Originally Posted by Anthonylfc
from day one he said he wanted to eventually buy the house
i mean if he doesnt like my increase can't i just serve him with notice to end tenancy and then re-let to him at diff price etc ??
( i'm not and wouldn't do that to the chap ) just seeing if that would be allowed or prohibited etc
Really from day 1 you should have charged him the going rate, sounds like he is playing some kind of long game, where he goes along with you but was getting a good deal in return, sounds like it suited you for one reason or another, but really you dont have a good situation here as far as I can see, best thing is try keep the tenant onside as much as possible, you might be limited in the value you can get for your property if this tenant stays, and you want to or have to sell, worst of all, why should you be limited to one buyer, depending on the location, you might get a much better deal off someone else and be completely legit.
if you ask them to leave, they may throw a strop and try screw you over based on what they know of your dealings. Sound slike you are being brow beaten into submission.
Personally, I think even though they are a good tenant, you probably need to get rid of them, if you cant afford to refurbish substantially or plan on selling soon after and think you wont recover the investment
Then I think see the advice of the previous posters and get advice yourself.
Honestly, being nice is not worth the hassle, new regulations/laws have seen to that, best to remain completely impartial and neutral in dealings, so civil but matter of fact.
Originally Posted by Anthonylfc
yep , just want the value to match what i owe and i'll cut the noose around my neck , im not an invester hoping to make money from rent
my circumstances changed when i lived in it so i decided to rent it out and pay for itself
Youre still entitled to get market value from a buyer and you might be limited if that buyer is your tenant, or if they are still in situ.
The only positive things about this are, if you get valuations, do it professionally, you dont know, but a property may fetch more than the asking, if the tenant gives you what you want then it could be worthwhile
You are still within an existing tenancy, get advice quick just so you know on what the timescale is on giving notice and what would happen if you allowed the tenant a new tenancy, ie what additional rights may they have.
If the current market value is not what you need to cover costs, then the tenant likely wont pay that either, Id suggest registering with the rtb (even as its late) and pay any fees related to that than have the tenant have you over a barrel, although they are entitled to their rights under the law also, it sounds like they have had a good deal.
I dont envy your situation, I know someone else that let for under market value, they must still be and could now be further stuck with problems related to not being able to achieve market value for their property.
I see one property for sale in my are, significantly under value, has tenants, so they clearly cant move them, and the the current rent stated in the sale ad also appears low.