Can you explain this, its not something I have heard of before.because of no credit history getting very high rate.
Not true. It can have its own separate entrance as long as it is part of the main house. But I think it has to be part of the original house not new.AFAIK your extension must have a door to the rest of the house in order to fall under the rent a room scheme
No, see below. It can be self contained. Its in the legislation.AFAIK your extension must have a door to the rest of the house in order to fall under the rent a room scheme
1. Rent a room wont work for new build. It has to be part of original structure not necessarily with shared entrance. It can have seperate entrance.Hi Guys,
I have recently purchased a home worth 380k in Dublin and have mortgage around 340k. I have been living here since last few months and have started short term letting which is working well. I have a big back garden with good space on the side of the of the house. I plan to do an extension where I can build a studio room which will be attached to my house. Have not started getting quotes yet. But I reckon it would be somewhere around 50k-70k. I have two questions related to this:
Thanks in advance for answering.
- Can I utilize rent a room scheme for the extension and continue short term let and pay 52 percent tax on it(14000+50%tax on short term letting)? or rent a room scheme wont work here because I have short term letting in the property.
- For extension I was planning to get a loan but because of no credit history getting very high rate. Recently from this forum came to know about mortgage top up, can I use it over here.
I imagine so. But poster can still avail of rent a room as part of the house without any planning.While rent-a-room can be applied to a self-contained unit, the planning for any such development now will almost certainly state that letting is not permitted.
Yep, but they specifically asked about letting the extension.I imagine so. But poster can still avail of rent a room as part of the house without any planning.
"Short term let" = "holiday let" and does not qualify for the rent-a-room scheme, which is supposed to be for licensees only.Hi Guys,
I have recently purchased a home worth 380k in Dublin and have mortgage around 340k. I have been living here since last few months and have started short term letting which is working well. I have a big back garden with good space on the side of the of the house. I plan to do an extension where I can build a studio room which will be attached to my house. Have not started getting quotes yet. But I reckon it would be somewhere around 50k-70k. I have two questions related to this:
Thanks in advance for answering.
- Can I utilize rent a room scheme for the extension and continue short term let and pay 52 percent tax on it(14000+50%tax on short term letting)? or rent a room scheme wont work here because I have short term letting in the property.
- For extension I was planning to get a loan but because of no credit history getting very high rate. Recently from this forum came to know about mortgage top up, can I use it over here.
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