Regulated Tenants And All Protected Tenancies
Anybody that owns a tenancy of this nature will know that as soon as they get vacant possession the valur of their property will shoot up. The problem is that these types of properties very rarely become vacant. Think about it if you were a fortunate to be a regulated tenant paying less that rent at around 30% of the going rate what would you do? You certainly wouldn't be moving house!
Also what some people should be aware of is that in certain circumstances a regulated tenancy does not automatically end when the tenant dies. Legally a tenancy counts as property and can be passed on via a process called "succession". The right to succeed normally depends on the relationship between the person that has died and how long they have lived in the property together. So for example a son or daughter that was born in the property and lives there will succeed the mother/father that has died
Regulated Tenancies Purchased
Even if your tenant is having difficulty paying the rent and falls into arrears you will not get vacant possession as in order to do so you will have to spend a lot of money taking the tenant to court and the most likely outcome is that the tenant will be askd to pay the arrears over a perion of time. Meanwhile you will have racked up legal fees in your attemp to get possession.
The amount of rent that your regulated tenant pays will be set by the local rent officer who must follow the rules laid down in the rent act 1977. You are entitled to apply for a rent increase every two years and your rent should increase inline with the retail price index plus 5% per annum.
The landlord is responsible for the mainenance and upkeep of the property which is why many of the properties fall into a state of disrepair as many owners only carry out esentialrepairs. Below we have included some links for you to look at concerning fair rents and all you need to know about secured tenancies.
Please call us if you have a regulated tenancy that you would like to sell. We have substantial cash funds available for all types of protected tenancies.