Negotiating rent??

HannahD83

I started renting a flat 6 months ago when rent prices were pretty high - with the interest rate now dropping to 0.5% - is there any scope for asking my landlord to lower the rent? Even though i am only half way through my contract?

pawpurrs

Would you be happy if you LL put up your rent because interest rates went up?

Really you cant renegotiate at this stage, when your contract is up perhaps. Your ll could be on a fixed rate mortgage.

HannahD83

Good point!x

JFC_2

I am not sure, have you read through the contract you have with your landord.

I think its unlikely he will reduce your rent if he can avoid doing so. Although many mortgages have decreased due to the drop in interest rates, your landlord may have a fixed rate mortgage and not have benefited in this recent fall.

He may also feel that if the situation was reversed you would not accept a rent increase so to be fair to both partys a contract is very important. Both partys should know what the outcome would be in this situation. If there is a clause in the contract saying that the rent may fluctuate in line with inflation then you may be able to site this to your advantage.

Your landlord will have probably lost value on his property and may think the rent staying the same despite the drop in rates covers this shortfall.

At the end of your contract renegotiating seems more likely

good luck
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