Double renters 'need to be careful'
8th Mar 2012
So-called 'double renters' - those who opt to rent out their property and move into separate rented accommodation – need to ensure that the tenancy is properly arranged, according to one sector body.
Malcolm Harrison, spokesman for the Tenancy Deposit Scheme, said that, in some cases, double-renting can help people with mortgage costs.
His comments followed a new report that revealed double renting is a trend gaining momentum in London.
An increasing number of homeowners are opting to rent out their property and move into a separate rented property, creating a situation where homeowners become both a landlord and tenant.
Mr Harrison said he would be "very surprised" if people were doing it in order to cut mortgage costs, as it depends on their individual circumstances, though it could help them pay off their mortgage quicker in some cases.
"But I suspect that they are probably doing it because they need to move for one reason or another, which is not necessarily to do with paying off mortgages or anything, but to do with family size or new job or whatever," he added.
The expert had a word of warming for anyone intending to follow this trend, advising them, and any renter, to use a regulated letting agent and register their deposit with an authorised scheme.
They should do everything that they can to ensure that the tenancy is properly arranged because a well-organised tenancy is probably going to be a happy one and fewer problems will arise, Mr Harrison concluded.
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