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Thinking about Letting?
The owning and letting of residential properties has changed immeasurably over the years. Except for a few remaining old style Statutory & Protected Tenancies, gone are the old distinctions between furnished and unfurnished properties and issues over rent control and inherited tenancies. Modern tenancies will be ‘Assured Shortholds’, initially for a fixed term (usually between 6 & 12 months) at open market rents, with guaranteed rights for repossession. The property can be unfurnished, partially furnished with carpets, curtains and white goods, or fully furnished.
The present legislative structure allows those that want to own and let out property to do so with a high degree of confidence. It has brought a whole new generation of landlords back into the market as investors. They benefit from a steady rental income and, over time, capital growth in the properties they own. It also serves a social need in helping to provide rented accommodation to a relatively mobile working population.