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Short and long term lets

What is a short term let?

A short term let is generally a property which is available for a number of weeks to less than 4 months. Many landlords steer away from this form of tenancy as the legal documents required to begin a tenancy agreement can be somewhat extensive and costly, therefore often not considered financially viable.

A property which is let on a short term basis will often be fully furnished, with all bills included in the price per month. This type of property typically attracts professionals and contractors working within the local area for a short period of time. However, recently more home buyers are using a short term let if they are in the process of moving home. If your previous property has sold, but you have not completed your purchase, a short term let is ideal.

Landlords can make a generous income from short term let properties providing they have a consistent flow of full rooms. As all bills, furniture and linen are often included, it means the overall price is increased to cover all of the costs. This still leaves a good profit for the landlords, even though more work is often included. Building relationships with larger local companies within the area are a distinct benefit to landlords, as the income can be generated through good relationships and positive feedback.

 

What is a long term let?

A long term let is the most common form of tenancy. The minimum length of a long term tenancy would be 6 months, and most letting agencies use this term on assured shorthold agreements.

The benefit for a landlord is that they can feel confident that they will receive income over a longer period, and not worry about the property being vacant. Most tenancy agreements will be renewed after the initial term on a month by month basis (periodic tenancy), or a further long term agreement if landlord and tenant are happy.

A long term tenant is responsible for all the bills, including council tax, gas and electric ensuring you as a landlord will not have to pay for any empty properties for a minimum of 6 months. 

The benefit to the tenant is often that the rent is cheaper on a month by month basis than a short term let. It also means, as they are renting the property for longer, they can call that property home and really make it their own. 

Letting agents are commonly used for this type of tenancy so that they can deal with any rent arrears which may be incurred and also any maintenance issues. A good relationship is often built between the tenant and letting agent, which helps with the smooth running of the rental throughout the duration of tenancy, something which the landlord may not have time for.

A letting agent will also typically have their own database of contractors, which they have an ongoing relationship, to deal with any maintenance issues. This ensures a quick response time on any issues regarding the property. Finally, letting agents deal with the local council on a regular basis enabling fast conclusions to any housing benefit concerns.

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