Corporate Tenant

[DoubleSix]

My letting agent has lined up a corporate as my next tenant - Blue Chip FTSE 100 - at an attractive rental rate.

I'm a bit unsure of the implications that may unfold and also a bit put off when I was told no personal referencing will take place as the agreement is in the company's name.

I have learnt the ropes of being a landlord to an individual over the years but this is a bit different.

Do I just chill out and go with it or am I right to be a bit uneasy?

[Greshamst]

A colleague of mine rented out to a corporate and had to go through quite a lot of hoops to.meet their demands.

Changing locks, certain quality of furniture, certain security system etc. Cost quite a bit to get to their standards, and they then didn't renew after 6 'months.

So lower risk tenants, but demanding and potentially more expensive.

[Ozzie Osmond]

DoubleSix said:

Do I just chill out and go with it

Yes

DoubleSix said:

or am I right to be a bit uneasy?

No

[blindspot]

A corporate tenancy will not be subject to the 1988 Housing Act. Amongst other things, you won't have to protect the deposit if you don't want to.

The tenancy will not be an Assured Shorthold Tenancy. If you have a mortgage, your lender may not like that.

You won't be responsible for right to rent checks, the company will.

THeir accounts department may not care much at all about paying you on time, but you can be pretty confident that it'll turn up eventually.

You and your LA won't have any control over who the corp put into your property.

And much, much more..

I've done a number of corp tenancies for clients, and usually get them above market rate rent.

[DoubleSix]

Greshamst said:

A colleague of mine rented out to a corporate and had to go through quite a lot of hoops to.meet their demands.

Changing locks, certain quality of furniture, certain security system etc. Cost quite a bit to get to their standards, and they then didn't renew after 6 'months.

So lower risk tenants, but demanding and potentially more expensive.

Yes, already had a few prerequisites imposed but nothing too onerous.

[DoubleSix]

blindspot said:

A corporate tenancy will not be subject to the 1988 Housing Act. Amongst other things, you won't have to protect the deposit if you don't want to.

The tenancy will not be an Assured Shorthold Tenancy. If you have a mortgage, your lender may not like that.

You won't be responsible for right to rent checks, the company will.

THeir accounts department may not care much at all about paying you on time, but you can be pretty confident that it'll turn up eventually.

You and your LA won't have any control over who the corp put into your property.

And much, much more..

I've done a number of corp tenancies for clients, and usually get them above market rate rent.

Thanks.

I read up on most of that and placed a clause saying they most notify and have changes of tenant agreed by me.

It's the "much, much more" I'm interested in if you can elaborate at all.