University of London Launches Own Landlord Scheme
The University of London has introduced a London-wide scheme that should offer landlords more support when letting to students – including those from overseas who can’t provide UK-based guarantors.
The University has launched its ‘head lease’ scheme – an initiative where the tenancy agreement is with the university, which then sub-lets the property to students studying at one of its colleges.
Rent is guaranteed for all but one week of the year, and the university will carry out regular inspections of the property during the tenancy, promising to return it to the landlord in the same condition as it was let.
William Walker, head leasing development manager, says that rents are “broadly speaking” aligned with market rates. At present, it is looking for properties within half an hour’s travelling time of Goldsmith, King’s College, SOAS and the London School of Hygiene and Tropical Medicine.
The housing it will offer will not be extravagant, and it preferably wants larger properties that can accommodate three or more students. Places of particular interest include Archway, Holloway, Borough, Camden, Finsbury Park and New Cross.
Landlords are still accountable for upkeep and if they don’t make repairs quickly, the university reserves the right to have the work done and knock the cost off the rent.
As part of the scheme, they will also be required to have an annual service contract on the central heating system and may be required to provide additional furniture, such as desks and notice boards for the bedrooms.
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