Sign up to save your podcasts
Or
Share The risks of flats and a confusing headlease!
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
The risks of flats and a confusing headlease!
Meet Tokeet Channel Manager, your ultimate all-in-one property management solution. It’s the game changer designed to boost your profits while simplifying every aspect of your operations. Join 60,000 rentals across 95 countries who trust Tokeet. Click below and discover Tokeet - the business partner you never knew you were missing!
Link: https://www.tokeet.com/?ref=ztfjzgj
THE AIRBNB CONSULTANT - CONTACT US
https://calendly.com/airbnbconsultant/15min
In this episode, Alex talks about something that catches a lot of SA owners out – head leases on flats, in particular those that are located in large blocks. Alex explains why they are often an issue and some of the other risks attached to using flats located in large blocks as serviced accommodation. He also explains, in detail, how to avoid and manage these potential risks
KEY TAKEAWAYS
- Flats can still offer a good return on your investment, but they are a lot more complicated to run.
- Head leases trip a lot of SA owners up. You need to understand them and what the legal implications are.
- Often, head leases contain clauses that mean you cannot legally use them as part of your SA business.
- Flats in large blocks also come with potential issues relating to noise, neighbour disputes and navigating management company rules that could ultimately lead to fines and/or eviction.
- Getting too many noise complaints can lead to your getting kicked out of the block.
- Noise issues can end up becoming a council matter, which can affect your relationship with them and therefore impact the other properties you own in the area.
- Have notices up in the property to remind guests that they are in a block of apartments and that they need to be respectful.
- Be very clear about where guests can and cannot park.
- Check and fully comply with the management company rules. If you breach the rules you can lose your lease and be evicted.
BEST MOMENTS
“If you were living in a block of flats, would you really want an Airbnb unit literally within spitting distance of your front door? ”
“If you're taking a deal from sourcers, you need to see that head lease and get a solicitor to look at that head lease as well.”
“If you don't do that, you can risk legal action from the freeholder which could include termination of the lease and being evicted from the property.”
“Many hosts mistakenly believe that once they sign the lease, they can just do whatever they want with the property, but the reality is quite different.”
“Keeping your neighbours on side is a fundamental part of a successful serviced accommodation business.”
“Maintain open communication with your neighbours and address issues as soon as they arise. ”
“It only takes once or twice for people to park in a neighbor’s spot to get their back up.”
HOST BIOS
Alex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years.
This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’
Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges.
View all episodes
By Alex MannockMeet Tokeet Channel Manager, your ultimate all-in-one property management solution. It’s the game changer designed to boost your profits while simplifying every aspect of your operations. Join 60,000 rentals across 95 countries who trust Tokeet. Click below and discover Tokeet - the business partner you never knew you were missing!
Link: https://www.tokeet.com/?ref=ztfjzgj
THE AIRBNB CONSULTANT - CONTACT US
https://calendly.com/airbnbconsultant/15min
In this episode, Alex talks about something that catches a lot of SA owners out – head leases on flats, in particular those that are located in large blocks. Alex explains why they are often an issue and some of the other risks attached to using flats located in large blocks as serviced accommodation. He also explains, in detail, how to avoid and manage these potential risks
KEY TAKEAWAYS
- Flats can still offer a good return on your investment, but they are a lot more complicated to run.
- Head leases trip a lot of SA owners up. You need to understand them and what the legal implications are.
- Often, head leases contain clauses that mean you cannot legally use them as part of your SA business.
- Flats in large blocks also come with potential issues relating to noise, neighbour disputes and navigating management company rules that could ultimately lead to fines and/or eviction.
- Getting too many noise complaints can lead to your getting kicked out of the block.
- Noise issues can end up becoming a council matter, which can affect your relationship with them and therefore impact the other properties you own in the area.
- Have notices up in the property to remind guests that they are in a block of apartments and that they need to be respectful.
- Be very clear about where guests can and cannot park.
- Check and fully comply with the management company rules. If you breach the rules you can lose your lease and be evicted.
BEST MOMENTS
“If you were living in a block of flats, would you really want an Airbnb unit literally within spitting distance of your front door? ”
“If you're taking a deal from sourcers, you need to see that head lease and get a solicitor to look at that head lease as well.”
“If you don't do that, you can risk legal action from the freeholder which could include termination of the lease and being evicted from the property.”
“Many hosts mistakenly believe that once they sign the lease, they can just do whatever they want with the property, but the reality is quite different.”
“Keeping your neighbours on side is a fundamental part of a successful serviced accommodation business.”
“Maintain open communication with your neighbours and address issues as soon as they arise. ”
“It only takes once or twice for people to park in a neighbor’s spot to get their back up.”
HOST BIOS
Alex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years.
This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’
Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges.