Should I or shouldn't I raise the rent?

[SPEEDTWIN]

I think you are all far to sensitive and need to lighten up, put your feet up and have a very large glass of wine or two.

[CH1]

CH1 a big thanks to you...if it wasn't for your post, we would have been bereft of an excellent exchange between Simon and J4L

Like you, 6 months ago I had advertised my apartment for a slightly lower rent in order to get a tenant in - yesterday it was 5 months into the 6 month contract and I met him to collect the rent and casually mentioned about a 40 quid rise for the next 6 months....as I had anticipated after a lot of sighing and thought, he agreed to a 20 quid hike....exactly what I had anticipated...my reason was the increase -

Mike

Yes, there's been some interesting exchanges on the subject

Back to the topic in question - been away and just came back and realised the current AST (which was issued pre-6 April 2007) will end this month..so just want to see if I grasped this properly...to increase the rent (even if marginal -will be 1-2%) I have already mentioned the rise to tenant 1-2 months ago and T seemed ok about it -though exact amounts were not discussed but are open to discussion.

I can:

1) -let current AST end this month and do not issue new AST (as will need to put deposit somewhere) and Issue a Section 13

(that will mean current AST runs into Statatory Periodic T)

or

2)- issue a new AST with agreed new rent and term put deposit into a scheme

If I chose Option 1) as it seems easier can I have some sort of fixed term or agreement that T has to give x amount of notice that they wish to leave, or put something in writing saying current AST is extended for 6 months etc.

Have yet to do property inspection... never done one so ... be easier if T wasn't there when I look around -I guess they have to be given notice and I go at suitable time only when they are there?

[Trenners]

Submitted in error ... sorry

[Trenners]

Hi CH1,

A statutory periodic tenancy (Option 1 above) runs on a month by month basis. The T has to give you 1 month's notice from the "rent day" if they want to leave and the L has to give 2 months notice from the "rent day" if you want possession.

If you want to have another fixed term (and not increase the rent) then you can simply extend the existing tenancy by another 6 month term.

If you want to increase the rent (and have another new fixed term) then you will need to create a new AST and put the deposit in the protection scheme.

Regarding inspections, your AST will define how much notice you must give before visiting the property (usually between 24 and 48 hours notice) and the tenant will probably want to be present - so you should try and arrange it at a mutually convenient time.

Mark