Landlord guides
Accidental Landlord in London? Your Options When You Can't or Don't Want to Sell
Plenty of London landlords never planned to be one. You might have inherited a property, moved in with a partner, relocated for work or found the market slow when you tried to sell. Here are your options.
First steps for any accidental landlord
- Talk to your mortgage lender. If you have a residential mortgage, you'll usually need your lender's consent to let before letting the property, or you may need to switch to a buy-to-let mortgage.
- Update your insurance. Standard home insurance usually doesn't cover a let property.
- Check your lease if it's a flat. See lease clauses to check.
- Get the safety basics in place. Gas safety, electrical inspection, EPC, and smoke and carbon monoxide alarms. Our compliance checklist lists them all.
- Think about tax. Rental income needs to be declared. An accountant can help you plan.
Your main options
1. Let it yourself
The cheapest option on paper, but you'll handle tenant-finding, repairs, rules and paperwork yourself. Since the Renters' Rights Act, tenancies are rolling, and landlords have more rules to follow.
2. Use a letting agent
Less work, but you'll pay a percentage of the rent and still carry the risk of voids and repairs.
3. Guaranteed rent
A company leases the property for a fixed term and pays you a fixed monthly rent. It suits accidental landlords who want income without involvement. Read how guaranteed rent works.
4. Hassle-free management
You keep the income from the property, and a management company runs everything day to day. See our management service.
5. Sell
Sometimes the right answer. Guaranteed rent can also bridge the gap if you want to wait for a better time to sell, as long as the agreement's term and break clauses fit your plans.
Getting advice
Every situation is different. We're happy to give you a free, no-obligation figure for your property so you can compare your options properly. Request a free valuation.