Hi all.
I have a property in an RPZ that is rented out - now in the third year of rental to the same tenants.
I live abroad, so I have appointed an agent to manage the property on my behalf.
The last Notice of Rent Review was issued 12 months ago, with the rental increase taking effect three months later.
I now want to issue another Notice of Rent Review. My reading of the legislation (pedant that I am!) and the RTB's website is that I can issue a Notice of Rent Review 12 months after the previous Notice of Rent Review, and therefore the new rent will take effect 12 months after the previous rent increase - i.e. I can raise the rent every 12 months.
The agent is saying that that the Notice of Rent Review can't be issued until the 12 month anniversary of the last rent increase (not the last Notice of Rent Review), and that the new rent increase will take effect three months later - in effect that I can only raise the rent every 15 months. The agent said that she rang the RTB and this is what they told her.
I can't fathom this - what am I missing here?
(BTW, I do understand that the interval between the commencement of a letting and the issue of the first Notice of Rent Review is 12 months, that the rent increase takes effect 3 months later, and that therefore the interval between the commencement of a letting and the date on which the first rent increase can take effect is 15 months - but thereafter it is 12 months)
I have a property in an RPZ that is rented out - now in the third year of rental to the same tenants.
I live abroad, so I have appointed an agent to manage the property on my behalf.
The last Notice of Rent Review was issued 12 months ago, with the rental increase taking effect three months later.
I now want to issue another Notice of Rent Review. My reading of the legislation (pedant that I am!) and the RTB's website is that I can issue a Notice of Rent Review 12 months after the previous Notice of Rent Review, and therefore the new rent will take effect 12 months after the previous rent increase - i.e. I can raise the rent every 12 months.
The agent is saying that that the Notice of Rent Review can't be issued until the 12 month anniversary of the last rent increase (not the last Notice of Rent Review), and that the new rent increase will take effect three months later - in effect that I can only raise the rent every 15 months. The agent said that she rang the RTB and this is what they told her.
I can't fathom this - what am I missing here?
(BTW, I do understand that the interval between the commencement of a letting and the issue of the first Notice of Rent Review is 12 months, that the rent increase takes effect 3 months later, and that therefore the interval between the commencement of a letting and the date on which the first rent increase can take effect is 15 months - but thereafter it is 12 months)