Sandfords estate agents: a Guide to Offering Property to Rent in Central London
A Guide to Offering Property to Rent in Central London
Rental enquiries are set to soar, say Central London estate agents Sandfords. An outdated law pertaining to a let of less than three months has recently been scrapped, opening the door to short lets aimed at tourists, travellers and contract-working professionals.
Under the outdated regulation, anyone wanting to rent their property out for less than 90 days had to obtain planning permission from the local council, as the let was considered a 'change of use' under the 1973 Greater London Powers Act. Central London estate agents say the complicated process meant many people were put off letting their property in such way, denying thousands of a 'home from home' experience when staying in the capital for a short duration.
Central London estate agents are inundated daily with enquiries regarding rental property. In fact, property to rent in Central London is one of the most popular home move search terms, with a myriad of reasons why people need a property to rent in the capital. Now a new type of London let is emerging thanks to a recent legislation change.
A Guide to Offering Property to Rent in Central London
Andrew Ellinas, Managing Director at Central London estate agents Sandfords, says the capital attracts a variety of people, looking for tenancies of all lengths:
"For many families, renting is a long term option while flats to rent in Central London are popular with young professionals trying our areas before they decide to put down roots. The change in law regarding short-term lets does present an opportunity but a note of caution should be headed - letting to tenants should always involve a degree of professional management, no matter how brief the stay. There is also a big difference between letting out a property you live in as opposed to buying a property specifically as a buy-to-let."
A guide to offering property to rent in Central London
Long, mid or short-term tenancies:
Until the law was changed, a short term tenancy on a flat or house to rent in Central London was considered between 3 and 12 months. However, this time bracket is now considered mid-term, with 90 days or less becoming the new short term - or a 'micro let'. If you're taking time out to travel and wish to let your own home - a short-term tenancy is probably ideal. If you split your time between two homes and plan to spend half the year out of London, a mid-term tenancy would suit. If work is taking you away for a minimum of six months, a long-term tenancy with an option to extend should be a consideration.
If you are a homeowner in the capital and think renting your property out, here are some considerations:-
Furnished or unfurnished:
Furnishing a property does have its advantages. You may find tenants more quickly and you can deduct items specifically bought for tenants off your tax liability. And with short-term lets, furniture is almost expected in the package.
However, if you're leaving your own treasured items of furniture, be prepared for wear and tear - an even possible damage. Many professional landlords choose to offer their houses and flats to rent in Central London unfurnished for longer tenancies as tenants prefer to move in with their own belongings. With both options, ensure a thorough inventory is taken at the start of the tenancy and that a mid-term inspection is carried out to check for malicious behaviour towards the items or the fabric of the property.
Bills included or not:
Many landlords prefer to hand bill responsibility to the tenants as any defaults are then marked against the renter and not the landlord, who will want to preserve their own credit rating. When bills are included, the landlord has to trust that the tenant will not abuse the utilities and create bills higher that the amount charged to cover the supply.
Most properties to rent in Central London are let without bills included. It is up to the tenant to register with the utility companies and local council, and subsequently pay the bills by their own accord. There are some exceptions, however. Houses of multiple occupation (HMOs) - student lets and house shares with communal facilities, are commonly let on an 'including bills' basis. It maybe that new 'micro lets' follow this path, with the short duration making it complicated to keep swapping over bill payer details.
Self managed or professionally managed:
Many landlords think they will cut costs by cutting out a professional letting agent or property manager. In the long run, however, not having the support of an industry-specific partner can cost a landlord thousands.
"According to the Residential Landlords Association, there are over 100 rules and regulations governing lettings in the private sector so it's easy to miss a requirements or fall short of the law - which could result in a hefty fine or even a jail sentence," says Ellinas. "Many Central London estate agents will have a dedicated lettings department who can offer tenant find, rent collection and full management services, allowing landlords to be as involved as they wish. Crucially, lettings professionals will have access to the latest industry training, and will ensure any let is managed successfully and legally."
Professional Property Management in Central London
If you are thinking about letting your property in Central London, talk to our dedicated team of Property Managers; they have a wealth of experience in managing prime property and working
with landlords across Central London.
Sandfords Property Management
6 Nottingham PlaceLondon W1U 5NA
T +44 (0)20 7099 1133 [email protected]
www.sandfords.com
