There are a number of costs and concerns if you are a private landlord. Many of them revolve around finding tenants and trusting them to look after properties and pay the rent. Then there are things like management and maintenance. It may be a better option to look at an alternative. At Finefair Ltd we have a lot of experience with private sector leasing in Waltham Forest. It could be the right choice for you.

What is it?

The leasing is an agreement with the local council. Instead of dealing with a tenant, you will work with them. They will pay you every month for letting them use the property. What they will do is choose council tenants to live in it. This could be anyone struggling to find housing, including people with low income, disabilities, or leaving care. It can also be elderly people.

As you can see, these services are pretty straightforward. They can be really good for all sides, including you as the property owner, the council, and locals in the area. A look at some of the main benefits will show why you should consider it instead of private letting.

Guaranteed rent

This kind of service is often known as guaranteed rent. It tells you instantly what the main benefit is. Here the council is the one paying you instead of the tenant living in the property. That provides more security because there should never be a reason for the authority to miss a payment. It is wonderful for your cash flow, providing more stability.

No voids

The main thing with private sector leasing in Waltham Forest and other parts of London is the council chooses tenants. So, all of the pressure is on them. It will be their responsibility to make sure properties are occupied. You won’t have to deal with void periods where you lose out on income; even if the property is empty the council will still pay you.

Vacancies are quite rare with these services though, especially in London. That is because in many areas there is a shortage of council housing. It can result in long waiting lists that seem to grow every year. Usually when properties become available, tenants are found very quickly. It means homes are unlikely to be empty for long periods at any time.

Maintaining the condition

The private sector leasing also hands off responsibility for the wellbeing of the property to the council. They will handle the management. An agreement should include a proviso that the building will return to you in the future in the same condition, barring fair wear and tear use. As a result you should have protection against things like damage and unlawful alterations.

Convenience and simplicity

Finally, you get a service that is convenient and simple. There will be far less workload than private letting. You will likely only need to do a few things initially to make sure properties are safe and inhabitable. We can even help with this. Beyond that the council will do pretty much everything else. It is great option if you want a single, hands-off service.

Do you want to try private sector leasing in Waltham Forest?

Finefair Ltd has had the pleasure of helping many landlords to arrange this kind of leasing. We are local council partners, so we have a great deal of experience with the various schemes. It helps us to advise property owners and ensure you know what to expect if you agree to lease. We are also available to provide ongoing support.

If you are looking at options for your assets, we urge you to think about private sector leasing, whether in Waltham Forest or other parts of London. It offers plenty of advantages and you can choose a term that works for you, short to mid or longer.

You can contact us for advice if you would like any more info.