Tips for Short-Term Letting – SAPA
Short-term letting are taking a swing. But what exactly is a short-term let? How does it differ from assured shorthold tenancies? Let’s look at the basics.
A short-term let (also known as a short-term rental) is any letting agreement that lasts no longer than 6 months, but can last as little as a week or even one night.
However, a short-term let is not really the same thing as assured shorthold tenancy. The letter is just a legal name used for any type of common tenancy agreements. A short-term let is not a legal name, but just refers to the actual period the tenancy lasts. The name also covers temporary rental agreements arranged via the internet, such as travel sites, but we are not going to talk about them now.
Tips for Short-Term Renters
With the rent prices constantly on the rise, as well as lack of rental property, many people are looking for rooms to rent in the London area will spent some time in a in short-term letting arrangements. This usually is the case when people are in between two long-term rents or when people arrive in London for the first time.
Short-term lets, whether assured shorthold tenancies, holiday lets or lodger lets, could include clauses about deposits, special obligations and requirements about pets, keys, access etc.
If you are renting for a short term, expecially in cases when you are looking for a new long-term home and not as a holiday, we suggest you enter into short-term letting arrangements. This will you the most rights as tenant.
Tips for Short-Term Landlords
If you have short-term rooms to rent in London you’ll need to sort out a few things first. It’s become a lot easier to be landlord recently, but there are still important things to do before you can start.
After changes in the law, homeowner that wants to rent a room longer than 90 days need to apply for planning permission. But if you are renting short-term than you might never need to seek such permission.
However, getting the right kind of insurance is important. Even renting for one night might get your rooms damaged or broken and we want you to be sure that you will abe able to cover the costs, should things go wrong.
Finally, little information regarding taxing. Following last year’s new legislations, there is good news regarding taxing. Landlords that earn up to £7,500 in rent can go on without paying rental tax. This is the national average amount, but in some regions the amount of rental money that need no taxation may vary.
We hope this blog entry will help you If you’re looking to start renting rooms for short-term.