Rent out house with more than 1 owner

[raglan]

Hi
I may be looking into renting out a house that was left in inheritance with the other 2 owners as we long term haven't decided what to do with it. None of us know much about renting. I have researched a bit and know we have to register with RTB....as there are 3 owners but only seem to be able to put one name into register. Also say rent is 1k a month......my understanding is you fill in a Form 12 or Form 11 depending if rental income is above or below 5k. So if it is split between 3 people, so rental income is 12K total for the year so 4k each. Do we declare this each......or just the person that registered with RTB? what is the best way to deal with this situation if we go ahead.

 

[Knuttell]

I know this isnt what you asked however my advice (as a landlord of 25+ years) is to sell.

Its a hard enough slog doing it myself without consulting a committee on every step.

Who's going to deal with a serious leak on Christmas eve?

And thats before you stumble upon a tenant that refuses to pay or overholds...that's 2 to 3 years of heartache getting shot of them and paying for the inevitable repairs.

One person will get lumbered with everything and the reward after tax on the rental income divided by 3 after expenses is not going to be great

Don't walk....run.

 

[DannyBoyD]

I'm of much the same frame of mind.

If its more that you are not yet ready to sell; could one family member move in for an agreed time (say 12 months). They could agree to cover bills / maintenance & perhaps take in a sharer to help with the costs.

Then in a years time you all meet again & see what you want to do.