What can I earn?
This varies according to the property type, size, location, availability, amenities and number of people it sleeps. Normally you can earn the equivalent to the long term rental value of your home, yet you’ll still be living and using the property yourself.
We’ll happily discuss your property with you over the phone and provide an estimate of how much you could potentially earn per week. If it sounds like something you would like to do we will come and meet you at your property to confirm suitability and availability so that we can provide a firm proposal.
Is this service suitable for you?
This service is for Homeowners who live in London but are away from home regularly, or for second home owners that live out of town and are considering renting short term rather than leaving the property empty while they’re away. This service is not suitable for Homeowners who are able to rent their properties on a long term basis. An Assured Tenancy Agreement is better in these cases.
Another important consideration when deciding whether this service is suitable for you is to know how many weeks per year your home will be available for. rental. The longer the lead time and availability the more likely we are to secure bookings for you. guests normally book around 3 months in advance, so we will need to know when your home is going to be available for rental ideally 6 months in advance so that we can update the availability calendar.
How long do the guests stay?
The minimum stays are 3 – 5 nights depending on the size of property and availability. guests often stay one or two weeks. We will agree minimum lengths of stay with you at the outset depending on what is most comfortable for you.
Who are the guests?
They tend to be professional people. Families coming on holiday, small groups of friends visiting London for a West End show, tennis at Wimbledon or other events. Alternatively they may be business people visiting London for a conference or exhibition.
All prefer to stay in a beautiful home where they can really relax rather than a more formal and impersonal hotel.
Guests visiting London stay for a short period and tend to be out most of the time so wear and tear tends to be minimal. Kitchens are not normally used a great deal. People tend to have breakfast at the house, then eat out or have takeaways rather than cook.
In your home they will experience London in your locality. We will help them get to know a little bit about your neighbourhood or London village – favourite shops, pubs, parks, restaurants and places to visit. You will see a few examples of areas they can stay on this website, which we will add to as we go on. Any tips or advice on your area you would like to share with guests we will be happy to add to the website or to the local Guidebooks we provide.
How do I know my property will be looked after?
Renting a home is going to have a higher risk than not renting a home so you need to reduce the risk as much as possible:
- Elizabeth Lytton Ltd. will talk to the guests and check them on social media, where possible, to see that they are who they say they are.
- Elizabeth Lytton Ltd. will collect a copy of the lead guest’s passport and send this to the homeowner, who should check it on the guest’s arrival and not let anyone in who does not present the correct ID.
- A security deposit should be held either by the homeowner or the online marketing platform in case of breakages.
- The guests should be shown around the house by the homeowner or by someone who knows the house well, and your house rules explained to them.
- It helps if you are on hand to answer any guest queries or deal with any emergencies throughout the guests’ stay.
- It is best to tell the guests that you will personally check them out whether you do or don’t.
How are my personal possessions protected?
There are a series of security processes you can put in place to help keep your home and possessions safe.
- As part of our Rental Ready service, we will advise you on what the guests need for their stay and what you should put away.
- Small valuable items should be locked away or removed from the property.
- You can put tampering tapes on cupboards that should not be opened. If they are you will know.
- You can make a ‘photo record’ of the property prior to guests coming in.
- You need to ensure that a security deposit is taken from guests before they arrive.
- You should also notify your insurance company that you intend to do short term lets, as well as your lender if you have a mortgage and the freeholder if your property is leasehold.
Can you advise on insuring my possessions?
First check with your contents insurers to see if they will cover short term lets. If not let us know and we can help you.
What happens if something goes wrong?
Sometimes things do get broken like wine glasses. If this does happen you can deducted the cost from the security deposit. To avoid breakages its advisable not to leave your best things for guests to use. They should be stored away in a separate cupboard that guests are not allowed to use.
If a dishwasher or washing machine malfunctions while the guests are there, you will need to have someone come in and repair it. It is important to have people on call.
Damage to property is a rarity. If there is anything fragile or a piece of equipment that is very precious it is best to lock it away. But to cover any serious damage, you need to ensure that it is covered by your insurance company.
What do I need to do to prepare my home for guests?
We will go through our Rental Ready checklist with you room by room to advise you on what needs to be done.
It helps also if you compile a House Rules booklet so that your guests know how your home works.
Before guests arrive the house needs to be clean and tidy.
Who checks guests in and out?
The homeowner or someone who knows the house well should do the check in as it will help explain to the guests how the house works. It is a good idea to go through your House Rules guide. If you have any favourite places you like to eat or drink or tips for the guests you can include them in your House Rules guide.
After departure you should check your property using the check in photos you took before the guests moved in.
What do I need to consider when renting out my property for short-term holiday lets?
- Check the rules relating to short-term rentals in your borough. The rules were recently changed in London and now in most places you can rent for a maximum of 90 days per year.
- Check with your mortgage provider that your mortgage allows short-term lets.
- Check you have appropriate insurance for holiday lets. We can help you with this.
- Ensure your home is safe and complies with regulations concerning gas, electrics, etc. You remain responsible for the cost of gas, electricity and water. For all gas appliances you will need to arrange inspection and certificate of safety issued by a qualified Corgi engineer, prior to guests staying.
- If your property is on a complex or in a block, check the lease allows short term lets.
- Put items of personal or sentimental value in a lockable cupboard or storage.
When do I get paid?
Payments and security deposits are received from the guests before they arrive, and payment is sent to the Homeowner seven working days after guest check-out. The Homeowner is safe in the knowledge that payments are correctly received and the guests know that their payments are secure.
Step 1: If you would like to have idea of what you could earn and to see if Elizabeth Lytton is right for you, send us some information about your home, and we’ll get right back to you.
Step 2: We will call you to discuss your home and its availability, its suitability for rental and see whether our services would be suitable for you. We will also provide an estimate of the rental you could achieve.
Step 3: If you decide to go ahead then we’ll arrange to come and see you at your home, and confirm suitability, price, availability, run through the Rental Ready checklist on how to prepare your home for guests, and answer all your questions.
If you think you could benefit from Elizabeth Lytton services, send us some information about your home, and we’ll get right back to you.
Contact us on +44 (0)20 3468 5605