Online House Hunter: Fractional letting
THERE’S a boom in the letting market at the moment in many parts of London and the south-east and it’s bringing with it an increase in ‘fractional letting’.
Fractional letting means letting the room or house for just a part of the week – often the Monday to Friday slot.
There are obvious advantages for both sides: the landlord has his or her house back for the weekend and the tenant only has to pay rent for the five days.
Matt Hutchinson, director of Spareroom.co.uk said: “The big cities are popular for this type of let, typically London, Leeds and Bristol, but anywhere near a large employer with odd shift patterns, such as an airport or hospital, is also a good bet. SpareRoom currently has around 600 rooms available for Monday to Friday let in and around London, the biggest market for fractional letting.
“We’ve seen a marked increase in weekday lets over the past 12 months. In part this is due to the current state of the property market, and the difficulties both buyers and sellers are encountering. If you get a job in a new area and you can’t move house fast enough, another option is to live close to work during the week and only return home at weekends.
“There are upsides for the landlord too. Renting a room Monday to Friday means you get the benefits of a lodger without sacrificing all your privacy. Crucially it also allows you to keep your single person’s council tax discount as your lodger will be paying elsewhere at their main residence.”
Such rental arrangements prove popular in London where the cost of renting a room for five days can be cheaper than the commute.
But take time to research becoming a landlord – it has the benefit of creating another source of income but with it comes certain responsibilities. There are tax implications and you will need the consent of your mortgage lender. There are legal pitfalls to avoid and a varieity of tenancy agreements from which to choose. You’ll also want to consider health and safety issues as well as additional ensuites or other domestic facilities. And don’t forget landlords also have to provide an Energy Performance Certificate.
Fortunately there are a number of websites and organisations that will guide you through the process – including checking out potential tenants. I’ve written before about 192.com for instance which offer a lodger check service to confirm the lodger’s employment, marital status, and age.
Below are some links to other websites that can advise those thinking of going down the lettings route.
- Our online property search also includes places to let
- 192.com lodger check
- National Landlords Association
- The Rent A Room Scheme
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