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Letting House
richyj
Posts: 24 Forumite
Hi,
We are moving to the USA soon. We are keeping the house in NW London and will be letting it out. I have had a couple of estate agents in to value, with one suggesting an asking price of 2000 pcm and the other 2500 pcm.
An alternative is to rent it out on Airbnb where the returns can be twice that of a standard rental. I understand there is a 90 day short letting term in greater London. However you can let for longer on Airbnb.
If I were to get a long term rental (28 days plus) on Airbnb should I be drawing up a contract for the tenant ? I dont want to have issues getting them out if they turned out to decide to stay ?
Thanks,
R
We are moving to the USA soon. We are keeping the house in NW London and will be letting it out. I have had a couple of estate agents in to value, with one suggesting an asking price of 2000 pcm and the other 2500 pcm.
An alternative is to rent it out on Airbnb where the returns can be twice that of a standard rental. I understand there is a 90 day short letting term in greater London. However you can let for longer on Airbnb.
If I were to get a long term rental (28 days plus) on Airbnb should I be drawing up a contract for the tenant ? I dont want to have issues getting them out if they turned out to decide to stay ?
Thanks,
R
0
Comments
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How are you going to keep a check on the condition between lets in an Airbnb? what if they lose their key. If you decide to provide an AST to a tenant then you'll need to comply with all laws and regulations that other landlords have to comply with. Do some research, it's not really as simple as just letting your house out.0
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Who is your target tenant? Where in Northwest London? Some areas are prone to tenants dividing the house up into a number of small rooms and then subletting all the rooms and you will be in the US. The first thing you will know about it is when you are prosecuted for an illegal HMO that is overcrowded.
You cannot just let a property and then move to another country you have to be able to or you have to have an agent who can go in and inspect the property. Do not expect neighbours or friends to do this for you. They do not want to have to deal with anti social tenants.0 -
If it's more than 28 days & they are living there it WILL be an AST, regardless of what your or AiR-BnB's paperwork says so eviction only through courts, deposit protection, loads of paperwork.
AiR-BnB will have serious costs for you above normal rental deals.
Does your mortgage permit such renting outt ?0 -
Renting side of side of it, read all links in the thread by G_M:
Tenancies in Eng/Wales: Guides for landlords and tenants
https://forums.moneysavingexpert.com/discussion/5180214/tenancies-in-eng-wales-guides-for-landlords-and-tenants0
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