How long a lease?

DrPhilG

I'm about to rent out a house, (first time landlord) and I have a question about the length of the lease.

The girl taking on the house comes recommended, friends of the neighbour and I'm happy that she's reliable and is keen to stay long term (suits me).

What length of lease do I offer? Do I just do a standard 1 year or should I specify longer?

I'm using the standard lease here, but they give the option of a standard term or a "part 4" lease.

StillWaters

Standard year.
She might come recommended but you really won't know until she moves in whether she pays rent on time or has mad parties. At the end of the 12 months, if she wants to stay on, it automatically becomes part 4.

Even if she comes personally recommended, I'd still seek a reference from a previous LL and get a deposit.

DrPhilG

StillWaters wrote: »

Standard year.
She might come recommended but you really won't know until she moves in whether she pays rent on time or has mad parties. At the end of the 12 months, if she wants to stay on, it automatically becomes part 4.

Even if she comes personally recommended, I'd still seek a reference from a previous LL and get a deposit.

Yeah will be getting a deposit. I didn't look for a reference tbh, I know she's been with her previous LL for a while and only moved because the rent is huge, she's paying over €600 for a house not much bigger than the one I'm renting her and I'm only charging €400. She is leaving on good terms with her other LL too, he's letting her stay on another week without charge because she was waiting for me to do some work on the house.

Her family are long term friends with the next door neighbours and it was them who pointed us together. I'm looking for a long term tennant and she's happy to stay as long as I'll have her.

You're probably right though, go for a standard 1 year lease and then on to a part 4.

Do I need to give her a part 4 agreement after the year or is it automatic?

Procrastastudy

I take it you've registered with the PRTB and revenue and you're not undercutting the previous LL by cutting corners.

DrPhilG

Procrastastudy wrote: »

I take it you've registered with the PRTB and revenue and you're not undercutting the previous LL by cutting corners.

Yes I've registered with the PTRB. I don't think I'm undercutting, it's an older and smaller house and I think that what I'm charging is fair in the current climate.

She approached me on the recommendation of the neighbour because she was actively seeking to downsize due to her current rent being so expensive. She asked the other LL if he would reduce the rent bearing in mind the recession etc and he wasn't willing to so she told him she would be looking elsewhere. Then she contacted me and the rest is history.

I certainly don't think I've done anything underhand?

Procrastastudy

DrPhilG wrote: »

Yes I've registered with the PTRB. I don't think I'm undercutting, it's an older and smaller house and I think that what I'm charging is fair in the current climate.

She approached me on the recommendation of the neighbour because she was actively seeking to downsize due to her current rent being so expensive. She asked the other LL if he would reduce the rent bearing in mind the recession etc and he wasn't willing to so she told him she would be looking elsewhere. Then she contacted me and the rest is history.

I certainly don't think I've done anything underhand?

Undercutting someone isn't underhand in the slightest - under cutting by cutting corners would be. As you're registered with the PRTB you'll be registered with revenue so certainly doesn't sound like you're doing anything untoward. I merely flagged it in-case you'd missed that bit, which you hadn't so.

EDIT: Although where you can call a €600 house expensive is beyond me - living in Dublin - you'd be unlikely to get a 1 bed apartment for that. €400 sounds quite generous.

DrPhilG

Procrastastudy wrote: »

Undercutting someone isn't underhand in the slightest - under cutting by cutting corners would be. As you're registered with the PRTB you'll be registered with revenue so certainly doesn't sound like you're doing anything untoward. I merely flagged it in-case you'd missed that bit, which you hadn't so.

Fair enough.

Procrastastudy wrote: »

EDIT: Although where you can call a €600 house expensive is beyond me - living in Dublin - you'd be unlikely to get a 1 bed apartment for that. €400 sounds quite generous.

Rural Donegal. I know from watching the market over the last 6 months or so that about €500 seems average for a recent build 3 bed semi detached in my area. The place I'm renting is an older house and is terraced so I think it's a fair price. I could probably have chanced my arm and looked for a little more but to get a long term tennant dropped on my lap without even having to advertise, I don't mind going at the price I did rather than hanging about for months trying to get someone in.

Procrastastudy

Rural Donegal here I come!