At Holmes Estates, we are pleased to say we have brought many landlords and tenants together in the capital. We know the challenges, but we know with our help, how rewarding being a landlord in the capital can be. In this post, we'll outline some of the key things you need to know. Keep reading for more information!
Who can let property in London?
Anybody who owns a property in London can let it out, whether they live in the city or not. Landlords can be based anywhere in the world, but being local can be an advantage when it comes to understanding the market and your tenants' needs.
If you're not based in London, you'll need to appoint a letting agent to manage your property on your behalf. Even if you are based in London, there is a lot to be said for calling on the services of an expert to manage your rental accommodation for you.
At Holmes Estates, we have a team of experienced lettings agents who can help you let your property quickly and efficiently. We'll make sure your property is advertised in all the right places and that it's seen by as many potential tenants as possible. We'll also carry out all the necessary checks on tenants to make sure they're suitable and that they can afford the rent.
What type of property can be let in London?
Almost any type of property can be let in London, from studio flats to large houses. The most important thing is that the property is in a good condition and meets all the necessary safety standards.
If you're not sure whether your property is suitable for letting, our team at Holmes Estates can carry out a free assessment and provide you with advice on what needs to be done to make it ready for the rental market.
When is the best time to let property in London?
There is no definitive answer to this question as the London rental market is always changing. In general, however, it's best to list your property for rent in the spring or early summer. This is when demand is typically at its highest as people are looking to move before the start of the new school year.
Of course, there will always be people looking for rented accommodation throughout the year.
The types of tenancy agreements available for London properties
There are two main types of tenancy agreement available for landlords’ letting property in London:
Assured Shorthold Tenancies (ASTs)
An AST is the most common type of tenancy agreement used for rented accommodation in England and Wales. An AST can be for a fixed term of up to three years or it can be an ongoing tenancy with no fixed end date.
If you're letting a property in London, it's likely that your tenants will want an AST as this gives them the most security. It's also the type of tenancy agreement that gives landlords the most protection and flexibility.
A licensed tenancy is a special type of tenancy agreement that can be used for certain types of property, such as houses in multiple occupation (HMOs).
If you're letting an HMO, you'll need to have a licence from the local council. You'll also need to meet certain standards regarding the condition of the property and the amenities that are provided.
Contact Holmes Estates for all your South West London housing needs in 2022
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estates today.