Long term tenancy agreement – thoughts?

Reply to the comment left by moneymanager at 07/08/2023 – 10:17
Looking a deposit scheme durecator guidelines, if the carpet is more than 5 years old you are unlikely to be awarded a contribution from the deposit!

Reply to the comment left by Smiffy at 07/08/2023 – 14:42Thanks Smiffy. Like you I’m not chasing money, in fact the rent is well under market value.
If one of your tenants asked for say, a 10 year agreement, would you agree and if so what termination clause, if any, would you have to safeguard your position if your circumstances changed dramatically which prevented you continuing to be a Landlord?

Reply to the comment left by Smiffy at 07/08/2023 – 14:42I think you might get a lot of flack for your comments. Plus some of your comments are rather insulting or thoughtless at the very least. Good for you if you have great tenants who you look after etc. However, there are people on here, myself for one, who are also good landlords and still get treated shabbily by their tenants because people can be very mean without good reason. Anyone has a right to sell if they wish to do so, there are a myriad reasons why landlords make these decisions and many would have already been in the rental sector for many years. So be more respectful before you criticise, OK?

Hi Adrian
My reply is to think about the two things separately and deal with it accordingly.
The long term tenancy…is there such a thing? You have no plans to evict them and they seem settled. However life can change in the blink of an eye not just for you and your family but also your tenants. Nothing is for ever in anyone’s world and particularly not in the PR sector. Assure your tenants there are no plans to evict but to commit to long term (whatever that is) not a wise decision.
The carpets: do the carpets need replacing or is this just to personalise their space. If so it’s not likely to stop there. If the carpets need replacing that’s your choice and your cost. Do not be held to ransom by “we’ll pay for carpet but we want long term tenancy”. I can’t think there’s any legal clause in STA to cover that.

Reply to the comment left by RoseD at 07/08/2023 – 22:25
Thanks Rose. Yes, I’m thinking my response would be I have no plans to sell at the moment, however, if things change I would look to pay a contribution towards the cost of the carpets.

You raise a good point, is there such a thing as a long term tenancy? If there is presumably it would still need a termination clause for both parties.

It’s not usually in a landlords interest to grant a long fixed term, but is best to let the tenancy go periodic ASAP. I would tell them that I had no plans to sell and as long as we were both happy, they could stay as long as they like, but it would be on a periodic tenancy.
I would also suggest you re-carpet it yourself if it needs it.

Reply to the comment left by David at 09/08/2023 – 17:40
Thanks David. The tenancy is periodic, I will be saying I have no plans to sell but of course unforeseen factors, such as health/personal circumstances can change overnight.

And of course who knows what the next stunt the Government is going to spring on Landlords.

If Labour get in I shudder to think what new laws Milliband will introduce.

Reply to the comment left by Adrian Jones at 08/08/2023 – 07:58
Adrian.
May I politely suggest – check the law.
My understanding is that a tenancy of 3 years or more becomes a lease. A whole different ball game.

Reply to the comment left by Jim K at 10/08/2023 – 20:51A tenancy of any length is a form of lease. If you mean that more than 3 years and it becomes a “long lease” with different legislation, then thats not the case. A tenancy/lease of more than 3 years has to be granted as a deed, but otherwise its the same until it gets to 7 years or 21 years, when I think other legislation does apply.

Reply to the comment left by David at 11/08/2023 – 16:01
Many thanks Jim K and David. Good to know my agent is on the ball because that’s pretty much what they said.