The modern world of business often dictates that certain projects, roles and tasks require extended stays away from the family home. This can mean secondments or time spent in other countries, cities and locations that one may be unfamiliar with and finding the right place to live during your stay must be chief amongst your concerns. For many of us, particularly those with young families, the prospect of prolonged hotel stays is not conducive to achieving the most effective work-life balance that we all need to sustain every element of our wellbeing. Similarly, however, it is rarely practical to purchase a property for every scenario such as this. And even if this option were to be explored, then there would undoubtedly be a period of renting while the entire process of finding and completing on that property was being carried out.
Understanding the fundamental steps, processes and associated costs of renting an exclusive or ultra-luxe property in the UK is essential to this whole undertaking. Of course, with so much development activity in every city from Glasgow to Manchester and Birmingham to London, there will be some nuance, but the foundations remain the same. Importantly, this guide allows one to appreciate what the costs are in a detailed way to avoid any misunderstandings or delays further down the line.
Strategy & Budget Framework
Establishing a complete budget for the entire stay is always the strongest first step. Clarity is key at this point to configure the space and services that you need in accordance with the time spent, flexibility required and any location-specific daily travel details or situations that must be created. The typical headline components here would look something like the following:
Monthly Rent – this will vary across every city, with the London prices elevated above everywhere else.
Deposit & Security Fund – this is typically an amount of around 4 to 12 weeks' rent held by an independent financial body for security.
Agent Fees – Luxury property broker fees should be around 7% of the total rental cost.
Legal Review – speciality property counsel or retained legal services for the period of the tenancy are essential to avoid any costly mistakes.
Lifestyle Retainer – a concierge service to coordinate your daily bookings and overall maintenance may also be required.
Move-in Contingency – this enables any minor upgrades or enhancements that can respond to your own tastes and requirements. Around 5-10% of the total rental for the period is a good ballpark figure for this.
Doing The Diligence Work
The UK does have a relatively complex landscape of compliance for property rentals that can change from city to city. Getting to know the market and attendant legislation at a top level is enough to arm oneself in conversations with legal and property advisors. It helps to understand whether the property is correctly insured for short-term lets, as an example. And doing the appropriate research on any agencies or landlords should also be a high priority.
Paying for off-market access to exclusive properties will have associated costs, of course. Investing in due diligence at the beginning will de-risk your overall outlay and avoid any costly surprises during your stay, or even when the time comes to leave.
Negotiation & Contracts
Once confident in a shortlist of properties, the priority can shift towards the contracts. Negotiations at this point are less concerned with bringing the monthly amount down but rather the inclusion of other premium services to add value. Utilities, concierge services, parking and even housekeeping have all been known to get rolled in. Confidentiality clauses may be important, too, depending on your status and situation. The same applies to enhanced personal security if required.
Additional insurance, or top-ups, to cover art and any personal furnishing may be a wise addition. If possible, instructing your own insurer to liaise with the landlord’s policy underwriter is the most efficient way of ensuring your own satisfaction.
Set Up & Logistics
Even with the most attractive turn-key properties, there will be issues surrounding contracts, logistics, technology set ups and arrival details. It may be prudent to consider commissioning an entire specialist move-in team that can take care of AV & Communications installations and personal touches, such as linens and cookware. This will make even the short-term rentals feel more akin to a private home. Any international transit for items should also be accounted for at this stage.
Living Costs
The ongoing operational spending should be keenly observed. Any household manager or team you hired will be able to identify possible wasted or duplicated services, such as concierges, unused vehicles or transport arrangements. Utility charges will make up a large part of these numbers, so checks on suppliers and rates are sometimes advised. The kind of expenditure involved for this element to support an elevated lifestyle can easily reach 30-40% of the rental cost.
Exit & Resettlement Costs
Leaving as well as you arrived is an important part of the short-term, high-end rentals in the UK. Primarily, your stay can create a great model for your team to apply when looking for similar arrangements in every city across the world. It can also open up a network of landlords that will be delighted to have return, extended visits, often offering even more value or desirable rates. An audit for departure should be set no more than two weeks before leaving to identify any repairs, specialist cleaning or replacements needed. This keeps you and your team in control of the exit costs and makes the admin involved a much more streamlined process too.
Prepare and Prosper
Avoiding hidden costs and potential derailing issues for a UK rental is an ongoing process to be attended to. When additional complicating factors such as currency exchange, short-term utility contracts and any lifestyle memberships for your new location are factored in, it can be much like creating a new life. Working with the best team and using the most up-to-date information should ensure that everything is in the right position for you to concentrate on why you are actually there. With fresh business focus and a comfortable supporting lifestyle, your new property will begin to feel like home in no time at all.
