Council leasing can be a beneficial way for landlords to find tenants and ensure that their property is being looked after. If you are interested in council leasing in the Croydon area, the local borough council offers the Croylease scheme, which gives landlords the chance to lease their properties through the council for a period of five years.
There are certain requirements that landlords and their properties must fulfil before they can become involved in Croylease. The property must be a two, three or four bedroom house located within the borough of Croydon; flats, smaller houses and other types of property will not be accepted. You must also be willing to let your property for five years, so if you do not wish to embark on a council leasing scheme for this long, Croylease will not be suitable for you.
The property will be inspected before leasing, so landlords have a responsibility to make sure it is well maintained and in excellent condition. Once the property has been leased through the council, they will take on responsibility for ongoing maintenance and repairs. There must be a boiler which is under five years old and valid electrical and gas safety certificates to prove the property is safe for residents, as well as an energy performance certificate (EPC). If all these required standards are attained, Croylease could be the right route for you.
As we work with all London Borough councils, we are the perfect choice to advice you on the Croylease scheme or any other scheme elsewhere in the capital. If you own a property which does not fulfil the criteria of this scheme, we can help you to make alternative leasing arrangements. It may be that a different course of action would be more suitable for your circumstances, in which case we will offer you the benefit of our knowledge so you can enjoy optimum returns from your investment.