I am planning on buying a worn down property that has 4 big rooms to fix it up, and then rent out 2 out of 4 rooms - room by room. I would live with my family in the other two (at least for the starters and potentially rent everything out and move out somewhere else in couple of years or so). Today I got copy of existing lease agreement.
Couple of parts are especially worrying an confusing:
Assignment and Sub-letting
a) The tenant shall not assign charge or sublet or part with possession of any part of the Demised Premises as distinct from the whole
b) Upon any sub-letting or assignment of the whole the tenant shall procure that the sub-tenant or assignee enter into a covenant with the landlord and the tenant of the other flat in the terms of part xi hereof to observe and perform the conditions and obligations of the lease including this obligation
- Within one month after any assignment sub-letting or other devolution of the Tenant's interest under this Lease the Tenant shall produce to the Landlord the stamped original of the Deed of Covenant above referred to and a certified copy of the document giving effect to the assignment sub-letting or devolution and pay the Landlords registration fee of ten pounds thereon plus VAT (or such other fee as shall at such time be reasonable)
There's also other part
- Not to use or permit or suffer the Demised Premises or any part thereof to be used for any illegal or immoral purpose or for the purpose of any trade or business and not to apply for planning permission for any change of use of the Demised Premises nor to use or occupy the Demised Premises other than as a private residential flat in the occupation of one family.
Does this mean that I am not allowed to sublet, or that I have to pay 10 pounds every time I get new tenant, and inform Landlord about it?