I have a renewal of a 4 year tenancy coming up in the next few months. I last raised the rent by a relatively small amount in July of last year. I did not raise the rent to full market rate as 1) the tenants were quite good and 2) I did tell them at the time that I would be raising it incrementally (if they were staying) to market rate over the following 2 years. This part was done verbally. (So not enforceable but at that time you could raise it every year if it was required)
The tenants will probably want to stay on and enter into a new Part 4 tenancy.
What are my options about raising the rent in the above scenario.
I fear that I am trumped by the new legislation.
I would like to know for my own and other Landlords knowledge were I to give the appropriate notice in the first 6 months of the new Part 4 tenancy that I could ask them to vacate the property and let it at full market rate to new tenants. I do not want to do it in this case but I would like to see it debated.
Over to the experts and look forward to the debate.
Thank you
The tenants will probably want to stay on and enter into a new Part 4 tenancy.
What are my options about raising the rent in the above scenario.
I fear that I am trumped by the new legislation.
I would like to know for my own and other Landlords knowledge were I to give the appropriate notice in the first 6 months of the new Part 4 tenancy that I could ask them to vacate the property and let it at full market rate to new tenants. I do not want to do it in this case but I would like to see it debated.
Over to the experts and look forward to the debate.
Thank you