AST vs furnished short to mid term let

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    AST vs furnished short to mid term let

    Hello all,
    We have a 3/4 bed house in the outer London - this used to be our residential home but we have now moved overseas and trying to rent it out. We have not been able to source the type of tenants that we would have - ideally, a single professional family. It has been empty for the last two months and being let through a local agent. To be able to afford our home, income needs to be 60k+ and most interest that we get is two families living together, which are not comfortable with. Looks like almost all families in that income bracket are currently homeowners and we are left with the rest. The property is fully refurbished to a high standard and it is in a quiet cul-de-sac. Only negative feedback has been that it is not convenient for public transport and the rooms sizes are small (being empty doesn't let one appreciate the size) - it is in fact quite normal for a London home, built in the 1980's and it has a garage conversion (4th room/ office) but we are only advertising as a 3BR house.

    Given our own situation, I thought ideally there should be families in similar situation moving to London through corporate relocation? I have got in touch with a few companies but still no luck. On the other hand, there are options to advertise it as a furnished short-mid term let for 1month+ and wondered if anyone has any experience with such alike?
    It is a bit tricky in terms of managing it from overseas but I could find a managing agent or my neighbour could act as one.
    I'd appreciate your thoughts.
    Thanks,
    Eve

    #2
    Which platforms is it being advertised on?

    Comment


      #3
      I haven't chosen anything yet but there are a few that I could see. Happy to welcome recommendations (feel free to PM me).
      thanks,

      Comment


        #4
        How about three/four sharers? I have four in my house in Battersea. One is the tenant, and the others are her lodgers. Hence one contact, one person in charge, and she sources replacement housemates from time to time. My house has been let without voids for nearly 20 years. BTW, I don't provide furniture, except a cooker.

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          #5
          If someone is living in the property it will be an AST, there's no option of a "short mid term let".
          You could let it as a holiday let.

          If you rent it to two couples, it's an HMO (and, without conversion work will be non-legal).

          Is the property furnished, because that might be putting people off?
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            Thanks for your responses.
            I don’t think it falls into AST (I could be wrong)- it might be a commercial contract with the relocation company and then they sublet to the tenants. I don’t know what the arrangements for holiday let is.
            JK- I’m not keen on sharers.

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              #7
              JPK- the property is empty-

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                #8
                If it's in decent condition and there's no interest, the price must be wrong or the agent isn't doing their job.
                Talk to the agent about what it will take to shift it, they should know the market.
                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                Comment


                  #9
                  If it's a 4 bed and your letting it as at a 3 bed rent, why not advertise it as a 4 bed at the 3 bed rent? In my experience by the time a family need a larger house they've got all their furniture and white goods so furnished might be putting them off. However, I did once let a FF 3 bed but the T bought her own furniture over time and I had to remove mine. Well, I didn't have to remove mine but if I wanted to keep the T it was the best thing.

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                    #10
                    Hi BG, it’s NOT furnished currently.
                    I have looked at similar properties with 3 bed and the cheapest one is only £100 lower and in horrid condition.
                    As I said, this is fully refurbished to a high standard and I wonder if that’s putting off the tenants as they are scared of being slapped with damage to the property.
                    That said, almost all properties are being let to two families as that’s how most people can afford at that price range it seems and we’re not keen on that.

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                      #11
                      Please complete & paste https://forums.landlordzone.co.uk/fo...ll-new-posters
                      Who is named as LL on the TA?

                      Comment


                        #12
                        Sorry Byrdewear, I read refurbished as furnished.

                        Comment


                          #13
                          Originally posted by Byrdewear View Post
                          JK- I’m not keen on sharers.
                          Oh, well I wasn't either. However, it has worked out really well for me with the tenant/lodger model that a friend suggested.

                          Having effectively a landlord 'on site', means that they never let the place get too disgusting. Actually they employ a cleaner.

                          Comment


                            #14
                            Originally posted by Byrdewear View Post
                            That said, almost all properties are being let to two families as that’s how most people can afford at that price range it seems and we’re not keen on that.
                            Two families would mean it's an HMO, so you're not comparing like with like.

                            A property for one family would be cheaper than the cost of a two family HMO (which are usually in very short supply).
                            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                            Comment

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