I live in a terraced house close to the centre of Cardiff which has had its front garden completely paved over for parking. I don’t have a car but am thinking of renting out the two parking spaces to a local business for its staff. Am I legally entitled to do this? I have a mortgage.
There are many aspects to this scenario that require your careful consideration – the first being that as your property is the subject of a mortgage you would need to obtain the consent of your Lender.
The second issue is whether the frontage of the property is authorised for parking. Any such parking would presumably be authorised insofar as it is ancillary to the use of the property as a private dwelling house. Renting out your frontage on a commercial basis may not be consistent with this authorised use.
Thirdly, you need to be very careful as to the type of agreement entered into with a business. I would suggest that, provided this is authorised, you should consider granting a licence only, and not a lease, as business tenants can secure extensive rights if premises or land is leased to them.
Clearly, there are issues you need to consider very carefully before making any commitment whatsoever to ensure you do not lose the right to use this area in the foreseeable future.