London 2012 landlords urged to check local council renting rules
With a flock of visitors expected in the capital for next year's Olympics, a number of homeowners are expected to put their properties up for rent with London lettings agents.
However, while this could prove very profitable for many, those thinking about letting out a property short-term have been warned to check with their local council to make sure that they are not breaking any housing laws.
BBC News reports that, while the vast majority of London borough councils have said they are happy for residents to rent out their properties during the Olympics, some have rules in place that make this illegal unless permission is granted by the local authority first.
For example, Westminster effectively bans short-term lets of 90 days or under unless planning permission is obtained first.
After asking all London boroughs to clarify their policy on short-term lets, the BBC found that 27 have no problem with properties being let for short periods and this did not require any planning permission.
However, Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden all warned people who let properties for short periods without planning permission could be served with enforcement notices.
In some cases, those that who fail to get permission and rent out their property anyway could face a fine of up to £20,000 and even a criminal record.
But for Londoners who are able to rent out their homes, the Olympics are set to provide a highly lucrative opportunity.
Juzar Jeevanjee, who lives in Haringey, is one of those planning on letting his property to visitors to the capital during the sporting event.
"Obviously there's a huge opportunity for earning extra money here with lots coming in for the Olympics who can't afford hotels," he told the news provider.
"From what agents have told me, I could double or triple what I could get at the moment, so it could be happy times."
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