Private Sector Leasing is a scheme where the council takes out a lease, normally 3 to 5 years in duration, from a private owner or landlord on their property. The council then uses the property to provide affordable accommodation for homeless families.
The private sector leasing scheme was set up to help meet the ongoing demand for social housing in the borough.
It has proved a successful way of working with private landlords to provide a supply of good quality accommodation.
What is a Private Sector Lease? (PSL)
A Private Sector Lease is a legal agreement between a property owner and the council. The PSL allows us to sub-let the property to people in need of housing. We are responsible for paying the rent to you as the owner, the rent is guaranteed so even if the property is vacant you will still receive a regular income. We are also responsible for managing the property and you would have no direct contact with the occupier.
We will:
pay you rent monthly in advance;take care of some internal repairs;
make good any damage that may be caused by occupants, (except fair wear and tear), and;
manage the property on a day-to-day basis.