It is then up to the agent to let the property and any profits they make after what they have paid to the landlord are theirs to keep. But although these schemes provide peace of mind, it's unlikely that you will be getting the property's full earning potential.
The income the landlord receives will be less than the rent the property could potentially achieve on the open market as they are paying the scheme provider to take on the risk of not being able to fill the property.
Although someone else is filling the property, you can't hand over all the responsibility and will still have some obligations as a landlord. It is up to you to ensure the property complies with all landlord health and safety regulations, and if the property is leasehold, you also have to pay the ground rents and any service charges. However, the provider of the scheme will usually cover the costs of maintenance on the property. But the normal agent's fee as well as maintenance costs and the insurance premium for the guarantee will all be factored into the amount of the guaranteed monthly income, so even though you aren't paying up front, the money is probably still coming out of your pocket through a lower guaranteed pay-out.
The length of the term of these schemes can vary from 12 months to as long as seven years. We are pleased to be able to offer such long contracts at DELAMOVE LTD.
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