Hello ppl, I am new landlord looking to let my property to a couple whose own property has been flooded and they looking for temp accommodation for couple of months.
The couple has good income circa 100)k but they need to use overdraft every month. They didn’t had an insurance to their own property so now paying for all flood related cost from their own pocket.
They seems okay but making me bit nervous since it’s first time me letting out property that too for short term i. 2 months.
The benefit for me is that they can move in very quickly so I start getting rent immediately without painting the house. It also get me an opportunity to buy some time to find decent tenant for long term.
Anything should I be aware for short term let? AST still valid?
An AST would be valid. Main issue is that you can’t issue a S21 in first 4 months of a tenancy (even if term is shorter than this) but that is less of an issue with current notice periods. You’d be taking a risk for only limited rewards which is why most landlords wouldn’t do 2 months but depends on property condition and availability of other tenants.
I agree with others suspicions. £100k but can’t afford insurance! There is no such thing as a short let in these circumstances. At the moment the tenant would have security for 10 months even if you make the AST 2 months.
I don’t think your insurers would insure a two month AST
It’s normally a minimal six month contract
If you take a six month contract ask for the rent up front
TBH a two month tenancy is not worth it unless you charge extra for a short stay