FRI vs IRI Leases in Wales – What’s the Best Option for Landlords?

By Louis Lattuca

Understanding the difference between an FRI and IRI lease can mean the difference between a hands-off, secure investment — or a management headache. Here’s how I explain it to every landlord I work with:

Quick Breakdown:

FeatureFRI LeaseIRI LeaseRepairsFull (internal + external)Internal onlyVoidsUsually covered by providerMay not be coveredLease Term3–10 years1–5 yearsLandlord EffortMinimalModerate (external upkeep)

What’s Better For You?

• Choose FRI if you want zero involvement and fixed returns.

• Choose IRI if you want flexibility and don’t mind minor involvement.

Real Scenario:

We helped a client in Cardiff place a 3-bed home under a 7-year FRI lease. The provider handled a full £15K refurb and took over maintenance. The landlord receives £1,100/month NET — no bills, no issues.

Whether you’re looking for total passivity or more control, we’ll help you structure the right lease.