Let Only vs Full Management: Which Is Right for You?

When you instruct a letting agent in London, one of the first questions you will be asked is whether you want a let-only service or full management. The labels sound straightforward, but the difference shapes how much time you spend on your property, how much you pay and how exposed you are to the steady stream of legal duties that now sit with landlords. This guide walks through what each service actually covers, who tends to suit which, and the practical questions worth asking before you decide.

What a let-only service covers

A let-only service is built around one outcome: finding a suitable tenant and getting the tenancy started. The agent typically markets the property, arranges viewings, carries out the Right to Rent immigration check, handles referencing, prepares the tenancy agreement and sets up the deposit and first payment. Once the tenant moves in, the agent steps back and you take over the day-to-day running of the let.

That hand-back is the defining feature. From move-in onwards you become the point of contact for the tenant, the person who arranges repairs, the one who keeps on top of safety certificates and the one who manages the deposit and any rent issues. For some landlords that is exactly what they want; for others it is more than they bargained for.

What full management adds

Full management keeps the agent involved for the life of the tenancy. Alongside the initial letting, the agent collects the rent, chases any arrears, acts as the tenant's first call for maintenance, organises repairs, tracks renewal dates and helps keep your compliance obligations in order. If you want the detail of what sits inside that ongoing service, our guide to full property management breaks it down step by step.

The value of management is not only in the tasks it removes from your week. It is in having someone who notices a missed payment early, who knows when the gas safety record is due, and who can hold a calm conversation with a tenant before a small problem becomes a dispute. For landlords who live abroad, work long hours or simply do not want a second job, that continuity is the point.

The compliance picture has grown

Whichever route you choose, the legal duties on a London let have become more demanding, and this is where many landlords reassess. The Renters' Rights Act 2025, in force since 1 May 2026, replaced fixed-term assured shorthold tenancies with periodic tenancies that roll month to month, abolished Section 21 no-fault eviction, and limited rent increases to once a year through a Section 13 notice with at least two months' written notice. Our overview of what the Renters' Rights Act means for London landlords sets out the wider changes.

On top of that sit the long-standing safety and money duties: a valid Energy Performance Certificate to market and let, an annual Gas Safety Record from a Gas Safe registered engineer, an Electrical Installation Condition Report at least every five years, smoke alarms on every storey and a carbon monoxide alarm in any room with a fixed combustion appliance. Deposits must be protected in a government-approved scheme within 30 days, with the prescribed information given to the tenant, and the Tenant Fees Act 2019 prevents agents and landlords charging tenants for things like referencing or admin. With a let-only service these obligations rest squarely on you between tenancies; with management, your agent helps you keep them current.

So which suits you?

The honest answer depends less on the property and more on you. Let only tends to work for hands-on landlords who live nearby, have a trusted contractor or two, understand their legal duties and genuinely enjoy the running of a let. It can keep ongoing costs lower, because you are paying for the letting rather than the year-round service.

Full management tends to suit landlords who are time-poor, who own from a distance, who let to corporate or relocating tenants expecting a managed experience, or who simply prefer to outsource the compliance burden. A few questions usually settle it:

• Am I contactable, and willing to be, when a tenant calls about a repair at an awkward hour?
• Do I have reliable tradespeople and the time to arrange and follow up on work?
• Am I confident I can keep every safety certificate, deposit duty and notice requirement current on my own?
• Would the cost of management buy me back time and peace of mind that I value more?

If you answered those leaning towards yes, no, unsure and yes, management is probably the steadier choice.

Weighing the cost against the time

Service fees vary by property and by the level of involvement, so it is worth looking at the whole picture rather than the headline rate alone. Our note on the costs of letting a property in London covers the main outgoings to plan for, and it is sensible to consider how long your property is likely to take to let when you budget, which our piece on how long it takes to let a property in London explores. The right comparison is not let-only fees against management fees in isolation, but the management fee against the realistic value of your own time and the cost of getting compliance wrong.

A note on tax for landlords abroad

If you usually live outside the UK for six months or more, you are likely to be a non-resident landlord. In that case the agent, or the tenant where there is no agent, must deduct basic-rate tax from the rent unless HMRC has approved you to receive it gross through the NRL1 application. You remain responsible for your UK tax through Self Assessment. This is general information rather than tax advice, and a qualified accountant should confirm how it applies to your situation. It is also a common reason overseas landlords prefer full management, since the agent already handles the rent flow.

There is no universally right answer here, only the right answer for your circumstances. If it would help to talk it through, we are always happy to look at your property and your situation and set out plainly which approach we think fits, with no pressure either way. Many landlords find that simply mapping their own time and confidence against the duties involved makes the decision clear.