Leasing to local council - good idea?

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    Leasing to local council - good idea?

    Dear all,

    I've had my property on the market for a while, but can't afford to do so any more so need to start letting it out again. I've got an appointment for an acquisitions officer from the council to come over and talk about leasing it long term to them, because the fees from letting agents would eat up a huge chunk of my profit, particularly if I have void periods and frequent changes of tenants. The council will pay me only £25 a month less than the letting agents would market it for, so I'll be making more per month this way as I won't have all the agency fees. Has anyone any experience of letting in this way, and if so, has it worked out for you?

    Many thanks,

    Stebbings

    P.S. After posting, I've just come across a thread from March that asks the same question. The information in that has been really helpful - any more?
    Last edited by Stebbings; 11-09-2012, 21:14 PM. Reason: Extra information

    #2
    Don't know whether either of these are the one you have already seen:

    http://www.landlordzone.co.uk/forums...hlight=council

    http://www.landlordzone.co.uk/forums...hlight=council

    General consensus is usually not to get involved with the council/housing association managed lets. You have no control over who lives in your property, and little recourse to claim for damages when it is finally returned to you. The extra cash you will make on the "deal" could easily be eaten up by the repair bill you are faced with at the end!

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      #3
      Thanks, LesleyAnne. I've read those threads, and checked my council's scheme. It does just give 6 weeks rent to cover damages - I'm out!

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        #4
        Try advertising your property on Upad. I have just used them and my property was advertised one day and let the next. I was pleased with the service and if you opt for find a tenant only service it's just £99 or less if you have a discount code.

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          #5
          What is the reason that your property has been on the market "for a while"?
          Allow tenants to protect their own deposits. I want free money when they do it wrong

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            #6
            It's just not selling. According to my estate agent, there has been a complete slump in house sales in the area. We've dropped the price twice, it's just been refurbished throughout and there have been quite a few viewings, but it's still not shifting. Just down to the recession, I guess.

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