Many landlords think their only option if they want to make money on assets is to let them privately. While this is the most common course of action, it is not the only one in the UK. Plenty of local authorities are actively looking for suitable properties they can use. As a result there is an opportunity to let to them. Finefair Ltd has a lot of experience here. In fact we are the top team for letting to councils Barnet has.
A scheme to suit you
One of the great things about this kind of letting is that it gives you a lot more flexibility. Councils can offer a range of schemes to suit different needs. For example some give landlords the option to let them use the property for just a year or two. Then afterwards they can decide whether they want to renew the scheme, move to letting privately, or even sell or move into the property.
In addition there are longer schemes that can be five years or more. This can be better for landlords who want someone to look after and occupy the property for the mid to long term.
At the moment you may be wondering what makes letting to councils so much better than letting privately. There are a number of benefits.
The biggest advantage is that this kind of arrangement can mean you get guaranteed rent. In the private market there may be periods where you can’t find tenants. That means you won’t be making any money. Councils on the other hand always have people on waiting lists. That means they can find people to live in the property much faster. The schemes also include guarantees that you will get your rent each month without fail. The council takes responsibility if there are periods when they cannot find tenants.
Another guarantee property owners get here is on the condition of the property. With any kind of letting there is a risk that the tenants may cause damage. In the private market you have a security deposit to offer some protection against this. However, in some cases it may not be enough and the tenants may ruin the property. With letting to the council, they guarantee to return the property to you in the condition it was at the outset of the scheme. That means you should never have to deal with repair bills.
Many people may think they would have a harder time working with the local council. However, it can take away a great deal of the responsibility. In many parts of the UK, council’s have quite strict rules for private landlords. This can mean they need to do regular inspections, keep on top of maintenance, and get safety certificates. There are even cases where they need a licence.
However, if you work with the council they can check the property and make sure everything is in order. There will be no need for you to do anything and you won’t need a licence.
Letting to councils in Barnet
Finefair Ltd has relationships with local Borough Councils across the capital. As a result we can help people with properties in London to explore their options and choose the best one. This is a service that many of our clients happily opt for.
So, if you want to learn more about letting to councils, Barnet has no better local team to talk to. You can ask us questions and we will do our best to tell you more about the schemes and your rights. Just get in touch with us today to get started.