Tenant asked to sign new lease

helldesign

Hi,

The apartment I'm renting for 3 years and 3 months is currently for sale as an investment property.

The term written in my contract is "1 year less one day" and it was signed November 2016. Since then I never got renewal of my lease and just continued to live here, year after year and nobody bothered me until few months ago.

I was notified by the property agent that the incoming owner wants to formalize an agreement with me in writing in the form of a lease for 12 months and also to increase the rent with 4%.

Would you guys help me to understand my rights in this situation. Am I forced to agree with the 12 month lease if I want to stay in the apartment?

If I sign the new lease, can I be evicted after 1 year? I'm confused!

I don't understand how it works... If they buy an apartment that already has a long-term tenant, does that terminate the tenant's contract?

Also is it true that they must let me know in writing at least 90 days in advance before they increase the rent by 4%, or that does not apply when I'm signing a new lease?

What about Part 4 tenancy - I signed before December 2016, which means that my security of tenure is at it's end (3.5 years I think?). Will the signing of a new lease activates it again after 1 year?


I know that's a lot of questions, but I'm really confused at the moment. Any help appreciated!

As your tenancy began before the new Part 4 6 year cycle rule was introduced, it is very much in your interest to sign the new fixed lease, and if your rent hasn’t increased since you went in there, sign the 4% rise as quick as you can.

Your tenancy can be ended without reason at the end of the current Part 4 four year cycle, and if your rent hasn’t increased, the LL can put it up by 12%. So if you plan to stay there, sign it.

helldesign

Dav010 wrote: »

As your tenancy began before the new Part 4 6 year cycle rule was introduced, it is very much in your interest to sign the new fixed lease, and if your rent hasn’t increased since you went in there, sign the 4% rise as quick as you can.

Your tenancy can be ended without reason at the end of the current Part 4 four year cycle, and if your rent hasn’t increased, the LL can put it up by 12%. So if you plan to stay there, sign it.

Indeed, my rent haven't been increased since the beginning.
But after that 1 year am I getting security of tenure again or they can terminate my tenancy?

helldesign

helldesign wrote: »

Indeed, my rent haven't been increased since the beginning.
But after that 1 year am I getting security of tenure again or they can terminate my tenancy?

Once you go past the 4 years, you enter a new Part 4 six year cycle so you have security of tenure. Sign it before the new owner realises he/she is losing out on an 8% increase.

helldesign

Dav010 wrote: »

Once you go past the 4 years, you enter a new Part 4 six year cycle so you have security of tenure. Sign it before the new owner realises he/she is losing out on an 8% increase.

Thank you so much for your help!

The new LL isn’t off to a great start for himself as he doesn’t understand the rules. He could be upping by 12%.

dennyk

Could be they don't have the full details of the existing tenancy and are just playing it safe, or they don't want to risk losing the sitting tenant (who they would presumably like to keep, since they're deliberately buying a place with a tenant in situ) over a larger rent increase.