At Finefair we work very hard to help landlords meet their obligations. One thing that has become a big part of this over the last few years is licensing. More local councils in London are requiring licenses. As a result each landlord needs to ensure they get one if they need it. We can help with this as well as offering first rate services such as property management and maintenance. We are also the top provider of guaranteed rent Southwark has.
The latest Borough to consider an expansion to their licensing is Southwark. At a recent virtual cabinet meeting it was decided that more work was necessary to tackle rogue landlords in the area who offer unsafe homes. The end result could be the introduction of Borough wide licensing. This would mean that every private landlord would need to pay for a license and meet the necessary standards.
There are licensing schemes already in place in Southwark but they will expire in December. The Council will be looking to renew and possibly expand them. One of these could require every private landlord to get a license. This could cause a lot of problems but luckily we will be here to help with the best guaranteed rent Southwark can ask for.
Currently there is mandatory licensing in the Borough for houses in multiple occupation (HMOs) with more than five residents in more than two households. Landlords of these buildings must have a license. To get one they have to be clear about the condition of the property, the tenants, and pay the fee.
What could change?
Southwark could introduce an array of licensing schemes, including mandatory, additional and selective ones. They could cover all kinds of private rental homes, including HMOs. There are a number of proposals but two stand out.
The first option would be mandatory and additional licensing for specific properties in the whole Borough plus selective licensing in 15 wards. This would include areas like Camberwell Green, North Bermondsey, Old Kent Road, and others.
The second option would be much broader and have selective licensing across all wards. This could have a huge impact on landlords.
Obtaining the licenses could cost landlords a fair amount. It could be as much as £450 to apply and a further £450 as an enforcement fee. They would need to pay this for every single property. The fees could be much higher for large HMOs too, including additional costs per bedroom if there are more than 5.
If the changes to licensing do come in there could be a number of properties that are exempt. For example a home that has been split into separate flats may not need a license as it is not a HMO. Other exemptions could include holiday lets, properties let by the council, temporary accommodation, and homes with business tenancies.
Guaranteed rent in Southwark
The prospect of an expansion of licensing should make our service even more attractive. We can arrange council leasing and have a great relationship with the local authority. As a result you could become exempt from the licenses and not have to pay any fees.
We are proud to offer the very best guaranteed rent Southwark landlords can choose. Schemes are flexible, ranging from 1 year to 5. You can also continue to extend if you want us to manage the properties long term.
Talk to us today if you want to find out more.