Subletting is something that many people associate with cities in America, particularly New York, where rent control regulations are common. In broad terms, the practice of subletting sees a tenant lease a building they are renting to someone else, usually for a higher fee than they themselves pay. In most cases this takes place illegally, insofar as the legal owner of the property is unaware that it is happening. Whilst this happens most frequently in cities which have rent control to go with high levels of demand for property, it happens in many locations across the world. Although London does not have rent controls, there have been cases where tenants have been found to be subletting without the permission or knowledge of the owner.
There are many potential problems with this. In the first instance, the subletter is charging more in order to make a profit, which means the owner is missing out on income they are entitled to. On top of that, there are all sorts of legal issues and liabilities involved if the subletting tenant causes or comes to harm in the building. Overall, it is best to do everything possible to secure your property against subletting rather than try to deal with it after it has happened. As leading letting agents in Lambeth, we do all we can to protect landlords against this risk.
When appointed as your lettings agents, we will secure a suitable tenant that will ensure the expected rental income, and then go the required distance beyond that goal to ensure everything always remains in order. Our property management services ensure that the tenant is meeting all requirements detailed in the lease, which of course includes no unauthorised subletting. If any issues arise, we manage and resolve them on your behalf. Appointing us as your lettings agent is the most preferential way to gain the maximum returns on your investment.