Why letting my property to Hostellar?
If your property matches our criteria, we would make you an offer to rent it on a long term contract.You will benefit from a long term, hassle free tenancy with no void or changeovers.Our interior designers decorate our properties to the highest standards, including fresh paints, repairs, art frames, new cushions and decorative materials... this would add significant value to your property.We do not charge any management fees and would coordinate any repair free of charge.We provide weekly cleaning to maintain all our properties at high standards.We conduct monthly maintenance checks and take care of any small repairs.
Who are Hostellar's clients?
Hostellar partners with corporates such as PwC, UBS, KPMG... to host consultants travelling to london for the purpose of work. During COVID 19 outbreak, Hostellar model shifted to host employees in the construction industry such as engineers and architects, as well as other key workers. Since our launch in 2019, we maintained a 90% occupancy rate and grew at least 3 folds yearly.
What is your clients' average stay?
Our clients' average stay is between 1 month to 6 months.
What is the typical Hostellar Contract?
Our typical contracts are between 3 to 5 years; however, we are flexible to do a yearly contract.
How does Hostellar make money if it's 0% management fee?
We make our margin from our partners, who we charge a higher rental amount to serve their accommodation needs in London.
Why rent to a company instead of an individual tenant?
There are major advantages for long term corporate lets:Eviction: As a corporate, we do not benefit from the government protection that is offered to individual tenants on a AST contract. If you decide to stop cooperating with us, you can just give a 1 month notice for us to leave your property without having to go through an eviction process that takes at least 6 monthsManagement: Unlike individual tenants, we do not call you to fix small issues, and we take care of coordinating the repairs no matter the size.Cleaning: Unlike unpredictable individual tenants, we conduct weekly cleanings and monthly checks in all our properties to keep them at high standards. Void: We guarantee a long term contract of 3 to 5 years with no void.
Is Hostellar Model Considered Subletting?
Under the right to rent act, a tenancy is considered subletting when the property is used as a "principal primary residence". Our activity is primarily to host our clients on temporary contracts and therefore do not fall in-scope of any concerns around subletting. Note: Subletting is perfectly legal and that issues relating to subletting arise from the need for landlords and firms to correctly vet tenants and their permission to reside in the UK where the accommodation is used as their permanent residence.
Does Hostellar Operate Properties as HMOs?
We are absolutely not an HMO company, we do not rent any of our properties on a per room basis. All our properties are rented as a whole unit to our clients
How do you add value to my property?
Before we start hosting any of our clients, our interior designers would create a custom interior design to decorate the property, including fresh paints, repairs, art frames, new cushions and decorative materials... this would add significant value to your property.
Who is in charge of repairs?
Any small repairs or anything broken by our clients will be taken care of by our team free of charge.
Anything structural or other major problems such as boiler breaking down, electrical or plumbing problems... shall be covered by landlord, we can coordinate the repair on your behalf at the cost price of the works, or you may decide to use your own contractors if available within a reasonable timeframe.
Does Hostellar pay a deposit?
Deposits are not usually taken on corporate contracts. The concept behind deposits in the residential real estate market is to protect landlords from reckless tenants on AST, who could damage the property and leave the country, hence landlords cannot take any actions against them. In our case, we are a Ltd company under U.K jurisdiction, we are legally obliged to pay for any damages caused to your property.On a corporate contract, we are legally bound to return the place to its original state after the end of the tenancy, any damages caused by our guests will be fixed by our company free of charge, unless it's a major repair, such as Plumbing or electrical issues, in which case we could still coordinate the repairs on your behalf at the cost price.
Why do you have a 1 month notice period?
We have no intention to use the notice period after the heavy resources we deploy to set up the property to high standards for our clients. The set up cost/time involved is significant; hence, we aim to stay for as long as possible. The break clause is there to protect both sides, for example, if you need to sell the property because of an emergency or if we discover a major problem in the flat or the building that prevents us from operating smoothly.
What will you do with my current furniture?
Depending on our designers' decisions, your furniture would either be kept or replaced. If we replace any of your furniture, you will automatically be the legal owner of the new furniture we buy for the flat unless you use the notice period or we stay in the property for less than a year.