Notice of rent increase and subsequent property valuation

It could be a revision to the mortgage interest rate based on the loan to value. This is more likely if it was previously owner occupied, not sure if tiered LTV rates are a thing on buy to let but lots of ex owner occupied properties would still be on the owner occupied rates.

Getting the rent up prior to sale will improve sale price

Lower than market rate +increase>staying at lower rate. If another landlord buys the place the current rent is a factor in the purchase price to them. Even if below market rate it is better to have a higher rent. Valuation is dependent on rent as a factor

A letting agent that also sells is not equal to an estate agent that mostly sells hence different companies. Banks don't treat all agents the same and may not accept valuation from the letting agent and only use a select group.

This. Its good practice to do this before sale. Especially with the ever changing legislation.

It shows the current rate the rent is locked at and also gives a date for a purchaser to work from for their own valuation.

Also it shows that the current tenant is a cooperative one, in case there is a need to sell it with the tenant in situ (which would very rarely happen).

And the current rent 100% has a bearing on the price the value of the property as the legislation has seen to this.

Your op definitely says to me that the landlord is selling. In fact he may already have an offer and been told to do these things before the sale can continue.

Since the owner isnt a private owner then it sounds more likely it is a sale. Probably selling on, and the new owners will renovate to get out of the renbt lock if its too much below the market rate.

They wont tell you anything until they have to. I bet that the sale has been agreed. They are getting their ducks in a row. Soon enough you will get your notice for reason of sale. Your notice will have to be at least the amount of days calculated from how long you have been a tenant.

I'm dealing with a house sale right now. The LL is stuck in the rent trap where he can only charge 1450 pm but the houses in the estate are renting at 2400. It's kinda an obvious one. Estate agent did an assessment yesterday and tenant has to leave. Got an approach from local Councillor about asking LL to reconsider. I explained the facts above and then he went quiet. I pointed out he can sell the house, buy the house next door and then rent at market value.

This is an accidental landlord who is using this for his pension.

I'd bet your LL is preparing for a sale. Perhaps approach them and ask.

@TheGlossy

You realistically know nothing about the landlord. The letting agent do not necessarily know anything about the landlord or have to be truthful. I have dealt with many agents and I would never trust a word they say. Was looking at a property next to mine and the BS the agent said about who owned my property was very odd.

If it is not owned by a private individual it is highly unlikely they would let the rent have slipped down so low even in the pandemic. They would be fully aware of the financial ramifications. For all you know the person that owns the property has gotten old and a family memebr is now sorting their property out and not selling.

There is no point worrying until something actually happens

And the reality of the situation is that should both you and your landlord be happy with you paying an extra €100 for the property that it is illegal, giving you both no choice in you being asked to leave and him having to sell.

What a fcuked up system we have here.

If another person buys the property they do not have to rent it to the person who was living in it before.

The point about 120 remains is what I was referring to

That's why I doubt it is a corporate or non private owner. They wouldn't make that mistake but a private owner could easily. The government took a hammer solution to appease the public rather than a sensible approach. THey won't do anything now as the are so afraid of inflation. This will then cause more landlords to leave the market so less rental. The other thing is some landlords will invest in their property as it will be worth while to redo and be free of RPZ rules. Everyday it gets closer on many properties even with raising construction costs. Doing it myself

@TheGlossy

I certainly don't envy the situation but things are bad world wide and likely to get worse for the next while. Friends spoke like this and some left. I thought myself somewhat lucky in that I traveled around a lot as part of work. So old friend in Madrid and I am there with work I will go see them. Not once was the story they said about how much better it was were true. The places they lived they would not have put up with in Ireland.

The guy in Madrid lived in the smallest bedsit I ever saw in real life. He said as the weather is so nice and food so cheap he is always out. I had been in Madrid in the winter before so that was BS. Same all over Europe. US was a bit different but the quality of life they claimed was so much better was really just cheap stuff but shady places to the locals but not to an immigrant. Having lived in the US the inequity there can really be shocking.

Not saying it won't be better but there are compromises on each option you take and don't be fooled by what you hear do real research. Moving to Germany better remember you have to provide the kitchen in the place you rent. Living in Paris expect a tiny place to live same with Rome. Salaries can also be a lot less or getting a job may require knowing people. Lots of factors people don't really consider

Again unless you get your notice you are jumping the gun. It is just as likely that the agent and landlord had a falling out because the agent was meant to keep rent inline and didn't so they are replacing the agent. The agent you are dealing with is then may have a reason to make you want to leave to get back at them. One person you certainly can't trust is the agent don't even try to believe them for what they say or don't say.

Just out of curiosity what did they say ?

They may be applying for finance and using the valuation as part of the documents/ collateral etc.

If the owner is a company, they probably are doing an audit on the financial statements.

Lots of possibilities, but you just don't know.

Can only speak to what I saw. Out of 3 of my friends in Paris they all lived in tiny places. Personally I dislike Brussels and would never want to live there. I do like Paris

Not everywhere is a hole in Dublin, the problem is that people are living in the nice places and what is on the market generally is the end of the barrel. Lots of places never get re advertised as people tell their friends when moving and that is how most change overs happen now. I made the mistake of telling the barber I was doing up a property to rent. He keeps contacting me to see the place even though it is a wreck at the moment. Be a few months before ready if I can get the tradesmen to actually turn up. He did say 6 of them were living in a 3 bed house with one bathroom😮