The rules and regulations around sub contracting a rental property
My husband and I are landlords with a fair portfolio of our own properties which tend to be new 4 bed-roomed FF houses.
We have won several contracts with local companies to provide relocation packages for professionals coming in from overseas and IT contractors on short term working contracts. Part of this package involves providing "home from home" accomodation and as such we rent our houses out by the room. We would normally have 4 employees in one house as a corporate let. The houses are well managed and we employ gardeners and cleaners to keep them to good order.
We have been so busy and won so many contracts that our own houses are all full and we even have waiting lists. We cannot afford to buy any more houses and so we have taken to renting and then sub letting these out. We are very open and honest with the landlords we have dealt with so far and we tell them the nature of our business. We have 3 houses we sublet at the moment and they are all full and we look after them to a high standard.
However when we have tried to rent more out in the same way - we are meeting opposition by the letting agents. We have been told that what we do is illegal and some have told us that there mortgage company won't permit this. Is this true?
I am wondering if the letting agents are blocking us because we are long term renters and this lowers their ability to keep re- renting the house out and making money from the 1st months rent.
Any opinions about this please. We do not believe what we do could be illegal.
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