Question for LL's - Long contracts??

marliepanda

If your improvements have made the place better, and he now wants a higher rent, if he does want you out I would make sure to remove as much of the improvements as you can, leaving the property as you find it.

If he is thinking that a better property = more rent, make sure he is the one who has to fix it up to get that rent.

Personally I would just say you are happy to stay long term, and ideally will be staying in the property as long as possible, but not at the increased rate. As someone said, it will take a lot of £40 a month to make up for one months void. Hopefully she will pull her head out and realise this!

ilovecheese

Hi Theartfullodger

I thought possibly that a LL may lower the rent for a long term let??? Or am I in dream land?

The LL will have no voids, no re-letting costs, and guarenteed rent etc... so would this not be a good option for her?

I take on-board the comments about jobs/moving/family etc.... so maybe a long contract is not such a good idea! Maybe I should move to Germany or France where the renting options are better!!!

I am not going to accept the rent increase, so if our LL wants to serve us notice and go through the hassle of finding new tenants then that is up to her! Her property is already overpriced before the rent increase, so I will put the ball back in her court and just say "no" we are not paying anymore.

ilovecheese

Hi Marliepander

Thanks for your post!

It just drives me mad! Why would she risk new tenants (who could refuse to pay rent, start up a cannibis factory) over £40.00 a month??? This adds up to £480.00 a year! 1 months void would cost £770.00 - it makes no sense to me!

Get rid of on-time paying tenants who look after the property, for less than £500.00 a year - madness.

Well it will be her loss if we move!

Fuzzyness

ilovecheese wrote: »

How much to LLs pay an agent to find a new tenant?

Thanks

we pay about two thirds of a month's rent for finding a tenant.

flora48

Hi ilovecheese,

Personally speaking I am trying not to increase rents at this time because I value my tenants who take care of my property and don't give me any hassle. I would rather take a little less each month and keep them as I do not know how long the void to re let would be and who I would get as new tenants. Having said that, my other property is a BTL and I am in the hands of the mortgage lender there, just hoping for no increase in interest rates.

theartfullodger

ilovecheese wrote: »

Hi Theartfullodger

I thought possibly that a LL may lower the rent for a long term let??? Or am I in dream land?

The LL will have no voids, no re-letting costs, and guarenteed rent etc... so would this not be a good option for her?

Yes but. Landlord also has extra risk of a tenant going bad for 3-5 years with fewer easy ways of evicting them?? Wouldn't you want some incentive for taking on that extra risk.

...I take on-board the comments about jobs/moving/family etc.... so maybe a long contract is not such a good idea! Maybe I should move to Germany or France where the renting options are better!!!........

Very true: Engerland is surprisingly weak in tenant protection (contrary to the views of many Landlords..) compared to France & Germany. And in Scotland most fees (eg credit check, inventory, tenancy renewal etc ) are illegal...

Comeon Engerland, catch up!!

ognum

If I was your landlord I would be grateful to you for improving my property, I would probably increase the rent to a market value, no above. But, I would be open to negotiation

I am afraid I would not offer you more than a years tenancy, mainly because no one knows what will happen and nore in fact do you, there may be many reasons why you would want to move within the 5 years and it would be stupid to be tied into a tenancy.

My advice would be talk to your LL, have a discussion about your needs and his, compromises do occur.

nrsql

Did the email say that the rent was increased? Would need to give notice for that.
Was it more of an enquiry to see how you would react?

I emailed my tenants saying I would like to increase the rent in about 7 months time and they were happy with that. In the event I still haven't got round to doing it a year later.

DVardysShadow

jjlandlord wrote: »

Sure, I'm completely dreaming...

Indeed you are dreaming. Your interpretation of what I wrote is a substantial distortion of what I actually wrote.

madeupname1

I just wanted to reiterate what the other LLs have said. As a LL, I wont enter into an agreement for longer than 12 months, even though my ideal scenario is that tenants stay for as long as possible. The reasons are two fold:

(1) if something goes wrong, its much easier to evict a tenant if the tenancy agreement has simply expired, rather than trying to prove wrongdoing; and

(2) I find that, in practice, long term agreements only bind the LL. If a tenant really wants to leave, they will and its a pain in the butt to chase them down for what they may owe you.

However, you are in a good position. If the average rental prices are £753, and you are already paying £810, there is no earthly reason you should pay more. If what you say is correct, if you leave, the landlord is looking at a void, plus costs, plus a potential reduction in the rent achievable. It wouldn't seem to make financial sense for her.