new non-resident landlord, inherited property, lease expired, is cap binding?

C

Conor Sheedy

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My late father left me a property in South Co Dublin. I live abroad. The 1 year lease expired Jan 2016. The rent was on "friendly" terms as he had a terminal illness and I now wish to raise it. The tennants have remained in the house on the previous lease's terms since then. I became "legal" owner in Sept 2016 but it was only transferred to me last month.
I now have to draw up a new lease, as new 1st time landlord and have a substantial CAT loan to repay.
Is there any way I can ask for the market rent which would have been fair AT THE DATE OF GRANT OF PROBATE since the executors could not draw up a new contract and the rent restrictions were introduced a year after the expiration of the lease but before I could renegotiate the lease?
Thanks for any advice,
Conor
 
Conor Sheedy said:
Is there any way I can ask for the market rent which would have been fair AT THE DATE OF GRANT OF PROBATE since the executors could not draw up a new contract and the rent restrictions were introduced a year after the expiration of the lease but before I could renegotiate the lease?
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No, I'm afraid not.

A lot of landlords that were renting at below market rates got very badly stung by Minister Coveney's rent control legislation and are now selling up.

Incidentally, you might want to amend the title of your thread - I assume you meant "non-resident landlord".
 
I don't know where you read that - I haven't heard a single politician criticise the rent control legislation.

The legislation provides that rent caps continue to apply until the next (i.e. second) rent review following the designation of a rent pressure zone (RPZ) is due to be carried out (i.e. 12 months after first review).

Thereafter, if the relevant area is no longer designated as a RPZ, then the landlord can increase the rent to the market rent (which must be based on three comparable properties advertised within the previous four week period) having given 90 days notice of the rent increase.

How long will it take for areas to cease to designated as RPZs? Or will the rules of the game be changed again in the meantime? Your guess is as good as mine.
 
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