Added security for landlords with student lets
Many landlords are reluctant to have students as tenants while others refuse point blank. However a new university tenancy scheme could help minimise the risks of letting property to students.
The University of London has launched a new city-wide initiative which, in short, will see the landlord let the property to the university rather than to the student(s) directly. In return the university will carry out regular inspections and return it to the landlord at the end of the tenancy in the same condition as it was let.
As per a standard let, the landlord will remain responsible for the maintenance of the property including an annual service of the central heating system and is required to carry out any repairs. If they fail to do so, the university reserves the right to have the work done, the cost of which will be deducted from the rent.
The university will also guarantee the rent for 51 weeks which William Walker, Head Leasing Development Manager, confirms will be “broadly speaking” in line with market rates. This is particularly reassuring for landlords letting to overseas students who cannot provide a UK-based guarantor.
The University wish list
Initially the university is looking for accommodation for 400 students, starting from this September and are particularly interested larger properties (for 3+ students) in the following areas:
- Finsbury Park, and
- New Cross.
It will however consider other areas providing there are good transport links to its campus’.
Content correct at time of publication