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08-11-2018, 12:30   #31
Fian
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Originally Posted by tvjunki View Post
As op have a lease in place before 2016 they have to put 24 in the formula then after that can put 12 in for yearly review. This is an existing tenancy not a new one after Dec 2016.
You set this for 2years then review yearly.
Yes.

If they start a new tenancy though, which will happen after the current part IV rolls over or if they get a new tenant, the OP can increase by 4% instead of 2% for each years since rent was last set. So the OP should consider waiting until the end of this tenancy - which has almost expired, and then increasing rent by the amount i set out rather than increasing it by the 2% he is capped at in the existing tenancy.

would be a bit safer to get new tenants in case they argue that the rollover does not constitute a new tenancy, but will probably be ok regardless if op just increases after rollover.
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08-11-2018, 12:33   #32
sasta le
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Originally Posted by tvjunki View Post
If they moved in 7years then they went through one 4 year cycle. Now into 3 years of another part 4 cycle. After this year they are into 6 years right to stay.

Do not give a lease in writing. Go from one rolling month to another. If you do give a lease and you need to sell you will have to sell with a sitting tenant. House is now devalued as only landlords with cash would be able to buy. Banks will not give mortgages without vacant possession.

If you give a lease put in on the second page a break clause that the landlord can give notice under the residential tenancies act. Very important to put in.
Once you have prepared the notice and completed the calculation go to citizens information to check. They are brilliant and are impartial.

Just bare in mind the government might bring down the line that you cannot evict your tenant on the sale of a house.
No lease thats sounds very underhanded
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08-11-2018, 12:36   #33
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Originally Posted by Fol20 View Post
Honestly OP if market rate is between 16-1700 per month. I would consider doing substantial work to the property to get it up to market rate. In the past I wouldn’t have increased rent for long term tenants if they were hassle free knowing that I could charge whatever I want after they leave. The fact the government are constantly changing rules, the last thing you want is to be snookered when they eventually do leave. After talking to some ea. This RPZ directly affects resale value as well so protect your own interests.

Even if you increased to 1200. That’s an opportunity cost of an extra 6k per annum. That’s some serious cash that can’t be ignored. If you did work. With that difference. You could easily recoup it.
I’d say there’s zero checking of rent increases
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08-11-2018, 12:39   #34
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No lease thats sounds very underhanded
Nothing underhanded about a landlord not giving a lease.

A lease really only benefits the tenant so why would a landlord agree to giving additional rights over and above those given by statute.
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08-11-2018, 13:21   #35
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Originally Posted by Anthonylfc
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 ??

Only if you undertake substantial work that would require him to move out and you to increase the rate to market value.
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08-11-2018, 13:52   #36
LuckyLloyd
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This is really simple:

Option A)

- Register the tenancy
- draw up a lease
- get a valid notice of rent increase drawn up for the max amount as per the calculator
- every year up the rent 4%

This seems to be the least hassle and most mutually beneficial option. You get more money, everything is above board, you retain a tenant who looks after the place and will some day take it off you. An easy life, slightly more profitable now and each year going forward.

Option B)

- Register the tenancy
- Decide you want to get rid of him and re let at a significantly higher rate
- Plan and outlay money for substantial renovation
- Submit notice (which will be significant in this case, 28 weeks or 196 days as they have been there 7 years)
- Do the renovation work
- Go to re let at a higher rate

This is expensive, is hassle, brings variables into play. And for what? An extra 2 - 3k a year rent (that you only start to see after maybe six - eight months by the time you get things in order, serve notice, have notice period expire, get possession, do renovation, get new tenants) that you're going to close the gap on anyway with a big increase now and 4% every subsequent year.

Your choice, but it's option A all the way for me. Good luck whatever you decide.

Probably good to take a nose through the information contained here:

http://www.citizensinformation.ie/en...enting_a_home/

Last edited by LuckyLloyd; 08-11-2018 at 13:57.
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08-11-2018, 14:02   #37
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Originally Posted by tvjunki View Post
Do not give a contract...if you do they have more rights and if you need to sell they are allowed to stay and you have a sitting tenant. Leave as is. You will be devaluing your property as when you go to sell only those with cash will be able to afford it as banks want vacant possession.

If you do decide to give a contract make sure there is a breakout clause that the landlord can use the residential tenancies act notices to leave. Put in a page with the part 4 notices as on the rtb website.

They are still in a part4 cycle with a year left.

So much wrong with this daft post. They have all their legal rights whether you have a contract or not, if anything they will have more since you're doing everything wrong. They don't get to stay if you're selling, you can evict on those grounds. Clauses don't matter: legislation does.
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08-11-2018, 14:12   #38
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Originally Posted by stinkbomb View Post
So much wrong with this daft post. They have all their legal rights whether you have a contract or not, if anything they will have more since you're doing everything wrong. They don't get to stay if you're selling, you can evict on those grounds. Clauses don't matter: legislation does.
If the OP gives the tenant a fixed term lease, that conveys additional rights to the tenant.

So unless that lease contains a clause allowing the OP to evict in order to sell, then he can't evict when/if he wants to sell. This will limit the number of interested buyers, less buyers = lower value property.
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08-11-2018, 14:27   #39
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pp didn't say fixed term lease, they said contract.
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08-11-2018, 14:32   #40
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A lease is a contract.
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08-11-2018, 14:35   #41
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Originally Posted by Anthonylfc View Post
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.


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Originally Posted by Anthonylfc View Post
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
and
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.
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08-11-2018, 14:54   #42
stinkbomb
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A lease is a contract.
well duh but not every contract is a lease, and the point is that no one said fixed term lease.
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08-11-2018, 15:00   #43
amcalester
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well duh but not every contract is a lease, and the point is that no one said fixed term lease.
Pretty much every property rental contract is though, what other type of contract would we be talking about?
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08-11-2018, 15:29   #44
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Originally Posted by LuckyLloyd View Post
This is really simple:

Option A)

- Register the tenancy
- draw up a lease
- get a valid notice of rent increase drawn up for the max amount as per the calculator
- every year up the rent 4%

This seems to be the least hassle and most mutually beneficial option. You get more money, everything is above board, you retain a tenant who looks after the place and will some day take it off you. An easy life, slightly more profitable now and each year going forward.

Option B)

- Register the tenancy
- Decide you want to get rid of him and re let at a significantly higher rate
- Plan and outlay money for substantial renovation
- Submit notice (which will be significant in this case, 28 weeks or 196 days as they have been there 7 years)
- Do the renovation work
- Go to re let at a higher rate

This is expensive, is hassle, brings variables into play. And for what? An extra 2 - 3k a year rent (that you only start to see after maybe six - eight months by the time you get things in order, serve notice, have notice period expire, get possession, do renovation, get new tenants) that you're going to close the gap on anyway with a big increase now and 4% every subsequent year.

Your choice, but it's option A all the way for me. Good luck whatever you decide.

Probably good to take a nose through the information contained here:

http://www.citizensinformation.ie/en...enting_a_home/
Its 6k a year. and if you recouped the costs in say 2 years. you will have a better standard property. Earning more per year and the property is worth more money overall. If they are decent tenants, you can offer them the place back to them at the more expensive price.

If the tenants are going to cause hassle, they will cause it now or a few years down the line, so with option A your just kicking the can down the line. In the mean time, you may as well try and make as much money as possible. You have already been good to the tenant if its been years since the rent has increased, if the tenant doesnt see that and does something vindictive or financially hurts you, it speaks realms of what the tenant is really like.
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08-11-2018, 15:36   #45
Anthonylfc
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No lease thats sounds very underhanded
why you talking pony ???

what's underhanded about my tenant of 7 years getting his rent about 700 a month less than market value ?? yeah i sound like i'm out to screw him over

i just want a bit more as i am entitled to it , won't be ramping it up and have already agreed a raise with the tenant , was getting 1050 now its 1350 and he is actually over the moon with that , as he knows anywhere else he's paying alot more

job done
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