rent

Rent review clauses enable landlords to increase the rent in line with market rates and/or inflation. Typically, a longer lease will involve one or more rent reviews during the term. As a tenant, you will be at risk of the rent increasing. Conversely, as a landlord, you will want to ensure that you are not undercharging later on in the term. If the rent has not already been set for the entire term of the lease, there are commonly two types pf rent review clauses to consider. Open Market Rent Review The landlord will look at the rental values of…

No – The determining factor if a rent increase were to be challenged would be the rent that the property might reasonably be expected to be let for in the open market*. * which is a periodic tenancy having the same periods as those of the tenancy to which the notice relates, which begins at the beginning of the new period specified in any rent increase notice, the terms of which are the same as those of the tenancy to which the notice relates. Still not answered your question? We love questions so fire it at us using the contact details here

This is a business decision only you can make and nobody knows your business better than you! As a business, the income has to exceed the costs if it is to remain viable. Here are a few things to consider to help you answer the question: Where the costs of running the business (e.g. mortgage) increase, an increase in the income (rent) is justifiable Take care not to increase the rent above the market value – you could loose a good tenant or the tenant could legally challenge any proposed increase It is difficult to put a price on the…

In all instances the balance on account will be transferred to landlord within 5 calendar days of the rent day. We ‘same day’ process rent payments received however rent payments received late in a working day and after office hours are processed the next working day which could be after a weekend or bank holiday or both. Some general points to consider… For rents paid by standing order, if the payment is due to go out on a bank holiday or weekend, the money will leave the payers account on the next working day Rent payments that fall due on…

Yes – if any rent or other money payable by the Tenant to the Landlord under the provisions of the tenancy agreement shall not be paid on the day on which it becomes due the same shall be payable with interest thereon at a rate of 8 per centum above the reference rate for the period in which the outstanding amount becomes due calculated on a day to day basis from the day upon which it became due down to the date of payment. The reference rate is based on the Bank of England base rate. Still not answered your…

Information about increasing rents can be found in this blog article How to increase the rent for an assured shorthold tenancy A word of caution about increasing rents… …It is reasonable that rent levels can change in line with market values. However, rent increases need to be treated with caution. Rent increases are never welcomed by tenants so inevitably have a negative effect on the landlord–tenant relationship. If a tenant feels they are no longer getting good value for money, even a small rent increase can be a trigger for the tenant to move. This is especially true if the…