Tenants on AS Agreement for over a decade - issues??
Discussion
Just thought I'd ask the PH brainiacs for reassurance.
I'm a lucky chap, as the same two tenants have been living in a property of mine for over 12 years now. They've never missed a payment, have redecorated twice, they tend the garden and are generally clean and tidy. (Two men - if you know what I mean)
Question is.......should I renew their agreement or am I safe and covered leaving them on the old original one from 2002? (Think I was e-mailed it from a friendly letting agent)
They originally paid £950 a month and stayed that way for 8 years till I noticed and put it up to £975, and then last year I asked them to pay £1000, which is currently about £150-200 below what I could probably rent it for (It's a nice 3 bed Vic terrace in Cambridge)
I'm just a bit worried about the horror stories where long term tenants try to "win" the house in huge legal battles.........Apparently if they've looked after the house for years they can claim a legal ownership of it...?
I ought to up the rent again, but figure that it'd only take a one or two month void for me to 'lose' the extra £150 a month I could get, if they moved out when I asked for it.
I only tend to pop over once a year with the gas safety man......that's been it.
Dream tenants or potential future nightmare?
Mr N
I'm a lucky chap, as the same two tenants have been living in a property of mine for over 12 years now. They've never missed a payment, have redecorated twice, they tend the garden and are generally clean and tidy. (Two men - if you know what I mean)
Question is.......should I renew their agreement or am I safe and covered leaving them on the old original one from 2002? (Think I was e-mailed it from a friendly letting agent)
They originally paid £950 a month and stayed that way for 8 years till I noticed and put it up to £975, and then last year I asked them to pay £1000, which is currently about £150-200 below what I could probably rent it for (It's a nice 3 bed Vic terrace in Cambridge)
I'm just a bit worried about the horror stories where long term tenants try to "win" the house in huge legal battles.........Apparently if they've looked after the house for years they can claim a legal ownership of it...?
I ought to up the rent again, but figure that it'd only take a one or two month void for me to 'lose' the extra £150 a month I could get, if they moved out when I asked for it.
I only tend to pop over once a year with the gas safety man......that's been it.
Dream tenants or potential future nightmare?
Mr N
Sir Bagalot said:
As others have said no issues.
I have had some tenants for 16 years. Well, I think it's 16 years it's been so long. I'm currently getting £150/200 below market rates but to be honest I have tenants who give me no voids, treat the place as a home which includes decorating it
I totally agree. Many would say we're mad for accepting £1000+ a year less than we could attain in rent! but there is defo something to be cherished about having wonderful tenants. They're a rare breed! Most nice tenants are the sort who quickly want to buy their own house!I have had some tenants for 16 years. Well, I think it's 16 years it's been so long. I'm currently getting £150/200 below market rates but to be honest I have tenants who give me no voids, treat the place as a home which includes decorating it
98elise said:
Any sensible landlord would keep a long term good tenant on a lower rent. 1 months void could easly wipe out any gains from keeping the rent in line with the market, let alone the fact they are redecorating anf looking after your property. I'm a BTL landlord, and I operate the same way.
Its no different to businesses offering discounts to loyal customers, its just good business.
I'm wondering if you're my tenant!!? Its no different to businesses offering discounts to loyal customers, its just good business.
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