Rent increase for tenant in situ?
12:07 AM, 5th December 2024, 1 year ago
13
Hi, I’m about to complete on a property that comes with a tenant-in-situ who has a periodic tenancy with the existing owner.
His current rent is significantly under market rate and as part of my offer on the property, the current tenant agreed for the rent to be immediately increased to market rate.
Am I able to simply apply the new rental amount within the new tenancy agreement or do I need to issue a Section 13 rent increase and provide 2 months’ notice?
Thanks,
Russ
Tags:
Landlord responsibilities, market rent, new tenancy agreement, periodic tenancy, property purchase, rent adjustments, Rent increase, rent notice, rental agreement, section 13 rent increase, tenant in situ, Tenant rights
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Member Since July 2023 - Comments: 182
8:04 PM, 5th December 2024, About 1 year ago
Reply to the comment left by Stuart Rothwell at 05/12/2024 – 12:06
However factual .
Due diligence et al….
Member Since April 2024 - Comments: 32
11:29 PM, 5th December 2024, About 1 year ago
Reply to the comment left by Jim K at 05/12/2024 – 20:04
I was under the impression (mistaken?) That forums like this are to facilitate us to help each other. Rather than criticise?
Member Since October 2020 - Comments: 1186
1:54 PM, 6th December 2024, About 1 year ago
Reply to the comment left by Stuart Rothwell at 05/12/2024 – 23:29
It’s called tough love. When people need a wake up call, softly softly just doesn’t cut it.