With the upcoming Olympic Games in London, many landlords and tenants seem to be tempted to make some extra cash by renting out properties on a short-term basis for the summer. What they don’t bare in mind is that they could suffer expensive consequences by not complying any financial or legal requirements. Here are some basic tips which could be considered by people who plan to make their properties short-term Olympic rentals:
1. Lease clauses
It is important to know very well the type of lease signed for it could be prohibiting things you have missed on first sight. These could be prohibits for renting the property for commercial purposes, subletting, neighbors issues and many others. Before you try to rent out the property, make sure you are well-aware of the lease clauses. For instance, many residential types of leases will more certainly forbid the use of any other but residential. Actually, in technical terms using a property for short-hold letting which is less than 90 days is change requiring planning agreement. Most clauses are included in the insurance policy and not many of them will allow renting out a property for commercial use, for instance. However, if you are not sure how to proceed, you can always turn to a letting agency or a professional inventory company London which can help you with any other important procedures. Remember that short term rentals require more frequent inventory checks where especially important are check in inventory London.