You may have seen in the news this week that Buckingham Palace is due for refurbishment, a rather large task when you consider the size of the place! Many articles have been shocked at the price tag on this, a staggering £369million quote for repairs.
The jewel in the crown of the United Kindom’s constitutional monarchy, essentially Buckingham Palace is a tenanted home. In the same way that 10 Downing Street allows for temporary residence for those in charge of this Kingdom. Owned by The Crown Estate, Buckingham Palace was commissioned by the Duke of Buckingham in the 18th Century with enhancements made in the 19th Century to create the Royal residence we know today.
Buckingham Palace, arguably one of the most well-known buildings in the world, is home to an incredible 775 rooms, encompassing an impressive 828,821 sq ft. The property was recently estimated at price of £2.2billion, understandable when you get all of this…
With a property this size, it’s unsurprising that the upkeep is significant. It has been reported that the cables, lead pipes, wiring and boilers all need repairs, some of them for the first time in 60 years. That’s 100miles of electric cables and 20miles of heating pipes that will need to be looked at!
It’s been suggested that the work is necessary as the current fittings present the risk of fire, flood and damage, which when you consider the importance and worth of the artwork, jewels and residents, is crucial to be avoided. The wiring has been quoted as posing “a very real risk of fire and failure”, for a house which welcomes over 50,000 guests annually, that is not good at all.
With urgent repairs and refurbishment needed, there has been a lot of discussion as to whether it should be the UK taxpayer that pays for these fixes, now whilst we certainly couldn’t conclude on that, it is important to know where you stand as a Landlord.
In the UK, it is a legal requirement as a Landlord to “keep in repair the structure and exterior of the property” and “keep in repair and proper working order the installations in the dwelling for the supply of water, gas and electricity…”. The Landlord cannot make a tenant responsible for these repairs, but it does often see the question asked, especially on check out as to which are the tenant’s responsibilities and which are the Landlord’s, especially when it comes to the decorative upkeep.
Instructing an agent to manage your property can take the burden away slightly, as an ARLA accredited agent will know the current and exact legal requirements, and enforce these, so that you as a Landlord are legally protected, as in turn are the tenants. At Mackenzie Smith we offer a range of services for Landlords, from full management to let only, allowing a tailored service depending on your requirements.
For expert advice on letting your property, or on any other aspect of letting, please contact us on 01252 514000 or email@example.com, we look forward to speaking with you.