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Mansion costs landlord millions in lost rent

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A landlord with a seven-bedroom mansion in the heart of super-exclusive Mayfair stands to pocket more than £2m a year from letting out the property, which comes with a swimming pool, an underground garage and no less than seven bathrooms.

Mansion costs landlord millions in lost rentThe 16,500 square feet house, which is built around a courtyard and also has a roof garden, is being offered at £40,000 per week.

We can only guess that the hefty price tag explains why the furnished property in Brick Street has been on the market since 23 November 2011.

That’s a void period of more than 55 months. Or to put it another way, £9,613,315 in lost rental income and counting.

In fact, every day the property remains empty costs the landlord £5698 in lost rent.

The multimillion pound home isn’t the only luxury property on the rental market.

A 10-bed home just a five-minute walk from Hampstead Tube Station in north-west London is being offered for £151,667 per calendar month.
This property comes with a separate guest cottage, separate studio, a heated swimming pool and off-street parking for up to four cars. However, it is costing the landlord more than £4986 in lost rent every day it remains empty. And if the void period extends to 12 months, that’s more than £1.8m in lost rental income.

Since Assetgrove started helping hundreds of landlords maximise their rental income back in 1975, we’ve learned that void periods are one of a buy-to-let investor’s worst nightmares.

They can significantly reduce a property’s gross yield because even empty properties cost money to keep running.

Your buy-to-let investment or second home may not rival the mansions of Mayfair and Hampstead. But whether you have a one-bedroom flat in Wandsworth, a two-bedroom terrace in Tottenham a semi-detached house in Southwark or even a new-build apartment in Newington, Assetgrove can help.

Our rent guarantee scheme is available to landlords with any size of property portfolio, from a single flat to a portfolio of more than 100 houses.
It works by guaranteeing you a fixed monthly rental income for up to five years while we get on with the often time-consuming business of managing all the day-to-day tasks, such as inspections, lettings, viewings, maintenance work and legal issues.

We offer a completely personal and professional service that prioritises you and your property, treating each home as if it were our own.
Assetgrove can often let a property within 48 hours of taking it on. And if any repairs need doing to bring the property up to the standards demanded by the ever-increasing amount of legislation governing the private rented sector, our in-house maintenance team can carry out the work with no payments up front.

That’s not all. In the unlikely event of the property not having a tenant, we guarantee your fixed monthly payments for the entire length of the agreement.

To discover how much guaranteed rent your property could be earning, contact Assetgrove today.

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

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