More than 165,000 property investors are generating income from their second homes by letting them out to holidaymakers, according to new research by an insurance firm.
We know of a number of householders in the Wimbledon area who let their homes to players, officials and tennis fans for three weeks each summer when the grand slam tournament is taking place in SW19.
And the growth of websites such as HouseTrip and AirBnB (who had had 4 million hosts at the end of 2020) – which connect users from all over the world who are looking for short-let accommodation – indicates the trend for generating income from holiday rentals is growing. In fact, HouseTrip co-founder Arnaud Bertrand has said:
“Our target audience is rapidly catching up to the fact that they’re getting great value by renting a home as opposed to staying in a hotel. I see a not too distant future where our category will be the most popular type of travel accommodation.”
Private landlords who jump on the home-from-home bandwagon need to be aware that they must get their short-term guests to sign a holiday letting agreement. A Holiday Letting Agreement Forms part of a landlord’s raft of necessary paperwork. This is why Property Division is pleased to offer you a free agreement. Simply print off two copies, sign one and hand it to your tenants, then get your tenant or tenants to sign the other and hand that agreement to you.
However, ASTs do not cover agreements where tenants pay more than £100,000 in rent per year or when a limited company rents a residential property.
The latter often involves companies renting residential accommodation and letting the property to their employees, usually under a licence agreement (as opposed to a tenancy).
If you like a custom, completely personalised tenancy agreement, use the link below. It takes about 5 min to create and you will end up with an agreement, tailored to your specific property.
Alternatively, if you just want to download a generic holiday let tenancy agreement template, use the link below.
While the employee will usually pay rent and other costs to the landlord, ultimately the company is liable.
A Holiday Let Tenancy Agreement typically includes the following information:
- Names of the landlord and tenant
- Property address and description
- Rent amount and payment details
- Duration of the tenancy
- Purpose of the tenancy (e.g. holiday letting)
- Inventory of items provided with the property
- Maintenance and cleaning responsibilities
- Restrictions on the use of the property (e.g. no pets allowed)
- Cancellation and termination conditions
- Insurance requirements
- Security deposit arrangements
- Liabilities of the landlord and tenant
- Complaints and dispute resolution procedure
- Jurisdiction and governing law
Note: The specifics of a Holiday Let Tenancy Agreement may vary depending on the jurisdiction and local laws. It’s important to have a clear understanding of all the terms and conditions before signing the agreement.
Download this free holiday let tenancy agreement template, by clicking on the banner above.
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