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New rental rules .... so bad for all

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Comments

  • Registered Users Posts: 5,618 ✭✭✭ Claw Hammer


    It is simple to deregister. Just notify the RTB that the property is no longer let. Most people don't bother as the RTB have only 12 months to prosecute and it is unlikely they will find out in time.



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    You might be better off giving their notice now, even if its for 1 or 2 years from now that you want them out, before that legislation contains something to stop you give the notice.



  • Registered Users Posts: 1,279 ✭✭✭ mrslancaster


    If it's to sell, isn't there some other rule about selling within 9 months? 🤣🤣



  • Registered Users Posts: 115 ✭✭ YipeeDee


    No, I won’t be selling my one rental house. I purchased it 20 years ago, as my own starter home, I lived in it.

    And decided to hang on to it after I moved .

    Its for my kid, for the future. So no way will I will be selling.

    When I take it off the rental market, there’ll just be one less rental home available.

    Post edited by YipeeDee on


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  • Registered Users Posts: 115 ✭✭ YipeeDee


    No, I won’t dishonour my lease agreement with my tenants, unless I absolutely have to.

    Its not my current tenants I’d be worried about at all. It’ would be putting my one rental house on the roulette table next time. Not worth the risk with these crazy laws hey keep knitting up.



  • Registered Users Posts: 115 ✭✭ YipeeDee


    When I get out , I won’t be selling my rental house.

    And don’t want there to be any ambiguity that the property will not be getting rented out to anyone ever again.

    I would like to deregister so both the RTB and the revenue commissioners are notified.



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    Wouldnt surprise me :)

    Lots of people over on askaboutmoney giving their notice to sell now too.

    The funny thing is that I personally knew lots of property investors at one point.

    The only ones I know who are still letting their properties now are the ones who tenants wont leave. Everyone else has soldup since rent controls and the legislation roulette table, as yipeede so aptly put it, came in.



  • Registered Users Posts: 9 milu2021


    if it’s just going to be sitting idle until your child grows up you’d be a lot better off selling and investing the equity in stock market index funds returning 7-8% annually vs residential real estate returning 3-4%.

    Your son or daughter would much prefer to be given a stock portfolio worth €1m that they can sell to buy a house of their choosing than a 30-40 year old house worth €600k that they would need to renovate.



  • Registered Users Posts: 115 ✭✭ YipeeDee


    No I did not say it was going to sit idle.

    I said it would just never be rented out again.

    I shall go back to using it just as I did prior to three years ago (only renting it out three years)

    Its 10 minutes from my company offices in Dublin and myself and we used to stay a few nights a week to break up the long commute from the countryside where we are living now. My house has never stood idle in the 20 odd years since I purchased it. After we moved ourselves, I’ve had multiple family members live in it over the years. Plus our son is now at college in Dublin and is also commuting up and down too.

    I don’t like the idea of any house standing idle, however I fully understand other small LL’s with a single rental like myself who’d rather leave there’s stand idle than take the risk of renting it out again.



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  • Registered Users Posts: 1,604 ✭✭✭ Amadan Dubh


    It won't have any impact on improving the market but as a result I think we will see a rent freeze follow, which again obviously won't improve the situation and force rents down.



  • Registered Users Posts: 12,759 ✭✭✭✭ Mad_maxx




  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    I thin any landlord would be md not to give notice now in advance of this legislation. Just in case its worse for him than he thinks.

    He can always withdraw the notice after the legislation comes in if he is happy with it.

    But if he leaves it too late then god only knows how bad it will get.



  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    A lease means nothing. The tenants have rights dependant on how long they are there.



  • Registered Users Posts: 115 ✭✭ YipeeDee


    Thanks I’m aware of that.

    Doesn’t stop me from honouring my side of the bargain. I put my name to something I will keep my word as far as I possibly can.

    As I said I don’t have any issue with my current tenants. They’re great.

    I am just getting my ducks in order and plan prepared for after they leave.



  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    But how will you get them to leave, if you don't give them notice?



  • Registered Users Posts: 115 ✭✭ YipeeDee


    I’ve made it very clear from the start.

    I’m NOT speaking about removing my current tenants.

    I fully intend to honour my lease agreement with them.

    And AFTER they leave, of their own free will, gone, moved on to somewhere else.

    When my house is empty, has no tenants in it.

    I shall not be renting out the house again.

    I’m just asking other small LL’s for their input on their experience of deregistering themselves and their rental property from the RTB.



  • Posts: 0 [Deleted User]


    @YipeeDee When my tenant left I got them to sign a letter stating they moved out on X date and relinquish all rights to the property. This was a letter from them to me.

    I then emailed a copy of the letter to RTB asking them to update their records. They replied back within a couple of days saying they had done so. I didn’t think to ask them to deregister the property though, I doubt it will be a problem if you added that to the email and I must check and see if I’m registered or not.

    Like you, I’m keeping hold of the property for myself and my kids. The kids are abroad currently but I want them to be able to walk back in to THEIR home at a time of their choosing. If I had a tenant in there now, my kids would have to plan their move around the notice I would be legally obliged to give. If the tenants then overhold, my kids would suffer the consequences of it too. I’m not letting that happen so it’s staying vacant and we go and stay there now when the mood takes us.



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  • Registered Users Posts: 216 ✭✭ sandyxxx


    Hi,

    As an accidental landlord,hoping to sell up come summertime I was hoping to give notice come the new year to tenants on a rolling lease that won’t be renewed in June…..I gather from this thread it’s advisable to give notice to sell now!!!….why exactly is that so?!………the aspect of the new legislation is the “indefinite tenancies” element but I don’t really know what’s meant by it!



  • Registered Users Posts: 451 ✭✭ MBE220d


    If I was going to stay there a few nights a week myself, I would rent out 1 or 2 rooms tax-free up to 14k per year, no tenancies or messing about either.



  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    You don't have to "get" most tenants to leave, most just leave at the agreed time.


    What agreed time though? I moved into a house five years ago planning on staying one year, I stayed five.

    I really liked it there.



  • Registered Users Posts: 2,546 ✭✭✭ C14N


    I don't deny there are plenty of good relationships between tenants and landlords (I'd say all of the ones I've had with my landlords have been good), but those often tend to sour once a tenant is asked to leave. Moving out of your home is a big deal, especially when you don't want to and the rental market as it exists is pretty rough, and when faced with that, it's not exactly irrational to decide you're going to use existing legal protections to at least slow the process down. I don't think there's anything you can do about it either in terms of being a good landlord. Once you're asking someone to leave, while that's part of the job and completely within your rights to do, it's almost always going to conflict with the interests of the tenant themselves, and therefore can easily lead to disputes.

    What if they don't plan to leave though? Presumably if they don't, you'd have to evict them at some point in order to make room. As long as you give the required notice you aren't dishonouring your agreement.



  • Registered Users Posts: 115 ✭✭ YipeeDee


    Talk about splitting hairs. 🙄

    If you read back on my previous comments you’ll read this one….

    ”No, I won’t dishonour my lease agreement with my tenants, unless I absolutely have to.”

    And this one…

    ”Doesn’t stop me from honouring my side of the bargain. I put my name to something I will keep my word as far as I possibly can.”

    …………

    Of course if there is some kind of extenuating circumstance that leaves me with no alternative but to give my tenants notice, then I shall do it.

    But my choice is not to do that.

    Happy now? 🙄



  • Registered Users Posts: 115 ✭✭ YipeeDee


    Thanks for that.

    Yeah I looked into that idea but you can only avail of the rent a room allowance on your primary residence. I’m sure there’s probably some kind of way to get around it, but really I couldn’t be bothered.

    When I get out, I want nothing to do with renting property again.

    I’ll be happy to just stick to my regular business where laws don’t change like the weather.

    And every politician and so called “activist” aren’t out to try to strip you of your rights to your own assets.

    every which way they can.



  • Registered Users Posts: 115 ✭✭ YipeeDee


    Thanks for that, sounds like you’re well organised.

    I’ll make sure to get a similar declaration from my tenants when they leave.

    Great tip, cheers 👍🏻



  • Registered Users Posts: 1,325 ✭✭✭ Manion


    Quick technical question, previously if I didn't increase rent for a period and the tenant moved out there was a formula you could apply to figure out what you could increase the rent by, is there still a formula, or is it if I don't increase rent every year that's it for ever more regardless of tenant turnover?

    From my own personal experience, we first started tp rent out the house in 2019, and there was queues around the block and people lined up to pay 2.5K a month but asking dodgy questions like "can I get a bed into the front room". I had imagines of being a slum landlord with 6 people living in an 85m square 3 bed terrace, so I said feck that and feck the letting agent who was pushing it. We got a new agent and settled on 2100 rent for 3 people and we had our pick of quality tenants to select from.

    Fast forward, tenants give notice as due to Covid they want to move back down the country etc etc. I'd given them a one off 600 euro Covid - the world is fucked - discount at the end as well. I couldn't get tenants this time last year. I had the property advertised for most of November and December but nothing. One couple turned up who where renting around the corner and said they might take it if the rent was lowers and I replaced the kitchen and bathroom (so sunk 12k+ into it) so they where just chancers. I eventually got it rented out in the new year after dropping rents 10%. So like, where's the recognition that the Market is up and down? When demand falls then its all about "Free Market economics" and "that's the risk you take as a landlord" but when rent increases intervention is appropriate.



  • Registered Users Posts: 132 ✭✭ Fkall


    Similar story to the one above - Tenants moved out during Covid. Property re-rented at 70% of previous rent but I consoled myself with the thought that I will be able to recover the rent over a number of years. Had I left the property vacant for 3 months, it would be rented now at the old rate.

    I have learnt my lesson.



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  • Registered Users Posts: 1,265 ✭✭✭ MacDanger


    TBF, you're running a business and you're unaware of some of the basic regulations pertaining to that business which have been around for several years (i.e. rent reviews), it's not that difficulto to stay informed



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