I’ve been approached by a few companies that want to sub let rooms in a large property I have. This is fine by me as they garantee rent, the contract looks good and the company will also be responsible for internal repairs and put the property back to the way it was given to them. I will have nothing to do with referencing contracts etc.
As I said the contract says all the right things, however I have requested further information… company registration, number of years established. Also references.
Now apart from the fact that companies can often drag their feet on paying in a timley fashion is their anything else I need to ask, look out for, check. All advice would be welcome as I’ve never rented this way.
They are offering the full rental requested but it will save me so much work ie no referencing, contracts, chasing bad payers, 24 hour call outs on dodgy boilers etc.
Hi Tracey, I’d be very suspicious of this kind of thing indeed.
There are any number of ‘property gurus’ on YouTube promising landlords much higher rent, guaranteed payments and no stress, but if it really were that easy then you could just do it yourself!
Check out this vid from Anthony Gold, who have written some guides for us in the past.
If they are subletting for a profit, they are likely to be letting it out on Air BnB or other short term lets. Check the terms of your insurance, and if it is a flat, there may be leasehold provisions that are relevant to this.
A little lat to comment on this, but it is likely that subletting will turn your place into a HMO, meaning fire doors everywhere, wired in fire alarms, etc. and you will still be responsible overall as you are the ‘head’ landlord. If they fail to satisfy the agreement, you will be held responsible by the Council.