Hello,
My tenants want to lower the rent as i am not ready to do this they qant to terminate the contract before the contract period of 12 months. How do i proceed, what are my rights and reaponaibilities.
Thanks!
They are liable until the end of the fixed term. If they move out early they will owe you all rent.
Weigh up the consequences of losing the tenant early.
You would be pursuing someone who probably doesn’t have the cash.
If you agree to let them off you can surrender the tenancy.
How much do they want you to drop the rent by? Is the rent typical of similar properties in area?
Let them go. Source a deed of surrender template which they all sign as they are leaving with a witness. Alternatively, tell them you will accept a months notice provided its signed by them all. When you receive it, send each an acknowledgement letter telling them you accept their notice and confirming the last day of their tenancy. Keep copies and evidence of the date sent.
Have to agree. Better to let them go if the new rent being proposed is not acceptable economically to you and/or outside of ±10% of market rate for similar properties in your area. Poor terms with your tenants just lead to other deeper issues.
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