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reminder system
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July 2004
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Liz
Hodgkinson talks about the pros and cons of short lets
‘Flat to let – holidays,
weekends…’
Sounds tempting, if you are a landlord? Letting
out property for short term or holiday lets can be extremely lucrative, but
it can also be an almighty headache. And you may find yourself extremely
unpopular with the existing tenants if you let a flat in an apartment block.
The first snag is that the
lease probably does not allow this type of subletting in a flat in an
apartment block. There is a good reason: short lets can create horrific
security, noise and nuisance problems for permanent and long-stay residents.
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In one London block, short lets became such a
nuisance that they have now been banned altogether, following tough action
by the Board of Directors and the Managing Agents.
The block of 88 flats is
situated in London’s fashionable Notting Hill, and the main problem was that
many of the lets were really short term, such as for a week or even a
weekend. The residents didn’t know who was coming or going and such
short-stay tenants had no sense of responsibility at all.
The block became like a hotel, and the value of
individual apartments went down, according to the agents.
Eventually, the residents
formed a Board of Directors to try and tackle the problem.
Now, if they are alerted to a short let, the
agents contact their solicitors to write a standard letter. Short lets are
no longer allowed under any circumstances.
What a residents’ Board of
Directors can do |
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Liz Hodgkinson is a prolific author
and journalist contributing to many publications. She has written over 40 books on a wide
variety of topics and has a background in national newspapers. She now falls into the
'later-life' age category and in recent years has started writing for this 'older' market,
and contributes to Saga magazine, among others.
Liz has two sons and four grandchildren. She is divorced and now
lives in London and on the SouthCoast. She has written three books on property matters and
her interests include snooping round other people's houses and viewing showhomes.
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Make sure the leases don’t permit any
lettings of less than 12 months.
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Demand sight of all references, plus photos
of occupants.
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Provide the resident porter with copies of
these photos so that he or she knows who is coming in and out.
What the law says
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Letting agent Susanna Morris of Campden Estates
in Chelsea believes short lets are usually more trouble than they are worth
for all concerned.
“Every time we do a short
let we swear we will never do one again, as most problems occur at the
beginning of a tenancy, so that by the time they are resolved, it’s time for
the tenant to move out again.”
Many landlords”, she adds, “break the terms of
their lease by doing short lets. They are seduced by the idea of more money
coming in. “
If you are planning
short lets
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In reality, short lets may not be as lucrative as they appear, since the
rent has to include all bills, including council tax and utility bills.
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Remember, short-term tenants treat properties like hotels and never
look after them, as they do not regard them as their home, so there can be
the expense of repair and redecoration.
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