Renting of Estate Property

There has been an important development regarding the renting of property on the Sycamores which residents and their families should be aware of.

A little background information on the subject - it would appear that during the past 20 years or perhaps even longer, renting an empty property on the estate by owners has never been encouraged even though it is actually allowed under the lease (see below), in fact as far as can be ascertained renting does not appear to have ever happened – that is until recently.

Clause 5.7 of the Header Lease reads:

 

It’s understandable that this could be a very attractive solution for owners who having properties standing empty while waiting for a sale, eg., they could possibly cover the continued services charges, and should the property be empty for a considerable time, enable them to recoup some of the costs relating to the Sinking Fund which currently stands at 5%.  There is a downside of course, however it is not necessary to point them out here as folks will have their own ideas of the pitfalls.

It’s interesting to note that the sudden change by the director and committee towards renting has happened since the new managing agent took over the running of the estate.  It may be useful to point out that HMP’s expertise actually lies in rented accommodation – perhaps they have spotted a potential opportunity to expand their portfolio and have had some influence with regard to this change,

Something to ponder!

 

February 17, 2020

Copyright  L Sherwood,  All Rights Reserved, 2017-2020