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Serco is an organisation that provides asylum accommodation and support services for the vulnerable. They were awarded UK asylum services contracts with an estimated value of £1.9bn.
Their operating model is based on leasing properties from a wide network of landlords with Serco acting as a Tenant.
They manage an extensive property portfolio, reducing the cost to Government, by integrating hundreds of Landlords into one property portfolio. Click here for more information on Serco.
What does Serco offer you as a Landlord?
Serco relies upon private Landlords to supply properties, via a corporate lease agreement. In addition, the following benefits are reciprocated:
- Lease available for 5 years with guaranteed rent paid from Serco on time, every month.
- Full repairs and maintenance lease, excluding latent and structural defects.
- Utilities and Council tax bills are paid by Serco.
- Full HMO and property management including monthly property and periodic safety inspections.
- No letting or management costs.
The importance of finding the correct lender
Normally, buy-to-let mortgages allow Landlords to let their properties through an Assured Shorthold Tenancy Agreement (AST). However, if you are leasing your property to Serco, a corporate lease agreement will be required.
If you were to let your property on any other agreement, this would be a material breach of your mortgage contract with the lender, therefore, ensuring you have the correct mortgage lender and product is key.
Here at Advocate Finance, we have access to lenders who can consider funding for this type of mortgage, subject to a maximum 5-year lease, so please get in touch if you are considering this.
Do your research
We would suggest contacting Serco before committing into an agreement, as they could have certain requirements you may need to prepare before leasing your property to them. For example, they may require specific testing, facilities or EPC ratings.
How can Advocate Finance help you?
If you are looking to lease your property out to Serco, please get in touch and we can refer your case over to our panel of lenders who accept corporate lease applications.
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