Serving Notice to my tenants

nicebloke

Thanks wabbitpoo so do I ...

G_M .. I have found amongst the replies the answer on how to proceed so thank everyone for that and will come back and post some more!!

anselld

nicebloke wrote: »

HMRC is now penalising me for the equity.

Cant be correct. HMRC only "penalises you for equity" when you decide to sell. If you are getting big tax bills it is because you are making even bigger profits.

nicebloke

My accountant says its due to my negative allowances being reduced?? I don't really understand it other than I have to pay more TAX! The rent I charge is less than my mortgage payment as well...

Mulder00

Speak to the tenants and get their thoughts. My partner and I just went through this as tenants and it's not nearly as bad as people make it out to be.

We recently renewed our lease for another year (after being here for two years). We're not overly happy here, but the stress and effort of moving and finding a landlord happy to accept dogs just made us stay put.

Landlord phoned me in a panic saying that he has to sell the place. Having doubted whether signing for another year was a smart thing to do, this was the out we needed and I was MORE than happy for him to sell. In fact, we've done our utmost to ensure he sold quickly (the place was sold after second viewing, two days after going on the market!!).

Despite giving us two months notice (done at the end of September for the end of November), we're moving out at the end of next week, meaning contracts can be exchanged earlier and it's a win-win situation for everyone.

It doesn't take two months to find a place. When we started looking, all the lettings agents told us it's way too early and we need to come back in two or three weeks. Eventually we decided to just take anything, any time in November and we'd discuss with the landlord later. It worked out for everyone.

What I would do:

* Talk to your tenants and give them two months notice
* Tell them your intention and be open about your situation
* Ask them to consider finding a place sooner rather than later and say that you will not overcharge them with rent/utilities etc. One thing which they will need when looking for another place is flexibility - do your utmost to give them that as that will ensure that they find a place quickly.
* You could give them some financial compensation for having to move earlier (some rent relief, some furniture or goods that you might not need etc).

Our landlord just "did this to us" and I don't begrudge him for that. (If you read up on this post, he is supposedly the most evil man for kicking us out of our home 25 days before Christmas!!). Not at all, I'm happy to be moving and it's the kick up the backside we needed to find somewhere we'd be happy. (Stressful at the best of times, but I have no regrets).