Investors with properties in Westminster should start preparing for stricter rules from the Council. They are planning to introduce a Selective Licensing Scheme to cover the majority of the Borough. We want to have a closer look at the plan here. Then, if you want to arrange guaranteed rent in Westminster, you can come to us.

Consultation

Westminster City Council gave consultants Cadence Innova the task to do statutory consultations in the area. The goal was to gauge the response from local residents (including tenants), landlords, and other relevant stakeholders. A series of activities got detailed feedback on the plans.

The council did a review of Cadence Innova’s findings. They also had a look at their own wealth of evidence. Ultimately, they made the decision to move forward with Selective Licensing.

What next?

Westminster City Council will implement licensing in the future for all private rental homes in 15 wards, barring some exclusions. For example, properties already part of HMO schemes won’t need a second license. Only 3 wards will not be part of the scheme. If you have assets in the borough, it is a good idea to start looking at options like guaranteed rent in Westminster.

An interesting point is the plan is to have two phases to introduce the Selective Licensing. Firstly, it will cover eight wards found to have serious problems with the condition of housing. They include some notable locations such as Belgravia, Maida Vale, and Knightsbridge.

The second phase will cover the seven remaining wards. These are areas where the council has found issues with the condition of properties as well as persistent anti-social behaviour. Wards here include Hyde Park, Regent’s Park, and Marylebone.

Ultimately, the Council’s goal with the licensing is to protect tenants. Landlords will have to meet their housing standards and pay a fee to obtain a license for each property. The Council will have powers to punish any rogues that don’t get licenses or comply with requirements for homes. We’ll be on hand if you decide to go with guaranteed rent in Westminster.

The Council is aware that not all landlords are bad. As a result, they will offer rewards such as license fee discounts for any who manage properties effectively. Plus, there will be discounts if landlords make sure buildings are energy efficient.

There is no date yet for introducing the Selective Licensing, but the Council will provide it and further guidance in the future. So, investors with assets in the City of Westminster should start thinking about what they are going to do before then.

Speak to us and learn about guaranteed rent in Westminster

Investing in properties can be a really lucrative strategy. However, it is important to think about the costs and responsibilities. Plus, it is a really good idea to explore the different options. In some cases it will be better to arrange a service like guaranteed rent.

As you can tell from our name, we’re one of the top experts when it comes to rent guarantees. We’ve been working in London for a long time and have dealing with many councils in the city. What this does is ensure clients can come to us to get a clearer idea of schemes. We’ll also help with setting everything up, including reviewing the condition of properties.

So, if you want to try guaranteed rent in Westminster, come to us. We’d definitely recommend looking at it before licensing comes in.