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The problems that a regulated tenancy can cause Wed, 09 Apr 2014 16:59

If you wish to sell a tenanted property, it may be a regulated tenancy that is causing you anxiety. Such tenancies are what people are generally referring to when they speak of 'sitting tenants’: Those who are legally entitled to live in a property for their lifetime or such time as they choose to move out. These types of tenants pay a regulated "fair rent" on their home, and have long-term security from eviction so long as they keep the rent up to date. Moreover, this type of regulated tenancy can be passed to a spouse or partner - known as a succession.

 

In Britain, regulated tenancies can be described as such on the condition that they involve all or part of a house, flat, bungalow or maisonette being let furnished or unfurnished and were made prior to 15 January 1989. However, those considering whether to sell a tenanted property should be aware of the full list of exemptions.

 

Nor does the definition of regulated tenancy apply if the letting is for business purposes or a holiday let, as well as if the rent paid by the tenant is below the rateable value outlined in the Rent Act. A true regulated tenancy, however, can be a real burden for a landlord. Such tenants pay a 'fair rent', rather than one set by the free market. The maximum amount that can be charged by a landlord for a regulated tenancy is determined by Rent Officers or Rent Committees. The fair rents are set every two years and go up according to a formula linked to inflation. Although landlords can apply for a review of the rent every two years, it may have nonetheless crossed their mind to bypass all of that hassle and sell a tenanted property.

 

The problem can be even worse if the tenant has incurred arrears, which can arise occasionally despite the low rents. In other cases, landlords can suspect that the property is being illegally sublet. To prove this, the landlord may feel the need to undertake sensitive investigations, perhaps installing covert CCTV cameras to monitor how their property is being used. As useful as evidence obtained this way can be in court, issues like privacy and harassment make it vitally important for such measures to be well-justified.

 

In short, it can be extremely difficult to evict sitting tenants - which is why so many landlords ultimately decide to sell a tenanted property to a reputable property buyer like Dreamhouse Buyer. Talk to us now about a guaranteed offer for your property with sitting tenants.



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