Landlords raise rents to cope with rising costs, survey shows
2 years ago | 4 comments
Rent increase according to inflation?
9:10 AM, 15th November 2023, 2 years ago
40
Hi, I have asked my tenant for a rent increase from £800 to £1100. But she is blaming now that there is a clause in the tenancy agreement which says that the rent will be reviewed annually and be increased according to inflation.
So this should only be £855 as the inflation rate is now 6.8% Is there anything I can do, please?
Thanks,
Tuly
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Member Since November 2022 - Comments: 73
2:43 PM, 15th November 2023, About 2 years ago
The contract would take precedence over a higher fair-rent assessment. You word must be your bond.
Member Since September 2023 - Comments: 335
2:55 PM, 15th November 2023, About 2 years ago
Reply to the comment left by Graeme at 15/11/2023 – 10:22What do you do when the council introduce selective licensing in my case £800,
4, increases annually in landlord insurance , cp12 licences , electrical compliance certs saftey so mandatory, tax , mortgage interest increase then repair costs per annum?
Member Since September 2022 - Comments: 198
3:06 PM, 15th November 2023, About 2 years ago
Reply to the comment left by Michael Booth at 15/11/2023 – 14:40
Good point Michael on both comments. Rents are being pushed sky high so an independent assessment via the tribunal system a fair compromise for all concerned.
Member Since September 2023 - Comments: 335
3:31 PM, 15th November 2023, About 2 years ago
Reply to the comment left by RoseD at 15/11/2023 – 15:06
Thankyou , no landlord decent that is wants to increase rents too much , but what can landlords do when you are financially hit at every angle there is only so much you can absorb has l stated my council has just introduce selective licences. At £800 x 4 properties £3200 and you are forced to pay in full utterly ridiculous.
Member Since July 2013 - Comments: 754
4:25 PM, 15th November 2023, About 2 years ago
The comments on this thread show that Landlords (on this forum anyway) are showing themselves to be honourable and expressing a need to honour the contract and our word.
The irony is that many tenants do not do the same, and Judges (astonishingly) and the Government do not expect or require them to. If this is what “Levelling Up” is all about, what an appalling state of affairs.
Member Since September 2023 - Comments: 173
4:35 PM, 15th November 2023, About 2 years ago
You need to abide by the terms of the agreement. It’ll take a few years to recover your position by imposing rent increases every 12 months without fail.
How long ago was the last increase and how long is the latest fixed term?
My tenants opted for a fixed term of three years with rent fixed for the duration of the fixed term. They will be looking at a 20%+ increase next year.
Member Since September 2023 - Comments: 173
4:42 PM, 15th November 2023, About 2 years ago
Reply to the comment left by Michael Booth at 15/11/2023 – 15:31
£800 per property is usually over 5 years, I believe. That’s less than £14 per month additional rent.
Member Since September 2023 - Comments: 173
5:29 PM, 15th November 2023, About 2 years ago
Should have used a better tenancy agreement. I wonder if the landlord paid for a professional agreement or made one up themselves.
Member Since November 2022 - Comments: 73
7:27 PM, 15th November 2023, About 2 years ago
We do our own agreement, which is a modification of the RLA’s (now the NRLA). This has the advantage of better suiting the tenants and the property. In this case, the Landlord made an agreement and did not want to uphold it. Always make sure at the beginning that all circumstances are covered.
Member Since September 2023 - Comments: 173
7:59 PM, 15th November 2023, About 2 years ago
The government’s Model AST has three option.
1. Fixed rent for the whole term. No mention of rent increases after the fixed term. Landlord is free to increase to market rate or thereabouts.
2. Fixed rent for one year and reviewed annually on the anniversary of the tenancy. Miss one of the anniversaries and you are stuck until the next anniversary.
3. Fixed rent for one year and increased annually by CPI. Landlord still needs to serve the rent review notice. Miss it and rent is fixed until the next review date. It can only be increased by one year’s CPI even if you miss a year.