Freehold Parking Charges

dgcbev

Hi,

I have a studio flat which I rent out in Hampshire.

It is in a block of about 15 small flats. Leasehold with services charges and maintenance of course.

There are also parking spaces for the block but are not allocated to individual flats but you can rent these as they became available.

I have one of these spaces which i had used for many years as i lived nearby. I stopped using it for a while so sublet it to a local business (there is no rule against the subletting of this space as long as i still own a flat). I still wish to retain the space as i may need to use it again. Parking in the multistory opposite was 1250 for the year so not a massive saving, but the convenience of own space is appealing. (it is a one car reg space, not a ticket)

They used to charge £1000 a year. (£250 a quarter)

I sublet for 1200

3 months ago they decided to up it to £400 a quarter to anyone who was subletting.
The company I sublet to still wanted the space for more money so i now sublet for 1800 a year. Contract June to December.

Then today they are putting it up to £690 a quarter from September. So I will actually lose money till the end of the year.

I know its not exactly a hard luck story but I would be interested to know if this was allowed by freeholders and if there is anything i could do.

At that price the parking space would be 2.5% a year of the value of the property.

Thanks

David

System

At that price the parking space would be 2.5% a year of the value of the property.

5% was the rate used in Gordon v Elizabeth Court (Bournemouth) Ltd [2012] so you may have been selling it short which is why you've had such a good customer.

Loadsofchildren123

You need to look at the terms on which you rent, do they allow such frequent increases?

The_Slithy_Tove

Loadsofchildren123 wrote: »

You need to look at the terms on which you rent, do they allow such frequent increases?

And also check if they are allowed to charge a different rent just because you're subletting.