Long term tenancy agreement – thoughts?

Long term tenancy agreement – thoughts?

by Readers Question

Guest Author

9:27 AM, 7th August 2023, About 11 months ago 22

Text Size

Hi, According to my agent, my tenants have said they would like to re-carpet throughout at their expense which they say would cost them about £2,500.

In view of the expense, they have asked for a guarantee of a long term agreement, although they have not specified a period.

At the moment I have no plans to sell but circumstances can change quickly eg. health.

Have any readers had any experience of this? I’m grateful for any thoughts?

Thanks.

Adrian


Share This Article


Comments

moneymanager

10:17 AM, 7th August 2023, About 11 months ago

If they damage your carpet there's a deposit deduction, if they destroy their own it'll be tough on you, my answer would be no.

Marie Lee

10:19 AM, 7th August 2023, About 11 months ago

I wouldn't do that, maybe give them a one-year tenancy. The chances are they will put in new carpets anyway. The only thing you could say is that if they leave or you want the property back, however unlikely that might be, you could arrange some kind of compensation when they move out, but best not to say how much that would be.

Judith Wordsworth

10:23 AM, 7th August 2023, About 11 months ago

What do your tenants call a long term tenancy?
Personally I would say no and if the carpets are in need of replacement give them a choice (your budget) and pay for it yourself and claim against tax (allowable expenses)

david porter

10:27 AM, 7th August 2023, About 11 months ago

how can you give them a guarantee of long term?
you coud die tonight?
HMRC will want death duty to be paid soonest?
will your mortgage allow such a guarantee?

Adrian Jones

11:00 AM, 7th August 2023, About 11 months ago

Reply to the comment left by Marie Lee at 07/08/2023 - 10:19
Thanks Marie, that's what I am thinking.

Adrian Jones

11:02 AM, 7th August 2023, About 11 months ago

Reply to the comment left by Judith Wordsworth at 07/08/2023 - 10:23
Thanks Judith, as I said they haven't specified a period which is odd. The agent has asked the question.

Adrian Jones

11:03 AM, 7th August 2023, About 11 months ago

Reply to the comment left by david porter at 07/08/2023 - 10:27
Thanks David. The property is also in my wife's and son's name and there isn't a mortgage.

Adrian Jones

12:25 PM, 7th August 2023, About 11 months ago

Reply to the comment left by moneymanager at 07/08/2023 - 10:17
Thanks moneymanager, can you clarify what difference damage to carpet has on a long term tenancy agreement?

Smiffy

14:42 PM, 7th August 2023, About 11 months ago

I've always been of the opinion that property is a long term investment. I really don't like all this "I want it back to sell" talk as to me that is not what being a Landlord is.

A tenant going in, should have the option to stay as long as they like subject to paying rent and being nice. If they want to put £2.5k of carpet in, they are going to look after the rest.

If it was me, I would be saying they can stay as long as they like subject to the rent being paid and the house being looked after, but, I'm not heavily geared and don't need or expect to squeeze every single penny out of the property.

I have tenants that have been with me 20+ years and they are great. Regular money, houses looked after. The only risk of eviction they suffer is Govt generated.

JaSam

15:21 PM, 7th August 2023, About 11 months ago

Reply to the comment left by Smiffy at 07/08/2023 - 14:42
I share a similar view. I am providing a home and if I do need to sell I'll look for another investor to keep them in situ. If it was me I would let them as the longer they stay the better.

1 2 3

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now