Flat sharing has become popular among young professionals and students. For starters, it allows one to make friends fast when they get to a new area. Secondly, people living together can share the rent charges and any other costs related to the maintenance of their houses. For many people, sharing a home goes beyond the practicalities; it is a lifestyle choice.
If you want to rent a flat in London, there are two things to consider. First of all, pick a like-minded roommate. Secondly, be willing to compromise so that both of you will work together to make your flat homely. With those things in mind, here are three options for you to choose from:
In a shared unit, renters enjoy joint tenancy. This is to say that everyone living in the house is liable alongside the other roommates. All of you are responsible if you breach any term of the rental contract, and rent payments are expected from each of you. These flats are an excellent option for the non-trusting person. However, it can get complicated when one tenant wants to go before the rest.
When they hand in their notice, it causes the tenancy of the other flatmates to end, so they must sign another contract. A replacement tenant is not guaranteed. In general, landlords will allow flatmates to find a replacement who re-signs the deal. No wonder one can see advertisements for rooms when one person is planning to leave. It is expected that the person who is going works to find their replacement.
Here, the landlord rents out the property by room. There are two options here. The ‘live out landlord’ will not stay in the building. The main benefit of that arrangement is that you can leave whenever you want. Every flatmate has a separate agreement. When they go, it is the job of the landlord to find someone else. Some flatmates request for the opportunity to seek their replacement, but this is not common.
With a ‘live in landlord,’ they live in the same property. The landlord rents out some rooms in the place they live in. In this case, people who share accommodations are called lodgers. Some people do not like this arrangement because they are limited. They do not share the space with the landlord equally. The upside of this arrangement is that the property is often in excellent condition.
When two people live in a three-bedroom property, they might sublet the third room and collect the rent. Most tenancy agreements do not permit this practice. When the landlord agrees, it can suit situations where the renting party wants no commitment. They will not sign a contract. Subletting is risky as one might not pay rent on time or the renter might change locks without notice.
When looking for shared accommodation, be sure to read any contract thoroughly. The laws regarding renting are complicated, so when in doubt, find legal advice. It is a good practice to run your contract by an attorney.