Sandfords estate agents: a Guide to Offering Property to Rent in Central London

1. Sandfords estate agents: a Guide to Offering
Property to Rent in Central London

2. 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 An outdated law pertaining to a let of less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Under the outdated regulation, anyone wanting to rent their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.

3. 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."

4. 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:-

5. 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.

6. 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.

7. 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."

8. 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 Place
London W1U 5NA
T +44 (0)20 7099 1133
pm@sandfords.com
www.sandfords.com