Renting a parking space

hmmm

I'm thinking of renting out a parking space in an apartment complex (as the owner). What sort of things would I need to consider?

Marcusm

Legal: do you have the right to subetthe space? Must you sublet only to fellow residents or can it be anyone?

Practical: what are the rules? If clampers operate, do you need to obtain a parking cert or disk? Do you have to notify the reg plate? Take a deposit. A friend s finding it impossible to use her space as the fob was not returned. Get an agreement and Jake t clear who has responsibility for clamping or other fees.

the_syco

What does the fob give the person access to, aside from the carpark? Most fobs will allow full access to the building as well as the carpark.

Paulw

You'll also need to consider insurance. More PL than vehicle insurance. If the car owner had a slip/fall while in the car park, would you be legally liable, since most claims would go against the development, but you had given (most likely) unauthorised access to this person.

hmmm

Thanks. I'll have to declare the income to the Revenue which leads to some other problems - will it affect status as a PPR (and not an investment property) and similar implications for a mortgage.

The_Conductor

Marcusm wrote: »

Legal: do you have the right to subetthe space? Must you sublet only to fellow residents or can it be anyone?

Practical: what are the rules? If clampers operate, do you need to obtain a parking cert or disk? Do you have to notify the reg plate? Take a deposit. A friend s finding it impossible to use her space as the fob was not returned. Get an agreement and Jake t clear who has responsibility for clamping or other fees.

I'd echo these concerns.
I would also dig out a copy of the 1000 year (or however long) lease you have- and see what it says about parking spaces. Its normal for parking spaces to be in a common area (unless you have a personal garage), and to be vested in the management company. Where parking is allocated, it tends to be specificied that its for the sole benefit of the owner of the lease and cannot be sublet or monetised, without the prior agreement of the management company.

Also- the entire site needs public liability insurance- once non-residents have access to it- and subletting of spaces may in certain cases void the Management Companies policies.

You *need* to dig out your lease and examine it in detail, before expending time, effort or money in letting a parking space.