay put
If not then I would consider down-sizing to something more manageable.

DD now lives on her own in a small village and more than the money coming in she loves the company with the right person. She has had a couple of young women at different times doing internships for about a year each. For DD it is like having DGD back home!
Come Sept she has a friend her own age who has moved from where they used to live to this new area. She absolutely loves it and so wants to stay. DD finds the best solution if possible is to have somebody Mon -Thurs so that she gets the weekend to have friends etc.

I would be inclined to go with the letting of a room, if you are likely to be housing doctors then you will not be getting riffraff.
When you have a lovely house in a nice area it is a shame to have to downsize, wild horses wouldn't get me out of my house.

I think you need to sort out the finances with your husband as Niobe said he has an entitlement.
I would consider downsizing rather than renting out a room, you can make a fresh start and not have to worry about big maintenance bills.

Don't be fooled by have professionals in as tenants . My bil went to live and work in Portugal in the early 80s and rented his beautiful 3bedroomed London home out to a teacher a doctor and a lawyer and they wrecked it.
They flooded it numerous times.They broke into the padlocked loft where they had stored all the family antique silver and other valuables that they could not take to lisbon with them . They wrecked the furniture . It was awful.
Sell and invest for the future.

It is very different sharing your home with a stranger, rather than with family. How would you feel about that? Are there separate bathrooms/kitchen/living room or would you be sharing everything. It sounds like quite a large home so maybe that would be OK.

I think you could certainly try it for a while and see if it works out both socially and financially.

Hi thank you for all the comments. The house was put into a trust overseen by trustees before I was married, my husband and I have no joint financial assets and no children together.

I have two reception rooms and a large kitchen only one bathroom. 3 loos.

Deni1963

Two things.
1) The most you can legally let a room for is about £94 and change per week.

2) You will lose your single person council tax discount.

If you are found not to have informed your local council that you have a lodger, they will automatically take the full amount owing in one lump sum, next time your CT is due, whether you pay monthly or yearly.

I had to rent out a room for a while and can't say that I enjoyed it. There were a couple of people who were quite good company but I was glad when I no longer had to do it and I wouldn't want to do it now. One tenant re-papered a room that I had just decorated but he didn't know how to do it and didn't trim it at the top (literally just pasted the top of each piece to the ceiling so it looked really weird). It didn't occur to him to ask me first.
Having said that, it did help me through a difficult time and I would still do it if I had to. Make sure that they sign a 6 month shorthold agreement and you are very clear on the notice requirements. It is possible to tolerate most things for 6 months.

Before renting out rooms, do please talk either to a solicitor or at least to CAB!

You will probably have to pay income tax on the rent you lodgers are paying, and the money coming in may affect your pension and any heating allowance or the like.

Your insurance may not cover any damage or theft caused by your lodgers - check that too.

And DO make quite sure that you understand the law regarding your lodgers' or tenants' rights, so that you don't discover too late that it is extremely difficult to evict them, should you want to do so.

I would sell in your place.

I have regularly rented out rooms to theatre people and to boarding school pupils in the holidays but to be honest there isn't much money in it. I do it because I love having young people around. Besides, once your insurance company gets to know that you have boarders and lodgers up go the premiums, making the whole enterprise useless as a business.

Well I rent one room , sometimes rwo and it works well for me. I can see its not for everyone but I like the cash coming in & a bit of company. The house is lively. Ive stayed close to my friends. Why not try it for a while & see how you go. You will lose the single person discount but you can offset a proportion of tbe rent for expenses such as utilities & council tax. Keep the tenancies short or try airbnb. Happy to advise privately if you like.

Personally I would downsize if the house is not manageable. If you are in a 4 bedroomed house would it be enough to move to a 3 bedroomed house. I can see lots of pitfalls to renting out a room. Saying that, I would take your time and not just move for the sake of it. Wait until something comes up that you really like.

Harrigran That's a bit steep. You get riffraff from all walks of life.
When I brought my present property I rented out its two bed 'granny attachment', for extra income ,to medical students both male and female .Later on to male mining engineering students.I know who I found the most respectful to my property and I can assure you it was not the former.

According to the Gov.UK site I can earn £7500 a year in the rent a room scheme without having to declare it?

Recently, I was chatting to someone about this very thing. I could do with some extra cash and company but my home is open plan and, after living alone for many years, worry about lack of privacy for both myself and any tenant. He suggested I test the water by offering Air BnB to see how I like or adapt to having strangers in the house. I haven't looked into it but it's something to think about.

I can understand hanging on to a house you love. It offers security and familiarity. On the down side can you truly be happy there while it is such a financial burden? I don’t think sharing your space is a good idea unless you crave company.

Downsizing is a new beginning. If your sale releases enough Capital you can soon make your new place as homely as your existing one.

We've lived often had lodgers over the year, it suits us very well. I know that some people don't like the idea of having a "stranger" in their home, but there are ways of making this safer. We take in paying guests who come through a local English Language teaching school, they're usually European and normally stay for around a week, occasionally longer. We take the teachers who come with the groups, providing breakfast and some evening meals.

I don't know where you live, but another alternative might be a Monday to Friday lodger if you can find somebody working in the local area who lives elsewhere at the weekends, not as unusual as you might thing.

Having a temporary or part-time lodger means that you are not liable for extra council tax, I believe.

Sorry about garbled start to my post...

That sounds like a good idea cc, to rent through an agency of some kind. A friend in Central London rents out a room through the Doctor in the House scheme.

I also recall hearing about another London-based scheme where elderly owner-occupiers were renting rooms to younger people as a below-market rent in exchange for help with household chores.

Warrington Council have published this list about which kinds of resident do and don't affect the single person council tax discount. www.warrington.gov.uk/info/201084/council_tax/1948/council_tax_discounts_and_exemptions

I know nothing about trusts but if the house is in a trust can you sell it if Cyrus wish?

If you wish!