Corporate Let?

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    Corporate Let?

    Hi

    We have a number of properties that we let out. Always on short assured tenancies to private tenants.

    We have been approached by a relocation agency looking for a long term corporate lease. Other than telling my insurance company does anyone have any advice/experience with such leases?

    Thanks

    #2
    So this is in Scotland?? And the named tenant is the relocation agent (which is not a human but a corporate body??)?? If so, as "the tenant" cannot live there & a requirement of an assured tenancy is that the tenant occupies the accommodation as their only or principal home, it is not (cannot be) an AT so it cannot be an SaT: I think it must be a common law tenancy.

    What are the terms of any mortgage or insurance you may have on the property regarding any tenancy types??
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      Yes scotland and not a tenancy but corporate lease.

      No mortgage and I can sort out insurance.

      Just want to know if anyone got any advice or experienc??

      Comment


        #4
        Just ensure that it doesn't turn into an unlicensed HMO.

        You as the owner of the property are the one responsible for obtaining an HMO Licence if there is to be more than 2 individuals from 2 separate families living in the property.

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          #5
          I've just been approached and turned down someone wanting to rent a house in the name of the company & put three people in it whilst they work for him, employees, during a long-ish unrelated building refurbishment project.

          I turned him down, mainly over HMO worries. However I'm pondering going back to him & offering just a contract for 2 occupants. Anyone know (I'm expecting to pay..) of any source of a Scottish "Company let" agreement ?? A quick google didn't seem to find one & clearly not much point offering a "standard" SaT.

          Ideally I'd like it to have clauses about the term, how both parties may end it, limitations of numbers of occupants and deposit/damage clauses, and also that occupants would only be permitted if they have a permanent home elsewhere (thus limiting risk of HMO status...) ... (or am I asking for the moon...)

          My current LL association does not appear to offer a company let agreement.

          When asked he offered a personal guarantee from a credit-check director... I've just paid off the mortgage so there won;t be mortgage terms problems (but I'd expect to have to hunt for a change for insurance).

          And any other insights/suggestions/war-stories gratefully received!

          Regards & thanks in advance
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

          Comment


            #6
            Pay attention that is not just a rent-to-rent operated by the Agent, that as suggested is turning your property into an HMO.
            I would go for it only if you rent directly to a "real" corporate as Industrial group or whatever, and not renting to the Agent.
            Plenty of cow boys rent-to-rent players...be careful!

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              #7
              Thanks: It was direct & I know company name
              I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

              Comment

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