Apartments in Central London:short rentals
London is a very popular destination whether for a business trip, study or simply for a vacation. Two hundred millions of people are visiting London every year, making the city one of the most exclusive metropolis. Defined as The World in a City, London offers a lot of attractions of all kinds, from culture, to food, architecture etc. There are many needs that lead to choose an apartment for short term rental or in the ‘Airbnb’ formula rather than a hotel in the City.
How does the London short term rental process work?
Renting a short-term apartment means renting a flat for less than 6 months, which is instead the standard contract terms in UK, Wales and Northern Ireland. Usually to regulate the short stay virtual contracts are signed through Holiday accomodation channels such as Airbnb, Booking.com and many others similar ones. The Short stay is disciplined by a form of contract know as license to occupy among the parties, better known as license holiday accommodation, which regulates the use
of the apartment rented including all services (e.g. cleaning) and denies possession of the property as in the case of an AST (Assured Shorthold Tenancies). Diversely to a long-term rental, a security deposit is not necessarily required for short-term purposes unless specified by the owner. It is very important to know that London allows short term rentals under 90 days while regulation and limiting the use of it. If you intend to rent an apartment for short periods, it is also important to make sure that the condominium regulation allows it to be rented in the short term formula. Often the same lease which is the contract of the ownership, clearly specifies the minimum period of lettings allowed. In case of short term rentals not allowed by the lease, you are high expose to the breach of lease and the freeholdcould consequently ask you for damages.
Why entrust Welcome Home for the letting and management in London for a short-terms period?
For years we have been managing apartments for short and long periods in London and we know exactly the actual law that allow the business. Letting out short-term stays in London without a proper due diligence on the building and borough can incur in serious consequences and very high penalties.
Below some of the potential risks:
- Lease forfeiture: the freehold invokes the right to repossess the property having committed a violation of the lease agreement
- Notices: warnings from the condominium with penalties
- Fines: fines for breach of municipal regulations – rule of 90 days .
- Potential request of change of use class: from C3 Dwelling house to C1 Service apartment
Do you want to enjoy your flat in London and at the same time optimize your investment when you are not using it?
Write us and find out how to make the most of your investment in London and at the same time enjoy your property when needed.