10:43 AM, 27th August 2021, About 2 months ago 4
Hi everyone, We are managing our rental property ourselves and are lucky enough to have a good couple as our tenants for nearly 5 years. In the tenancy agreement, there is a clause for rent increase which is CPI linked or 3% minimum whichever is higher. We have been increasing our rent at 3% per annum (compounded) for the past 4 years as the CPI has been lower.
The tenants are happy with the property, we have always been very prompt dealing with any issues they raise. However, in anticipation of the coming years, we are slightly concerned that if we keep increasing the rent at 3% compounded, the rent we are charging will be higher than that of the prevailing market for a similar property.
What implications will it have if we venture to offer a rent increase “holiday” until the rest rental market catch up? Or how best to handle this without jeopardising the good position we are in?
We will also be moving soon, do we need to sign a new tenancy agreement with our new address or simply send an email to inform our tenants will suffice?
All advice will be most appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleInterest rates reduced on 80% LTV specialist Buy to Let mortgages
Next ArticleDemand for pets in lets up 120% post lockdown
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|