Hi everyone,
Happy new year to you all. I have a few properties I manage and I was led to believe that I needed to renew AST’s at the end of each contact. Thinking that if I needed to either increase the rent or vacate tenants I needed to have a current valid contact.
On this forum I have read quite often that a rolling contact is sufficient. I have a tenancy where the contact ends on the 17th Jan. I’m not planning on increasing the rent so is it better to not renew the contact?
I’m really not clear on this issue. Please advice.
This is a bit of a flag to me. If you manage a few properties, who is leading you to believe stuff… particularly stuff that is erroneous? That puts you in a position of considerable risk (and potentially your tenants). I’d heartily recommend some training which you can get via LL associations online. It’ll ensure you are clear on this and many other issues.
If you believe your tenants may be paying cheap rent, I would get a few estate agents around, to survey the property and do a valuation, for sales and lettings. That way the tenants may give notice, of their own accord, which is a month for them and you can then re advertise for more.
Also, next time, get a Guarantor, off someone who owns a property in England or Wales. That is the key.
Hi Tatemono, You’re right I I could do with some training on these matters. You mentions LL associates. Could you give me actual website details so i can check them out please.
I can’t because this site will block any mention of them. Just search online for landlord association training and you’ll find what you’re after.
When i took over management of our properties, I did the training. It was comprehensive and taught me a huge amount. I feel a lot more confident this side of it than I did before. You’ve still got to keep up to date though which is why forums like these are an essential part of your LL life going forward.