Landlords across Wales can now take advantage of a scheme that lets them lease their property to the local council for up to 20 years.
Welsh government-funded initiative Leasing Scheme Wales gives landlords a guaranteed monthly rental income and a full property management service without the need to pay commission.
Launched in 2022, it also helps local authorities meet their area’s housing demands and all 22 councils have now signed up.
Leasing a property through the scheme means that owners don’t have to pay for finding tenants, management fees, costs for gas safety, EICR or rent guarantee insurance.
During the term of the lease, councils are responsible for maintenance meaning that there’s no need for home emergency cover for repairs, which Leasing Scheme Wales says could potentially save owners more than £10,000 over a five-year lease period.
Any repairs of damage to the property made by tenants are also paid for by the local authority - subject to reasonable wear and tear, and the landlord’s liability for structural defects.
Properties need to meet certain standards to be eligible, but grants of up to £5,000 are often available to bring properties up to an agreed standard and to increase the EPC rating to a band C. This funding could be extended to a maximum of £25,000 for empty properties.
Lease terms of between five and 20 years are available, with guaranteed rental payments for the length of the lease at the relevant Local Housing Allowance rate.
For more information, contact the local council.
Tags:
Comments