Come 1st May my tenants would be in their 4th month out of the original 6 months contract. They have intimated they would want to carry on for another 12months. Rather than offer a new rental agreement I’m guessing the original AST will ‘roll on’? (This question has been delt with on a previous posting)
At what stage in the time band can one increase the rent (I’m thinking at the start of month seven (August). Is there a statuary limit to the amount one can increase rent and what notice does one give please?
delete your photo if that is you or your tenants can see everything
Personally. I wouldn’t increase until at least a year after move in, but you could increase anytime after the end of the fixed term.
No limit but inflation isn’t much over last 6m so I wouldn’t go too high.
Increases can be agreed informally or in writing but I normally give 1-2 m notice. Only if you must serve a formal S13 notice must you abide by formal notice periods.
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The rent review clause in contract will tell you what you can do
You normally require a months notice under statute and stabdard review clauses state a month
RRB will be introduced later this year which will indirectly introduce soft rent control and mean the increase is only once a year on the anniversary of the contract and if the tenants refute it you will be delayed waiting for a hearing and may not be able to increase it even backdate your increase
Most solicitors are advising to increase rents whilst you can because of upcoming legislation
I have taken the precaution to increase rents this year
I’ve watched rents in our area and they have increased steadily and significantly over the last twelve months
It’s at least a £100pcm per year
My understanding is that it depends on the type of tenancy. If you have a regular fixed term tenancy, then I believe the rent can increase in month 1 of the following Statutory Periodic Tenancy through a s13 notice. If youve used a contractual periodic tenancy, such as the Openrent template, then you cant use a s13 notice until after the first 12 months.