How do I reduce rent in the contract?

Landlord Discussion
1

Hello,

My tenant has paid their deposit and first months rent however the tenancy doesn’t start for a month. I need to reduce the monthly rental price in the contract. I can’t seem to do this on the website? How should I proceed? Can I add an addendum to change the monthly cost?

Thanks,
JP

2

Why do you need to do this? Reducing the rent in this way is likely to put you in breach of the Tenant Fees Act as it could be seen as a mechanism to exceed the deposit limit. In my view its not a good idea to complete the contracting process so far ahead of the start of the tenancy.

3

I am subletting my shared ownership property and the housing association has informed me of a rent cap. Reducing the rent will not exceed the cap. I agree I have not done this in the best way…

4

*I meant the it will not exceed the tennant fees act deposit cap.

5

I thought you weren’t allowed to let out shared ownership properties?! Anyway, assuming that you have permission, I think the best option is to start again. Refund the existing deposit. Once its in their account, sign a new contract for the new rent and re-issue all the required documents. Take a new deposit and protect that. Refund the excess rent.

6

I don’t think subletting is allowed for shared ownership properties. The reason is that over a year ago a good
friend of mine got A shared ownership property And clearly stated subletting is not allowed.

7

Hi Lucy,

As tenancy setup hasn’t completed - this happens shortly after move-in - you’re able to revert back to contract signing and make changes. We have some guidance on how that’d work here.

Worth noting that upon the tenants accepting the proposed changes, a new contract is issued with the update(s), and everyone would need to sign again.

George