Updating post from Reddit.
Hi, I live out of the country and own a London flat. I stay in the London flat for 3 months over the summer with my young children. This is the second year I will be doing this and I'll definitely need to do this next summer as well - probably for 2-3 more years.
Last year I found tenants for a 9 month let, and I was planning on doing that again, but I understand this will no longer be possible due to the new Renter Rights Bill.
I figure there are likely to be a number of people who would like a medium term tenancy such as students. However, my last tenants quickly agreed to sign the 9 month contract, but it turns out they were hoping I'd change my mind and allow them to extend their tenancy contract. They really didn't want to leave. So I know even if someone says 9 months works for them, there's no guarantee they won't change their mind. And, anyway - it doesn't sound like I can be selective on who I choose to live in my flat with the new rules.
I'm not sure what to do. It would be very expensive for me to find a comparable Air BNB for those months. My current estate agent who manages my let is really putting the pressure on me to let it out - he's offering discounts on his cut and is saying we can test it at higher rent rates.
Some things I'm exploring -
- My flat is in a borough that does not allow short-term lets due to the housing shortage. But I believe I'm still allowed 90 days of AirBnb so I'm starting to look at management companies who can help with that. The flat is minimally furnished and not decorated, so I'd need to fix that, but it would be nice when I come back with my kids. This would only work if it was a 1-month minimum as the other flat owners in the building will get upset if it's being run like a hotel.
- Maybe I could also supplement these 90 days with a housing swap website, where I earn credits?
- I was looking into corporate lets, but at least the one company I talked to did not sound good. They charge up the full rent upfront (something they will not be able to do after the Renters Rights bill) and they only bring in about 30% more than a normal let. It seems like anyone who can afford 30% more, all up front, will have no problem continuing to pay this if they want to stay in the flat longer.
- I'm also going to get a valuation on my flat to sell it and find another flat that would both suit our family better and be better for short-term lets. But it's really not a great time financially for me to do that, as likely I'd need to spend considerably more on the next flat and I don't think I'd qualify for a mortgage.
I would be really grateful for suggestions and ideas! Thank you!
Can they sublet back to you?
I think that would have to be a perfect situation where they are happy to move out for June-August. When my previous tenants didn't want to move out, I offered that they could leave their stuff there if they wanted to travel for those months, but that didn't work for them.
But I did wonder if I could find a subletter rather than a tenant? (I guess I'd need to give myself, or my friend, a lease?) What are the rules on subletting with the Renters Rights bill? (What if a subletter doesn't want to leave?)
You let to x and y and they sublet to you for 3 months per year, from the beginning.
Hi I work as a specialist in short term let’s Drop me a message [email protected]