Hi All,
Although I live in the UK now, I think the principal of this question should be the same regardless of whether I live in Ireland or not. I have been renting off my landlord for almost two years now and with the lease expiring in October he has made a proposal for what he would like to do going forward.
The nuts and bolts of it is for a “significantly reduced rent” (to be quantified once I have had a proper chat about it) I would take care of the day-to-day maintenance going forward (i.e. a light needs fixing, I would get the electrician and pay for it etc), with anything more substantial covered by the landlord.
Obviously, I will need to drill down into what “substantial” constitutes, as anything structural is covered by his landlord insurance so I wouldn’t propose having to pay for the roof falling off myself.
Mainly, my question is around does anyone know of or have a lease agreement I can use as a template for this? It seems to be following more of a German model etc, and I wouldn’t mind reading through some sort of fine print to see how this would work in practice.
I’m assuming he would want to sign something, but I haven’t gotten that far in the conversation yet and I don’t know how loose he wants to leave it (i.e. a gentleman’s agreement to a fully fledged legal doc!).
With house prices as they are over here, I have managed to talk him out of selling the house (I have no idea how as it has sky-rocketed in value) and this seems to be the compromise solution as he doesn’t want to have to deal with the day-to-day property management anymore (hence the wish to sell).
I will need to see the rent going forward under this agreement to assess the risk / return of such an agreement, but on a high level a £250 reduction in rent added to the £250 more I would have to pay if I moved into a similar property in the same area would be a £6k difference per annum – not exactly small change when moving costs are another £1k minimum on top, plus letting agent fees etc.
So, does anyone have:
1) A similar type lease agreement or know where I can get one?
2) Any ideas as to obvious issues etc I should consider?
Happy for input, positive or negative!
K
Although I live in the UK now, I think the principal of this question should be the same regardless of whether I live in Ireland or not. I have been renting off my landlord for almost two years now and with the lease expiring in October he has made a proposal for what he would like to do going forward.
The nuts and bolts of it is for a “significantly reduced rent” (to be quantified once I have had a proper chat about it) I would take care of the day-to-day maintenance going forward (i.e. a light needs fixing, I would get the electrician and pay for it etc), with anything more substantial covered by the landlord.
Obviously, I will need to drill down into what “substantial” constitutes, as anything structural is covered by his landlord insurance so I wouldn’t propose having to pay for the roof falling off myself.
Mainly, my question is around does anyone know of or have a lease agreement I can use as a template for this? It seems to be following more of a German model etc, and I wouldn’t mind reading through some sort of fine print to see how this would work in practice.
I’m assuming he would want to sign something, but I haven’t gotten that far in the conversation yet and I don’t know how loose he wants to leave it (i.e. a gentleman’s agreement to a fully fledged legal doc!).
With house prices as they are over here, I have managed to talk him out of selling the house (I have no idea how as it has sky-rocketed in value) and this seems to be the compromise solution as he doesn’t want to have to deal with the day-to-day property management anymore (hence the wish to sell).
I will need to see the rent going forward under this agreement to assess the risk / return of such an agreement, but on a high level a £250 reduction in rent added to the £250 more I would have to pay if I moved into a similar property in the same area would be a £6k difference per annum – not exactly small change when moving costs are another £1k minimum on top, plus letting agent fees etc.
So, does anyone have:
1) A similar type lease agreement or know where I can get one?
2) Any ideas as to obvious issues etc I should consider?
Happy for input, positive or negative!
K
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