Resident Landlord (Two Types)
- Resident landlord 1
- A property let where the landlord is also resident. Also known as Live in landlord. This is governed by different rules compared with the normal AST.
- The tenant has little security of tenure and can be evicted with minimal reasonable notice with minimal power of the courts to intervene.
- There is no formal 'notice to quit' - the landlord is entitled to regain possession of his /her property.
- Some foreign students prefer resident landlords as this encourages cultural communication and sharing and can benefit those nervous of sharing with other tenants.
- Others prefer their privacy and to be left alone in a non-resident landlord home to socialise as they wish without having to consider the landlords views.
- There are significant tax advantages for resident landlords - up to a certain threshold of income circa £5k pa is ignored by HRMC when calculating tax via annual tax returns.
- Residential landlords can also describe landlords who rent property to residents in homes; as opposed to a commercial landlords who rent shops and offices to business people. Similarly the term residential sector describes areas where people live occupying homes as residents.
- Private sector landlords rent to the general public.
- Public sector landlords (e.g. housing associations and councils) provide social housing, normally via a points system of perceived vulnerabilities and urgent needs: e.g. children and those facing homelessness.
- Resident landlord 2
- Another type of resident landlord relates to payment of UK tax- they are entirely different concepts.
- A Landlord resident in the UK for less than 6 months pa is unlikely to be a UK resident for tax purposes and may thus be subject to tax at source on rental income collected by letting agents.
See also
- Live in landlord
- Non-Doms (non domestic landlords - i.e. non UK landlords).
- tax at source
- CGT
- SDLT
- Revenue Tax
- Independent Taxation
- NRL 1
- Tax Exemption
- Tax Campaign - amnesty
- ATED
- Mansion Tax
- Council Tax
- Inheritance Tax
Published: 11 November 2013
Last Updated: 13 January 2022