Here’s a quickie-but-goodie if you’re relocating to London from America, Canada, or elsewhere outside the UK:
If you forecast that your currency is going to weaken against the British Pound Sterling over the course of the year following your London relocation, you might want to consider paying additional months’ rent in advance. Of course, this is a massive expense, so you would want to ensure you could fund such a transaction without depleting your bank account, but, if you have the means and will be at the mercy of fluctuations in exchange rates, it’s just a thought. An American client that we recently placed chose to do just this—he paid 6 months up front beyond the requisite 1st month so that he would not have to lose out when converting USD to GBP going forward in the event the pound strengthens and thus requires more $$$ to cover a £.
This applies if you’re transferring with your company and will be receiving your salary in your home currency or are otherwise choosing to fund your housing through a non-UK bank account, thus entailing continual currency conversion. If, on the other hand, you will be paid in GBP and will be paying your rent with GBP, then obviously it’s all relative and you can simply pay month-to-month.
For additional tips on renting in London, please do contact London Relocation Ltd. at any time—we’re more than happy to offer advice, as well as take it a step further and assist with your flat-finding and lease negotiation if you choose. Either way, we’re here for you!