Q. As a home owner in Canary Wharf I am being constantly bombarded by companies wanting to offer me an opportunity to rent my home out during the Olympics for a very high premium rent. The problem is that I live in a Leasehold property where the freeholder prohibits short let’s, does this really mean I have to miss out on a one time opportunity to make some extra cash, surely it’s my property and I should be allowed as a one off to take part in this lucrative opportunity?
A. Yes, the excitement of the Olympics’ is literally just around the corner, 2012 seemed so far away when the games were first announced and the scurry of excitement that surrounded it back then has suddenly reappeared. And everyone it seems that lives within easy reach of the stadium is keen to cash in on this once in a lifetime opportunity, friends and acquaintances talk openly of moving in with their friends and family for a few weeks in order to be able to take part in the one of the biggest events ever to hit London Town. But as you have already mentioned, there is a very large obstacle laying in the way of the majority of Canary Wharf home owners that were planning on jumping on that bandwagon. Their ‘Freeholder’ – yes the majority of docklands is indeed made up of leasehold apartments that are bound by a lease that prohibits short let’s. Of course this clause in the lease is there to protect us as leaseholders as well as the freeholder, as most of us would hate to see people turning up with suitcases on a weekly basis, the disturbance would not create the idealist atmosphere most of us buy into when purchasing on a private leasehold development. So what are you to do? I would suggest that anyone seriously wanting to take part in the short lease of their apartment during the Olympics should in the first instance write to their Managing Agent as they normally look after the interest for the freeholder, and explain their predicament and ask if the freeholder would be willing to grant permission as a one off to allow the property to be granted a short let for this special occassion. Of course the final decision will lay with the freeholder and if he is unwilling to grant permission then I’m afraid you will not be able to take part as you would clearly be in breach of your lease.