Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
I have discussed an increase in rent with one of my tenants. They have verbally agreed (and are indeed very happy as they thought the increase would be more!) This particular tenant has been with me for 5 years and I have not increased the rent during that time. There is no clause relating to rent increase in the AST (which was drawn up by the original managing agent).
The NLA suggests a letter detailing the increase, signed by myself and the tenant, with a copy given to the tenant, will suffice, but I’m also aware there are forms that can be used.
Is there any risk in simply using a letter, as opposed to one of the government forms?
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